Lloyds to strip bankers of bonuses - report

[dipsydoodle]

(Reuters) - Lloyds is to strip five current and former senior bankers of more than 1 million pounds in bonuses over their role in the mis-selling of payment protection insurance (PPI), the Daily Telegraph reported on Monday.

The bank is taking back the bonuses over the scandal that cost the part state-owned bank 3.2 billion pounds last year, the newspaper said.

The bonus withdrawal will be the first time a British bank has exercised a "clawback" option on executive pay packages since the financial crisis, the newspaper said.

http://uk.reuters.com/article/2012/02/20/uk-lloyds-bonuses-idUKTRE81J02V20120220

[truebrit71]

1. ...and just in time for earnings reports....

...perhaps to soften the blow that they are STILL underwater and nowhere close to being able to sell back the UK taxpayers shares at anything closely resembling a profit?