Lloyds boss closes in on £2.4m share bonus

The chief executive of taxpayer-backed Lloyds Banking Group is set to be awarded a bonus worth about £2.5m next month as the lender continues its recovery from the 2008 financial crisis.

Antonio Horta-Osorio, who took the helm of Britain's biggest high street bank in 2011, will be awarded more than three million shares in November if Lloyds' share price remains above a specific level for the next three weeks, according to Sky News. On Friday, the bank's shares closed at 80.37p, continuing a run above a crucial 73.6p threshold that began on 9 October. Under the terms of an annual bonus awarded in March, Horta-Osorio's payout for 2012 will vest if either of two conditions is met: if the bank's share price trades for 30 consecutive days above the 73.6p average price the ...