Lloyds staff get £2m for 'prudent' Christmas parties

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The bank, which is almost half-owned by British taxpayers, is said to be donating the equivalent of £35 towards festivities for each member of its workforce of more than 60,000, at a time when many London firms are cancelling their celebrations.

But Lloyds senior managers have been told to keep the parties low-key, The Sun reports. They are banned from hosting formal or black tie events to avoid negative publicity and criticism that they are being ostentatious. They were also warned to avoid booking venues using the Lloyds name.

The bank denied it is wasting taxpayers' money and described the contributions as "prudent".

Sources said splashing out on Christmas parties rewards lower-paid staff without paying big cash bonuses. A Lloyds spokeswoman said: "We take a prudent approach to colleague-related activity."