Lloyds says CEO gives up 2011 bonus

January 13, 2012 5:14 AM EST

Part-nationalised Lloyds Banking Group said its Chief Executive Antonio Horta-Osorio will not take a bonus for last year due to his absence for two months, the bank's performance and the tough circumstances faced by customers.

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"As chief executive, I believe my bonus entitlement should reflect the performance of the group but also the tough financial circumstances that many people are facing.

"I also acknowledge that my leave of absence has had an impact both inside and outside the bank including for shareholders. On that basis, I have decided to request that the Board does not consider me for a 2011 bonus," Horta-Osorio said in a statement.

(Reporting by Steve Slater)

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