The third-best paid was Antonio Horta-Osorio of Lloyds Banking Group, which remains part-owned by the U.K. government since its bailout in 2008. Horta-Osorio was awarded 8.8 million euros. Strikingly, Lloyds recorded a loss on ROAE of 1.89 percent, unlike HSBC, which earned ROAE in the high single figures— as did Swiss banks UBS and Credit Suisse, whose chief executives were respectively the fourth and fifth-highest paid in Europe last year. Stephen Hester, formerly CEO of the U.K.'s other major state-supported bank, RBS, was Europe's seventh-highest remunerated banking boss.