Lloyds Banking Group has reduced diversity targets that impact annual bonus payments for senior staff and its wider employee base.

The British banking giant’s decision concerns its “group performance share” scheme – the bonus pot for its 66,000 staff members – which also makes payouts to its chief executive Charlie Nunn and CFO William Chalmers.

Payouts to the executives are linked to the bank’s performance across various metrics in a scorecard, with diversity contributing 7.5%. This scorecard also affects the overall staff bonus pool, which amounted to £368 million in 2024.

Last year, as in previous years, the diversity goal aimed to boost “gender and ethnic representation in senior roles”, defined as employees graded F or above. This year, the target is focused on increasing diversity in “executive roles”, defined as “grade X colleagues only”, according to the FTSE 100 firm’s latest annual report.

Diversity targets

Goldman Sachs ditches diversity policy

Walmart scales back diversity initiatives

Estimates suggest there are likely to be many more employees at grade F or higher compared to grade X, although Lloyds did not disclose these figures.

It is reportedly maintaining its internal diversity goals for grades F and above, while its decision to focus bonus targets on executive roles aligns with the objectives of the government-supported FTSE Women Leaders Review.

The company denied it was weakening its diversity targets, stating it was still passionate about diversity, and that “its 2025 ambitions remain stretching”.

A Lloyds Banking Group spokesperson said: “Lloyds Banking Group is a proud leader on diversity, equity and inclusion, and in 2014 was the first FTSE100 company to establish a gender target to improve the representation of women in senior positions. Through steady progress, over 40% of senior roles were held by women at the end of 2024.

“Our dedication to diversity remains steadfast and, following more progress in building a more inclusive workforce led by senior leadership hires in 2024, we have moved to new ambitions that better align to our strategic goals and accelerate meaningful diversity in our leadership team from 2025.”

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

Email(Required) OptOut From time to time, we will send you emails about selected products, events and services from Personnel Today and OHW+ - but you can choose to opt-out at any time. If you do not wish to receive these emails, please tick this box.CommentsThis field is for validation purposes and should be left unchanged.

Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );

/* = 0;if(!is_postback){return;}var form_content = jQuery(this).contents().find('#gform_wrapper_129');var is_confirmation = jQuery(this).contents().find('#gform_confirmation_wrapper_129').length > 0;var is_redirect = contents.indexOf('gformRedirect(){') >= 0;var is_form = form_content.length > 0 && ! is_redirect && ! is_confirmation;var mt = parseInt(jQuery('html').css('margin-top'), 10) + parseInt(jQuery('body').css('margin-top'), 10) + 100;if(is_form){jQuery('#gform_wrapper_129').html(form_content.html());if(form_content.hasClass('gform_validation_error')){jQuery('#gform_wrapper_129').addClass('gform_validation_error');} else {jQuery('#gform_wrapper_129').removeClass('gform_validation_error');}setTimeout( function() { /* delay the scroll by 50 milliseconds to fix a bug in chrome */ }, 50 );if(window['gformInitDatepicker']) {gformInitDatepicker();}if(window['gformInitPriceFields']) {gformInitPriceFields();}var current_page = jQuery('#gform_source_page_number_129').val();gformInitSpinner( 129, 'https://www.personneltoday.com/wp-content/plugins/gravityforms/images/spinner.svg', true );jQuery(document).trigger('gform_page_loaded', [129, current_page]);window['gf_submitting_129'] = false;}else if(!is_redirect){var confirmation_content = jQuery(this).contents().find('.GF_AJAX_POSTBACK').html();if(!confirmation_content){confirmation_content = contents;}jQuery('#gform_wrapper_129').replaceWith(confirmation_content);jQuery(document).trigger('gform_confirmation_loaded', [129]);window['gf_submitting_129'] = false;wp.a11y.speak(jQuery('#gform_confirmation_message_129').text());}else{jQuery('#gform_129').append(contents);if(window['gformRedirect']) {gformRedirect();}}jQuery(document).trigger("gform_pre_post_render", [{ formId: "129", currentPage: "current_page", abort: function() { this.preventDefault(); } }]); if (event && event.defaultPrevented) { return; } const gformWrapperDiv = document.getElementById( "gform_wrapper_129" ); if ( gformWrapperDiv ) { const visibilitySpan = document.createElement( "span" ); visibilitySpan.id = "gform_visibility_test_129"; gformWrapperDiv.insertAdjacentElement( "afterend", visibilitySpan ); } const visibilityTestDiv = document.getElementById( "gform_visibility_test_129" ); let postRenderFired = false; function triggerPostRender() { if ( postRenderFired ) { return; } postRenderFired = true; jQuery( document ).trigger( 'gform_post_render', [129, current_page] ); gform.utils.trigger( { event: 'gform/postRender', native: false, data: { formId: 129, currentPage: current_page } } ); if ( visibilityTestDiv ) { visibilityTestDiv.parentNode.removeChild( visibilityTestDiv ); } } function debounce( func, wait, immediate ) { var timeout; return function() { var context = this, args = arguments; var later = function() { timeout = null; if ( !immediate ) func.apply( context, args ); }; var callNow = immediate && !timeout; clearTimeout( timeout ); timeout = setTimeout( later, wait ); if ( callNow ) func.apply( context, args ); }; } const debouncedTriggerPostRender = debounce( function() { triggerPostRender(); }, 200 ); if ( visibilityTestDiv && visibilityTestDiv.offsetParent === null ) { const observer = new MutationObserver( ( mutations ) => { mutations.forEach( ( mutation ) => { if ( mutation.type === 'attributes' && visibilityTestDiv.offsetParent !== null ) { debouncedTriggerPostRender(); observer.disconnect(); } }); }); observer.observe( document.body, { attributes: true, childList: false, subtree: true, attributeFilter: [ 'style', 'class' ], }); } else { triggerPostRender(); } } );} ); /* ]]> */

 

HR opportunities in Accountancy, Banking, Finance and Insurance on Personnel Today

Browse more HR opportunities in Accountancy, Banking, Finance and Insurance