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February 23, 2010

Guard: Lloyds CEO waives bonus

By Spear's

Eric Daniels, chief executive of Lloyds Banking Group, has bowed to public pressure and waived a £2.3m bonus that the loss-making bank awarded him, becoming the fourth bank boss in a week to refuse a payout.

Eric Daniels, chief executive of Lloyds Banking Group, has bowed to public pressure and waived a £2.3m bonus that the loss-making bank awarded him, becoming the fourth bank boss in a week to refuse a payout.

In an unusual development, the Lloyds chairman Sir Win Bischoff issued a statement to explain that the bank’s remuneration committee had wanted to award him a full bonus even as the bank prepares to report a loss of at least £3bn on Friday.

Bischoff said Daniels had decided not to take the bonus because “he believes that the excellent progress the group is making, based on the considerable contribution of many colleagues across the company, is in danger of being obscured by the current debate on executive bonus awards in the banking sector.

To read the full story, visit guardian.co.uk

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