Yahoo Finance Antonio Horta-Osorio denies being fat-cat as Corbyn lashes out
Antonio Horta-Osorio saw his pay jump 11% t o £6.4 million this year, but he insisted he isn’t one of the City fat cats targeted by Jeremy Corbyn.
Yesterday the Labour leader launched an attack on banks, saying they had “destructive” power over the “real economy” and needed to be made the “servant of industry not the masters of us all”. Horta-Osorio says Lloyds already does just that.
“He said he wanted to help the real economy. We help families. We help businesses,” said the Lloyds chief.
Pressed on whether Lloyds could be broken up by a Corbyn-led government, he replied: “What I am telling you is that we are the bank most focused on helping the real economy.” His pay is made up of £1.2 million in salary, £2.26 million in “long-term incentives”, a £1.3 million bonus, £900,000 in shares and a £565,000 pension.
According to Lloyds’ 2016 annual report, he holds more than 36 million shares. At 69p, that stake is potentially worth £25 million. He was today awarded another batch of stock worth towards £2 million.
Russ Mould at AJ Bell said: “While Mr Horta-Osorio has done a lot to nurse the bank back to health, at times to the detriment of his own personal well-being, this may not sit too well with the opposition Labour party, given the tone of its leader Jeremy Corbyn’s speech.”
