Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Lloyds CEO Vows Bonuses, Despite Bailout

CEO promises execs big paydays for their 'terrific job'

By Jason Farago, Newser Staff

Posted Oct 21, 2008 6:51 AM CDT

(Newser) – The CEO of Lloyds had promised staff that they will receive bonuses even though the British banking giant is being bailed out by the government. Employees were told that Lloyds faced "very, very few restrictions" after taking up to $9.4 billion in... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

There are no comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

Miami Face-Eater Identified

Chagas Disease the 'New AIDS of the Americas'

Guardian (UK) (Source Grid »)

Big paychecks for big failures
Daily Mail (UK)

Money • World

United Kingdom • Gordon Brown • bonuses • Britain • bailout • HBOS • Lloyds of London • Lloyds TSB

More Newser Stories

UK Props Up Major Banks; Fed Offers Cash

Moves to shore up financial system have global markets rising

(NEWSER) - Governments across the globe are acting with “an enormous amount of congruence” and speed as they pour billions of dollars into rescue plans hoping to keep a sinking banking system afloat, reports the Wall Street Journal. The British government today provided $60 billion to prop up 3 banks, and the US Fed announced a massive infusion of cash into European markets. Global markets haven risen sharply on the news. More»

UK Buys Up Bank Shares in Radical Bailout

Cost of drastic rescue package could top $800B

(NEWSER) - The British government will become part owner of the nation's biggest banks with a mammoth $88-billion rescue package for the troubled institutions, the Wall Street Journal reports. Under the plan, swiftly assembled after UK bank stocks plummeted in trading yesterday, the government will purchase non-voting shares in eight of the largest banks as a way to provide extra capital to the institutions. More»

Moody's Downgrades Top UK Banks

Including Lloyds, RBS, which are partially nationalized

(NEWSER) - Moody’s sliced the credit ratings of a dozen British financial companies today, including two of the UK’s "Big Four" lenders, Lloyds and Royal Bank of Scotland, both of which were partially nationalized during the financial crisis. Moody’s explained that it "believes that the government is likely to continue to provide some level of support to systemically important financial institutions" but that "it is more likely to now to allow smaller institutions to fail." More»

UK to Tax Bank Bonuses 50%

Any bonus over $40K subject to one-time charge

(NEWSER) - Britain will levy a 50% tax on bank bonuses over $40,800 this year, in an attempt to shore up the nation's finances—and appease angry voters—ahead of the coming election. Alistair Darling slammed banks who paid out hefty bonuses even as Britain remains in recession: "Their priority should be to rebuild their financial strength and to increase their lending," the treasury chief said. "If they insist on paying substantial rewards, I am determined to claw money back for the taxpayer." More»

UK Minister Denies He Bet Governing Party Would Falter

Lord West got 66-1 odds on Labour defeat

(NEWSER) - Lord Alan West, the UK’s colorful security minister, today denied he’d bet on the Labour party’s defeat in the next election, the Times of London reports. The Telegraph yesterday alleged that West placed the bet when Gordon Brown succeeded Tony Blair as prime minister, grabbing 66-1 odds. West refuted that, adding, “I have never placed a bet at all while a minister ever on a political issue.” More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Lloyds CEO Vows Bonuses, Despite Bailout

CEO promises execs big paydays for their 'terrific job'

United Kingdom • Gordon Brown • bonuses • Britain • bailout • HBOS • Lloyds of London • Lloyds TSB

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

UK Props Up Major Banks; Fed Offers Cash

Moves to shore up financial system have global markets rising

UK Buys Up Bank Shares in Radical Bailout

Cost of drastic rescue package could top $800B

Moody's Downgrades Top UK Banks

Including Lloyds, RBS, which are partially nationalized

UK to Tax Bank Bonuses 50%

Any bonus over $40K subject to one-time charge

UK Minister Denies He Bet Governing Party Would Falter

Lord West got 66-1 odds on Labour defeat

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?