Lloyds Banking Group’s CEO in London will not accept an annual bonus for 2011 after taking a leave of absence from the embattled bank, according to a statement released Friday. [via Dealbook]”As Chief Executive, I believe my bonus entitlement should reflect the performance of the Group but also the tough financial circumstances that many people are facing,” António Horta-Osório said in a statement.
In November, the chief executive was forced to take a break because he was working himself to the point of exhaustion. He returned to his post earlier this month.
“I also acknowledge that my leave of absence has had an impact both inside and outside the bank including for shareholders. On that basis, I have decided to request that the Board does not consider me for a 2011 bonus.”
The chief executive said he wants to restore the bank’s profitability so the British taxpayers can get back their money.