The UK’s biggest banks have had a strong annual earnings season. Updates from Barclays, Lloyds, and NatWest have shown strong profit growth, with their respective UK earnings being boosted by the slower-than-hoped-for pace of interest rate cuts introduced by the Bank of England last year.
Cost-cutting has played a role too, with lenders eyeing up big opportunities for artificial intelligence (AI) to boost functionality and cut employment bills at the same time. Money latest: Amazon rolls out new payment method. A crumb of comfort for bank workers – and there will be many thousands looking over their shoulders – is that bonus pools are up widely across the sector.
But are those awards keeping pace, at least in percentage terms, with what their big bosses are taking home?
Barclays – CS Venkatakrishnan
The chief executive of Barclays, who is known as Venkat within the bank, was awarded a pay package worth more than £15m for 2025. This is up 29% on the £11.6m in pay and bonuses he was handed the previous year. At the same time, the bank’s bonus pool was raised by 15% to £2.2bn on the back of a 13% rise in group profits to £9.1bn.
NatWest – Paul Thwaite
This is the first round of bonus awards since the group was fully returned to private hands after its taxpayer bailout in 2008. NatWest reported an operating pre-tax profit of £7.7bn – up 24% on 2024. The group, which also comprises Royal Bank of Scotland, Ulster Bank, Sainsbury’s Bank, and Coutts, awarded Mr. Thwaite a 33% increase in total awards to £6.6m. Its bonus pool for eligible staff was increased by 11% to £495m.
Lloyds – Charlie Nunn
At the end of January, Lloyds reported a 12% jump in annual pre-tax profits to £6.66bn – a rise of 12%. Its annual report was not released at the same time but it revealed on Friday that Mr. Nunn took home £7.4m in total awards. That sum represents a 32% hike on 2024’s figure. The group’s bonus pool rose 10% to £405m.
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