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Operating expenses (Tables)

12 Months Ended

Dec. 31, 2023

Operating expenses

Schedule of operating expenses

​

​	​	​	​	​	​	​
​		2023		2022		2021
Continuing operations	​	£m	​	£m	​	£m
Salaries		2,483		2,250		2,295
Bonus awards		353		334		267
Temporary and contract costs	​	199	​	234	​	240
Social security costs		352		328		300
Pension costs	​	313	​	363	​	354
- defined benefit schemes (Note 5)		122		205		215
- defined contribution schemes		191		158		139
Other		201		207		220
Staff costs		3,901		3,716		3,676
​	​	​	​	​	​	​
Premises and equipment		1,153		1,112		1,133
UK bank levy		109		101		99
Depreciation and amortisation (1,2)		934		833		923
Other administrative expenses (3)		1,899		1,925		1,927
Administrative expenses		4,095		3,971		4,082
​	​	7,996	​	7,687	​	7,758

​

(1)Includes depreciation of right of use assets of £104 million (2022 - £119 million; 2021 - £167 million).

(2)2021 includes impairment of goodwill of £85 million.

(3)Includes litigation and conduct costs, net of amounts recovered. Refer to Note 21 for further details.

Schedule of employees in continuing operations

​

​	​	​	​	​	​	​
Continuing operations		2023		2022 (1)		2021 (1)
Retail Banking		14,300		15,100		16,000
Private Banking		2,400		2,300		2,000
Commercial & Institutional		12,400		12,200		11,700
Central items & other (2)		32,500		31,400		28,100
Total		61,600		61,000		57,800
​	​	​	​	​	​	​
UK		41,500		41,200		40,600
USA		300		300		300
India		16,900		15,700		13,500
Poland	​	1,500	​	1,500	​	1,400
Republic of Ireland	​	400	​	1,400	​	1,200
Rest of the World		1,000		900		800
Total		61,600		61,000		57,800

​

(1) Comparatives have been re-presented to reflect the movement of headcount across segments due to segment reorganisation.

(2) Central items & other includes Ulster Bank RoI. The total number of persons employed in Ulster Bank RoI of 500 (2022 – 2,200; 2021 – 2,400) includes nil people employed in discontinued operations at 31 December 2023 (2022 – 400; 2021 – 700).

Schedule of share-based compensation

​	​	​	​	​	​	​	​	​
Award plan		Eligible employees		Nature of award		Vesting conditions (1)		Settlement
Sharesave	​	UK, Channel Islands, Gibraltar, Isle of Man, Poland and India.	​	Option to buy shares under employee savings plan	​	Continuing employment or leavers in certain circumstances	​	2024 to 2028
Deferred performance awards	​	All	​	Awards of ordinary shares and conditional shares	​	Continuing employment or leavers in certain circumstances	​	2024 to 2031
Long-term incentives (2,3)	​	Senior employees	​	Awards of ordinary shares and conditional shares	​	Continuing employment or leavers in certain circumstances and/or satisfaction of the pre-vesting assessment and underpins	​	2024 to 2030

​

(1) All awards have vesting conditions which may not be met.

(2) Long-term incentives include buy-out awards offered to compensate certain new hires for the loss of forfeited awards from their previous employment. All awards are granted under the Employee Share Plan.

(3) The existing Long-term incentive scheme has been closed for new awards and members as at 31 December 2022. The scheme has been replaced by a new Restricted share plan scheme with similar granting and vesting conditions.

Schedule of bonus awards

​

​	​	​	​	​	​	​	​
Bonus awards	​	2023	​	2022	​	Change
​		£m		£m		%
Non-deferred cash awards (1)	​	43	​	40	​	8	%
Deferred cash awards		262		270		(3)	%
Deferred share awards		51		60		(15)	%
Total deferred bonus awards		313		330		(5)	%
Total bonus awards (2)		356		370		(4)	%
Bonus awards as a % of operating profit before tax (3)		5	%	7	%	​	​
Proportion of bonus awards that are deferred		88	%	89	%	​	​
- deferred cash awards		84	%	82	%	​	​
- deferred share awards		16	%	18	%	​	​

​

(1) Non-deferred cash awards are limited to £2,000 for all employees.

(2) Excludes other performance-related compensation.

(3) Operating profit before tax and income statement charge for bonus awards.

​

Reconciliation of bonus awards to income statement charge

​

​	​	​	​	​	​	​
​		2023		2022		2021
​	​	£m	​	£m	​	£m
Bonus awarded		356		370		301
Less: deferral of charge for amounts awarded for current year		(114)		(127)		(99)
Income statement charge for amounts awarded in current year		242		243		202
​	​	​	​	​	​	​
Add: current year charge for amounts deferred from prior years		115		94		80
Less: forfeiture of amounts deferred from prior years		(4)		(3)		(15)
Income statement charge for amounts deferred from prior years		111		91		65
Income statement charge for bonus awards (2)		353		334		267

​

​

3 Operating expenses continued

Year in which income statement charge is expected to be taken for deferred bonus awards

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Actual					​	Expected
​		​		​		​		​		2025
​	​	2021	​	2022	​	2023	​	2024	​	and beyond
​	​	£m	​	£m	​	£m	​	£m	​	£m
Bonus awards deferred from 2021 and earlier		80		94		16	​	7	​	5
Bonus awards deferred from 2022	​	—	​	—	​	99	​	9	​	9
Less: forfeiture of amounts deferred from prior years		(15)		(3)		(4)	​	—	​	—
Bonus awards for 2023 deferred		—		—		—	​	98	​	16
​		65		91		111	​	114	​	30

​

Sharesave

Operating expenses

Schedule of share-based compensation

​

​	​	​	​	​	​	​	​	​	​	​	​	​
Sharesave	​	2023			​	2022			​	2021
​		Average		Shares		Average		Shares		Average		Shares
​	​	exercise price	​	under option	​	exercise price	​	under option	​	exercise price	​	under option
​	​	£	​	(million)	​	£	​	(million)	​	£	​	(million)
At 1 January		1.63		99		1.61		95		1.64		96
Granted		1.42		43		1.86		25		1.80		24
Exercised		1.44		(23)		1.88		(15)		1.76		(10)
Cancelled		1.72		(5)		1.60		(6)		2.02		(15)
At 31 December		1.59		114		1.63		99		1.61		95

Deferred performance awards

Operating expenses

Schedule of share-based compensation

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​

​

​

​

​

​

​

​

​

​

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Deferred performance awards

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2023

​

2022

​

2021

​

Value at

Shares

Value at

Shares

Value at

Shares

​

​

grant

​

awarded

​

grant

​

awarded

​

grant

​

awarded

​

​

£m

​

(million)

​

£m

​

(million)

​

£m

​

(million)

At 1 January

93

46

132

65

169

77

Granted

52

20

46

20

61

32

Forfeited

(2)

(1)

(4)

(2)

(10)

(5)

Vested

(67)

(30)

(81)

(37)

(88)

(39)

At 31 December

76

35

93

46

132

65

Long-term incentives

Operating expenses

Schedule of share-based compensation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term incentives

​

2023

​

2022

​

2021

​

Value at

Shares

Value at

Shares

Value at

Shares

​

​

grant

​

awarded

​

grant

​

awarded

​

grant

​

awarded

​

​

£m

​

(million)

​

£m

​

(million)

​

£m

​

(million)

At 1 January

49

23

44

21

50

24

Granted

11

5

16

7

6

3

Vested/exercised

(10)

(4)

(10)

(4)

(12)

(6)

Lapsed

(1)

(1)

(1)

(1)

—

—

At 31 December

49

23

49

23

44

21

​

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