(Credit: George Iordanov-Nalbantov)

Chief executive Charlie Nunn will receive a £1.1m bonus, with finance boss William Chalmers set for £812,014, according to the bank’s annual report. This comes in addition to their fixed incomes, with Mr Nunn’s set at £2.5m and Mr Chalmers’ at £1.6m.

Mr Nunn’s total 2024 remuneration reached £5.6m, a 53% increase from 2023, driven by long-term incentive rewards from previous years.

The Remuneration Committee justified the bonuses by stating that the company achieved 68.1% of its performance target. Furthermore, both executives could receive payouts worth 300% of their salaries, subject to meeting performance targets between 2025 and 2027.

This news arrives amidst a wave of branch closures, with over 130 Bank of Scotland, Halifax, and Lloyds sites scheduled to shut. Additionally, thousands of IT division jobs are under review as part of the bank’s £4 billion transformation plan.

The bank’s pre-tax profits fell by 20% to £6bn, down from £7.5bn in 2023, due to £1.2bn being set aside for potential motor finance scandal payouts. Despite this, the bank’s stock rose by 3% following the release of the annual results. Mr Nunn remains optimistic, stating the bank is “building momentum” and confident of generating over £1.5bn in additional income by 2026.