Taxpayer-backed Lloyds Banking Group handed 25 of its staff £1 million or more in pay and bonuses last year, its annual report showed.
The figure, which includes rewards for five employees who picked up in excess of £2 million, means there were 769 bank staff in the £1 million-plus pay bracket at the five big high street firms last year.
Chief executive Antonio Horta-Osorio was paid £2.5 million in pay and deferred bonuses last year, and has also received £1.1 million in shares from a long-term incentive scheme that will be released in 2016 subject to performance targets.
Despite £570 million of losses in 2012, following on from more mammoth provisions relating to mis-sold payment protection insurance, staff still shared a £365 million total bonus pot, equivalent to £3,900 per employee.
Barclays has already revealed that it paid 428 staff more than £1 million last year, while there were 93 at Royal Bank of Scotland, 204 at HSBC and 19 at Santander.
The disclosures on millionaires’ club pay have emerged because of new guidelines enforced by Vince Cable’s business department.
Lloyds is predominately a retail bank with most of its million-pound bankers working in its small wholesale banking division, which has to compete for staff with big international investment banks.
Lloyds, which is 39% taxpayer owned, said its bonus pool was 3% lower than in 2011 while the average bonus per employee was the lowest of the main UK banks. The awards represent around 2% of revenues.
Cash bonuses are capped at £2,000, with additional amounts paid in shares and subject to deferral and performance adjustment.
The deferral period for Mr Horta-Osorio’s annual bonus award will be five years and will be subject to additional conditions related to the share price at which the UK Government invested.
Lloyds chairman Win Bischoff said: “Antonio has led the group through a strong year that has put us ahead in the implementation of our strategic plan.
“I believe this, in part, is a reason for the group being the best-performing stock in the FTSE 100 Index in 2012.”
It also emerged that former chief executive Eric Daniels will have a further chunk of his 2010 bonus clawed back as a result of further recent increases in the group’s compensation bill for mis-sold PPI.
The controversy on bank pay reignited last week when it emerged that Rich Ricci, the investment banking chief at Barclays, sold £17.6 million worth of shares that were awarded in bonuses deferred from previous years. The bank’s regulatory disclosure was made on the day of the Budget.
Barclays said the payments were historic and that future bonus payments would be much lower.
The European Union has agreed a pay cap that would restrict bonus payments to one times annual salary, or twice the salary with shareholders’ approval.
Banks fear this will force them to raise base salaries and make them uncompetitive against American and Asian firms.