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.
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)