25 Feb 2019
The top bosses of Britain’s biggest banks are paid on average 120 times more than the median pay of their U.K. employees, bank documents have shown, as a new rule puts pay disparities at the country’s big businesses under sharper scrutiny.
Britain’s biggest domestic lender Lloyds Banking Group has the starkest pay difference, with Chief Executive Antonio Horta-Osorio – the sector’s highest-earning boss in 2018 – on 169 times as much as the median paid employee on 37,058 pounds, the company’s annual report showed last Wednesday.
The gulf widens to 237 times when compared with staff in Lloyds’ lowest pay quartile, who received an average pay package of 26,490 pounds in 2018, compared with the 6.3 million pounds Horta-Osorio took home.
– By Sinead Cruise and Iain Withers, Reuters, 25 February 2019.
Link to Reuters
You can claim CPD minutes for reading this article, by signing up to our CPD WalletFREE CPD Wallet