We all know how expensive pets can be and members will have some sympathy with Mr. Nunn who recently announced he’d got a new black labrador. However, unlike Lloyds staff it’s been reported that Mr. Nunn is in line for a 45% increase to his maximum pay package from £9.1 million to £13.2 million in 2026. That will buy you a lot of dog food and replacement furniture!
The last government’s decision to lift the bonus cap on bankers, introduced in 2014 following the last financial crisis, means that remuneration committees across the banking sector are falling over themselves to put in place new pay packages for their chief executives. The bosses of Barclays, HSBC and NatWest got increases of 45%, 43% and 43% respectively last year. Lloyds had said it’s reviewing Mr. Nunn’s package, which will probably see his total pay increased significantly even though his fixed pay will be reduced. And let’s not forget part of Mr. Nunn’s fixed pay – along with other senior executives in Lloyds – includes a fixed allowance of £1.375,381 just for turning up for work.
For the record, we’d oppose any attempt by the Bank’s remuneration committee to trawl through Mr. Nunn’s personal current account to determine how financially resilient he is compared to the public.
The Bank has said its new executive pay proposals will be announced in February when it publishes its full year results. We will be looking at those proposals very carefully!
Lloyds staff are being managed to demanding performance targets every day and we’d expect nothing less for Mr. Nunn and all top senior executives.
We’re not against executives being rewarded for performance or even being paid the large amounts of money we have referred to in this Newsletter, but that success must be shared with the people who’ve created it and that’s not happening. Last year Mr. Nunn received a salary increase which was significantly larger than anyone else in Lloyds got and now we are about to see the same again in 2026.
We will be returning to this issue again in February when the results are announced. In the meantime, members with any questions can contact the Union’s Bedford Office on 01234 262868 (Choose Option 1).
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