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New Lloyds CFO 'could take home £6 million salary'

George Culmer to be recompensed for forfeiting RSA bonus

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The new chief financial officer of Lloyds Banking Group could take a total salary of almost £6 million, reports suggested on Thursday.

A report in the Times said that George Culmer would make up the salary through a £720,000 basic salary, a discretionary annual bonus of up to 200 percent of his salary, a long-term share performance award of 225 percent of his salary and a pensions arrangements worth 25 percent of his basic pay.

On top of this £4 million potential bonus, he could receive compensation of £190 million for forfeiting his bonus at his current employers, insurance firm RSA.

Culmer will join the bank in May to replace Tim Tookey, who left Lloyds last week to join insurance firm Resolution.

Tookey had 25 percent of his bonus clawed back because of the bank's £3.25 billion losses made through the mis-selling of pay protection insurance.

Lloyds is 40 percent owned by the government.


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