Awards set to be cut to 3.9% of salary as lender sets aside £164m to cover potential defaults due to Covid crisis
TSB is slashing banker bonuses in half, as the Spanish-owned lender nurses an annual loss of £205m and prepares for a potential sale.
The bank’s annual report, due Wednesday, is expected to confirm that bonuses will be cut to just 3.9% of salary, which is less than half the 8.6% bonus granted for 2019. Chief executive Debbie Crosbie – who has waived her own bonus in light of the Covid crisis – is understood to have broken the news to staff in a virtual meeting on Monday morning.
