April 7, 2020 / 3:49 PM / 3 months ago

TSB says CEO to forego 2020 bonus

FILE PHOTO: A sign is displayed outside a branch of the TSB bank in central London March 12, 2015. REUTERS/Neil Hall

LONDON (Reuters) - British bank TSB (SABE.MC) said its Chief Executive Debbie Crosbie and the bank’s executive committee would give up their bonus awards for 2020, so that the bank can better reward junior staff who are helping customers deal with the new coronavirus.

TSB, owned by Spain’s Sabadell (SABE.MC), is one of the first major British banks to see senior executives forego pay in response to the pandemic and resulting economic slowdown.

TSB’s move comes a week after the Bank of England requested all major UK retail banks to scrap cash bonus payments to executives and material risk takers, as part of capital conservation efforts that also included ditching dividends.

None of those lenders have published details on how they intend to shake up boardroom compensation to comply with the request.

Reporting By Lawrence White, editing by Sinead Cruise

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