Not bad for a man who spent 8 days in the Priory in 2011.

Lloyds chief in line for £4m bonus

THE chief executive of Lloyds Banking Group, Antonio Horta-Osorio, is on track for a multi-million-pound bonus this year despite a forecast loss at the taxpayer-backed lender.

The bank’s share price has doubled in the past 12 months, which could help trigger a payout of up to £4.4m and reignite the row over bankers’ pay. On Friday, Lloyds imposed a freeze on basic pay for its top 500 staff for the third year in a row.

Ironic that this time last year he was taking sick leave for stress! Still, he has turned things around and rewarding success seems reasonable.

11 bob a share this morning and ever closed to that gap.

Ian Gordon of Longwave Group:
"There are many things about Lloyds that we like. Although most of its International lending has been disastrous, with impairments of £16bn over the past 3.5 years, the International net exposure was down to £33.8bn at 30 June 2012, and Lloyds’ residual Irish exposures appear better provisioned than RBS (Sell). Encouragingly, group impairments fell £0.2bn QoQ to £1.3bn in Q3 2012, a charge of 0.93% on average advances, primar ily reflecting incrementally lower charges on international lending. “Norm ality” beckons ?
The Q3 2012 Net Interest Margin improved 2bps QoQ to 1.93% and we expect a “better than guidance” Q4 2012e outturn for NIM and material improvement in 2013-15e. However, in our view (and as we discuss), this does not translate into adequate revenue growth or meet wider aspirations for returns on equity. Fallout from the 2005 expos e of a PPI “Protection Racket” b y CitizensAdvice continues. Lloyds has (so far) taken provisions of £5.3bn, over half the £10.2bn accrued by the “big four” with, we believe, much more to come. It has not yet taken any charges for interest rate swap misselling or LIBOR-related issues.
Our RoE-g/CoE-g derived target price is raised to 46p, but with a weak outlook for earnings and returns, our recommendation is Sell (before addressing 39% Government ownership.) We recognise (reduced) “tail risks ” around credit risk concentration, conduct and capital, but with a degree of ongoing regulatory largesse, these issues should, we believe, prove to be adequately contained."

StockMarketWire.com
JP Morgan Cazenove lifts Lloyds Banking Group to neutral from underweight, target 55p from 38p.

Well, Duh!!!

Lloyds Banking Group cuts 940 jobs

LONDON | Wed Jan 23, 2013 1:10pm GMT

(Reuters) - Lloyds Banking Group said on Wednesday it was axing 940 jobs, bringing the total amount cut since its ill-fated takeover of HBOS in 2009 to more than 31,000.

Lloyds said the jobs would be lost in its operations, insurance, retail, wealth, international and commercial divisions and were part of the reductions previously announced in its strategic review.

The part-nationalised bank said in June 2011 that it planned to save 1.5 billion pounds ($2.4 billion) by letting 15,000 staff go.

re #4261, the market price of LLOY has fallen drastically and no-one knows when it may recover those days of £5 (say), possibly never as one of its "easy" sources of money has been stemmed. However, other sources can be found.
So saying that the sp has "doubled" for example, is nonsense and there is no case for Executives to reward themelves - SP is still far down on what it should have been if the Bank was trading "properly" (ie taking no more "risk" than is prudent=0) and NOT taking over that sinking hulk that was HBOS. It doesn't take a seafarer to recognise that when a ship is already below the normal waterline, that towing it away quickly won't restore its floatation - esp when Storm and Heavy Seas are expected from all quarters.
Indeed, from my perspective Execs should (each) be paying £1m to the shareholders each year the sp is less than (say) £5 less a "market-noise" of no more than -20% (making a bottom-limit of £4).
I wonder, if there were any of us "Retail Shareholders" (ie those whose own money is their only investment), were in favour of the HBOS takeover?
(Not I, for one.)

That was very nautical of you hangon! I should point out that towing a stricken vessel can result in huge salvage rights so your analogy might be better referring to a plastic pedalo with the bung missing! ;o)

Presumably rising on the back of the BARC news, but not complaining! Somewhere around 60p is my first break even point.........which is a damn shame 'cos I should have bought more at 19p!!! ;o(

Yes, it's a shame, they produce glasses to improve our short sight and our long sight but none for our hindsight! :o)

Well, I didn't know that haha!

Touched 11 bob again.

the comparative chart for the last year below surprised me greatly, as LLOY (blue) has easily outperformed BARC (red) and RBS (green)

Lloyds: no bonus until shares fly

ANTONIO HORTA-OSORIO, chief executive of Lloyds Banking Group, could have his bonuses held back until the taxpayer’s stake in the bank is back in the black.

Horta-Osorio is in line for up to £4.4m in annual payouts and long-term incentives this year, thanks in part to a doubling of the bank’s share price in 2012.

Although the board is said to be keen to reward the 49-year-old Portuguese for turning round Lloyds, they are desperate to avoid a new pay row.

Horta-Osorio is expected to be told he can cash in his bonuses only once the share price is consistently above 74p — the average price paid by the government in its 2008 bailout of the bank.

final results announcement friday 1st march..... why choose a friday?

BREAKING NEWS:Lloyds Banking Group fined £4.3m by City watchdog for failing to pay PPI compensation quickly enough

Same amount as AHO's bonus then! They probably hold that in the petty cash tin!

Oops!

Lets see how many percent of the claims are false or lack evidence!