The directors of the Lloyds Banking Group, which includes Scottish Widows and half of new Financial Planning arm Schroders Personal Wealth, have waived their 2020 bonuses.

They are taking the action in “light of the uncertainty and extreme challenges presented by the Covid-19 crisis.”

The Lloyds Banking Group executive directors and group executive committee asked not to be considered for their bonus entitlement for 2020.

The company said: “This decision is made in solidarity with the communities in which we operate and in recognition of the priorities of our stakeholders.”

The group, along with many other banks, has introduced a range of support measure for retail customers and approved thousands of requests from businesses for capital repayment holidays and overdraft extensions. It is also helping to implement the UK Government's support schemes for businesses.  

Full-time and part-time permanent staff have also been told they will continue to be paid their contracted hours as normal.  

António Horta-Osório, group chief executive, said: "We are doing all we can to support our customers, colleagues and communities.

“We understand the difficulties and challenges that they are facing in these unprecedented times, and are working at pace to provide the support they need. In light of this, it is right for the executive directors and group executive committee to give up all of their bonus entitlement for 2020."