Lloyds Banking Group is examining whether to ditch the concept of annual bonuses for senior staff and extend the timeframe of longer-term incentives to up to 10 years, the Financial Times reported on Monday.

The idea is being put to investors as Lloyds seeks to avoid the conflict seen between banks and shareholders over pay, the FT said, citing people briefed on a project to overhaul remuneration.

People involved in the discussions, cited by the FT, warned that it was relatively early in the process and the idea could yet be shelved.

Lloyds could not be reached for immediate comment.

(Reporting by Stephen Mangan; Editing by Chris Gallagher)