Lloyds bankers could face bonus cut if not in office two days a week
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Group reviews office attendance as part of performance-related bonus targets forsenior employees. Senior bankers at Lloyds could be at risk of having their bonuses docked if they fail to follow company orders to be in the office at least two days a week.
Lloyds Banking Group – which owns the Halifax, Lloyds and Bank of Scotland brands – has confirmed it is reviewing office attendance as part of performance-related bonus targets for its most senior employees. That includes hybrid staff who, in 2023, were ordered to be in the office at least 40% of the time, which typically amounts to two days a week for those on full-time contracts.
Ged Nichols, the general secretary of the Accord union that represents Lloyds staff, said bosses needed to ensure they were sensitive to employees’ circumstances when considering the size of this year’s payouts. “The inclusion of a metric on complying with the requirement for some staff to attend offices for 40% of their working time should not create problems if it is applied fairly, and is sensitive to individuals’ circumstances with mature and reasonable judgments applied,” Nichols said.
Bonuses for the 2024 financial year will be distributed next month, shortly after the chief executive, Charlie Nunn, announces annual results on 20 February. A range of big employers are rowing back on remote working arrangements that were essential to keeping businesses running during the Covid-19 pandemic. US-headquartered companies including JP Morgan and Amazon have so far issued the strictest mandate, demanding staff attend work in person five days a week.
