Salaries | UK bank bosses paid 120 times more than average employee

Bosses at Britain’s biggest banks are paid on average 120 times more than the median pay of their U.K. employees according to bank documents - Reuters Reports.

Lloyds Banking Group was revealed to have the widest pay difference, with Chief Executive Antonio Horta-Osorio on 169 times as much as the median paid employee on £37,058, the company’s annual report showed last Wednesday.

Banking giant HSBC had the next largest pay disparity, with new chief executive John Flint receiving £4.6million last year - 118 times as much as its median paid employee in Britain.

Read more from us

CEO pay rockets to almost £4 million a year

“HSBC’s pay strategy is designed to appropriately reflect the role, responsibility and skills of the individual and to also be competitive in order to ensure we are able to attract and retain individuals with the appropriate skills for each role,” a spokeswoman for the bank told Reuters.