António Horta-Osório, the head of Santander UK, is to become the new chief executive of Lloyds Banking Group on an £8m a year pay package . He will receive a basic pay of £1.035m, and an annual bonus of up to £2.33m. He will also be eligible for a payment of up to 420% of his salary, linked to targets that could see him collect about another £5m, bringing
the total up to £8.3m (9.8m euro).
This is happening in Lloyds, a bank that in 2008, at the height of the financial crisis, was one of the biggest beneficiaries of the £37bn British government injection of public money in the banking system.
This comes when thousands of people are losing their jobs at Lloyds.
