£4.4M FOR NEW LLOYDS EXEC

LLOYDS has lured a chief financial officer with a £4.4m golden hello.

William Chalmers will join the bank in June from investment bank Morgan Stanley, where he is joint head of the financial institutions group.

The 50-year-old will get £4.4m in cash and shares to compensate him for bonuses he is losing by leaving his current employer.

Chalmers will get fixed pay, pensions payments and benefits such as a car allowance worth £1.5m.

He will be able to earn up to £3.2m extra in bonuses each year if he hits his targets. The banker, who has previously worked for JP Morgan, will replace George Culmer, 56, who is retiring.

Shares in Lloyds rose 1.8pc, or 1.04p, to 58.44p.