LONDON (Reuters) - Lloyds Banking Group (LON:LLOY) has told staff it will not pay out bonuses this year, after provisions against expected bad loans due to the COVID-19 pandemic dented its profits.
"Given our expected levels of profitability for 2020, we are unable to pay Group Performance Share (or bonus) awards to our people for this year," a Lloyds spokesman said.
The decision was first reported by the FT.