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One Bank - Two Bonus Pots
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Date: 14th Jan 2010
Following Mr Daniels' appearance at the Select Committee, the Bank has published details of how bonuses will be awarded in the Lloyds Banking Group for heritage Lloyds TSB and HBOS staff for 2009. The Bank has said that heritage bonus policies would apply despite the fact that for all of 2009 both heritage populations were, to use the Bank's phrase, "One Bank".
The actual size of the bonus pots has yet to be decided by the Bank and signed off by UKFI but there will be a significant difference between the on target earnings for the two heritage groups and that will inevitably fuel the anger amongst many LTSB staff about the way in which the merger has been handled particularly from an employment policy perspective. To say that it has lacked any kind of finesse or balance would be an understatement.
Is it fair that a member of staff receiving a 'Part Met' rating in HBOS could get the same payment as a member of staff rated 'Exceeded' in Lloyds TSB, even though they both work in the same Division? If the Bank wanted to it could quite easily increase the size of the bonus pot for heritage Lloyds TSB staff to ensure that all staff regardless of heritage were entitled to at least the same on target awards.
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