Lloyds head of corporate affairs set to receive large pay packet

7 June 2013

The head of corporate affairs at Lloyds Banking Group is set to receive more than £1.34 million a year if he hits performance targets, despite the bank being bailed out by the UK government.

Matt Young's pay package, which is not usually disclosed due to his non-boardroom role, was leaked to the London Evening Standard.

He is said to receive a £350,000 ($545,860) in salary, with an annual bonus of up to £525,000 and a long-term incentive plan worth £350,000. In addition to this he is also reported to receive a £87,500 pension contribution and £12,000 car allowance.

Mr Young joined Lloyds from Spanish bank Santander as part of a team assembled by chief executive António Horta-Osório.

Naturally, pay at state-backed banks is subject to particular scrutiny and the bank has already revealed that 20 of its employees earned in excess of £1 million last year.

Lloyds is 39 per cent owned by the taxpayer.

By Gary Cooper

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