Newspaper article The Evening Standard (London, England)

Lloyds Investors Slam 'Greedy' Bankers

Newspaper article The Evening Standard (London, England)

Lloyds Investors Slam 'Greedy' Bankers

Article excerpt

Byline: Hamish Macdonell

OUTGOING Lloyds chairman Sir Win Bischoff was forced on to the defensive today as a succession of angry shareholders derided the "greed" of senior bankers, the pay levels of executives and the scandals that have beset the bank in recent years.

Sir Win, who has announced that he will retire in the coming months, insisted that Lloyds was ahead of schedule in moving on to a sound financial footing.

He argued that the bank's progress would soon make it possible for the Government, which owns 39%, to return it to private hands.

He insisted that, when this happened, it would be possible for Lloyds to start returning dividends to shareholders.

But those assurances did little to pacify shareholders at the annual general meeting in Edinburgh, who were furious with the bank's failure to issue dividends while allocating more than [pounds sterling]1 billion in bonuses to staff over the last three years.

"Why do those who already get large salaries need incentives to do their job well? …

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