It seems that Mr. Nunn is not as financially resilient as his staff because unlike everyone else in Lloyds he trousered a 20% pay increase in 2025 to £7,407,000 from £6,169,000. That included a 17% increase in his basic salary compared to the average increase of 5% for staff. The Lloyds Chairman must also have been feeling the cost-of-living pinch because he got a salary increase of 14.5% to £751,000 from £656,000.
In 2024, Mr. Nunn earned in total compensation 114 times more than the average Lloyds employee. That was already up from 86 in 2022. But in 2025, that gap exploded. Mr Nunn earned 141 times more than the average employee.
To put that into perspective. Mr. Nunn currently earns in less than 3 days what the average Lloyds employee earns in total compensation in an entire year.
And it’s only going to get better for Mr Nunn. Lloyds is overhauling its executive remuneration policy which could result in Mr. Nunn earning an annual package worth as much as £17.7 million if he meets all his targets and the share price increases.
Compare that to the average employee of Lloyds [55,280 UK employees] who will get a salary increase of 3.1% in 2026. The Retail Price Index, which is the definition of inflation that is used by trade union when negotiating pay rises, is currently 3.8%.
The Union are reviewing the new pay package for Mr. Nunn in detail and will be making our views known at the next Annual General Meeting. We will also be writing to the Chair of the Remuneration Board to ask why, for example, it uses benchmarking data [UK banking peers] that include Standard Chartered, a global bank which operates in 52 countries across the world, but doesn’t include Santander: why not? Could it possibly be because the boss of Standard Chartered got £13.1 million in 2025 compared to the boss of Santander who got £3.1 million! The Remuneration Committee stand accused of comparing apples with turnips to boost Mr. Nunn’s pay.
We will be returning to this issue again. In the meantime, members with any questions can contact the Union’s Bedford Office on 01234 262868 (Choose Option 1).
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