Charles Alan Nunn: Lloyds Bank’s CEO salary explained - as bank’s profit surge to £1.9bn

Lloyds Banking Group, the renowned financial institution, has revealed that their profits have significantly increased to £1.9 billion, thanks to elevated borrowing costs benefiting the UK's largest mortgage lender. In the three months ending in September, the company, which owns Halifax and Bank of Scotland, reported a pre-tax profit of £1.9 billion.

This represents more than a threefold surge compared to last year's adjusted figure of £576 million, and it slightly exceeds what analysts had anticipated. The mortgage company generated £3.4 billion in net interest income, which is the difference between what it spent on deposits and what it earned on loans. Compared to the previous year, this figure has climbed once more. 

Earlier this year, the firm revealed that staff would share a £446m bonus pot after proposing increases for top bosses that could result in a £9.1m payout for its chief executive, Charles Alan Nunn, despite reporting flat annual profits. At £9.1m, the potential pay packet tops the £8.3m that his predecessor, António Horta-Osório, could have achieved under the last pay policy approved by shareholders in 2022. 

In 2022, the group chief executive received a total pay package worth £3.8m including a £1.3m share bonus, and the bank’s staff bonus pool increased by 12% to £446m. So who is Lloyds Bank’s chief executive Charles Alan Nunn and what is his background? Here’s everything you need to know.

Who is the CEO of Lloyds Bank?

Born in 1971, Charles Alan Nunn, also known as Charlie Nunn, is a former management consultant who was appointed CEO of Lloyds Banking Group in August 2021. He formerly worked with HSBC, where he rose to the position of global head of personal banking and wealth management in 2011. Nunn succeeded António Horta-Osório, after serving for a decade and earning a salary of £5.6 million.

Nunn's early years were spent in Southampton, Hampshire. He received his education at Fareham's Brookfield Community School and went on to achieve a bachelor's degree in economics from the University of Cambridge. Subsequently, he pursued a master's degree at INSEAD.

Over a span of 12 years, Nunn held various roles at Accenture, working in different countries such as the US, France, Switzerland, and the UK. In 2006, he transitioned to McKinsey & Company, where he served as a senior partner for five years. Nunn is currently married and has four children.