Lloyds FD set for 'golden hello'

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The Independent Online

Lloyds Banking Group is considering handing a possible "golden hello" of £6m to George Culmer to release its incoming finance director early from his 12-month notice period at the insurer RSA.

Sir Win Bischoff, the chairman of Lloyds, has started discussions with John Napier, who holds the same job at RSA, to allow Mr Culmer to take up his new role early in 2012. This is to help fill the power vacuum at the part-state-owned bank.

Tim Tookey, the finance director at Lloyds, who will leave in February, has taken on the role of interim chief executive, following the stress-related leave of absence for the incumbent chief, Antonio Horta-Osorio.

Lloyds is poised to pay a major chunk of Mr Culmer's current £5.6m package at RSA, in addition to its potentially paying out a transfer fee, as compensation for the insurer.

Mr Culmer resigned from RSA to join Lloyds, which declined to comment, earlier this month.

Any "golden hello" is likely to fan the flames of anger around executive pay in the banking sector.