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Lloyds eyes shake-up of banker bonuses

"Lloyds Banking Group is examining whether to ditch the concept of annual bonuses for senior staff and extend the timeframe of longer-term incentives to up to 10 years, according to people briefed on a project to overhaul remuneration.

The idea is being put to investors as Lloyds seeks to avoid the conflict between banks and shareholders over pay and prove to politicians and taxpayers that it is taking a more responsible attitude to the topic. Lloyds is 40 per cent state-owned.