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Lloyds cancels staff bonuses after COVID-19 hammers profits

FILE PHOTO: Customers use ATMs at a branch of Lloyds Bank in London

LONDON (Reuters) - Lloyds Banking Group 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.

(Reporting by Iain Withers; Editing by Rachel Armstrong)