Lloyds chief exec to waive annual bonus

| February 22, 2010 | 0 Comments

It has emerged today that Eric Daniels, chief executive of Lloyds Banking Group, will waive his £2.3 million annual bonus.

The move comes after Royal Bank of Scotland chief executive, Stephen Hester, opted not to take his £1.6 million bonus.

The decision by 49-year-old Hester came just one week after Barclays chief executive John Varley and president Bob Diamond both agreed to sacrifice bonuses for the second year in a row, in light of the “intense public interest and concern” over bankers’ pay.

As a result, Mr Daniels has been under pressure to forgo his bonus in light of the above and in the face of a severe loss at the state-funded megabank.

For some time now, bank bonuses have sparked public anger and have been the subject of heavy criticism since many believe their risks led to the recession.

Lloyds, which is 41% owned by the taxpayer, will publish its results on Friday and forecasts are for pre-tax losses of at least £4 billion.

Fifty-eight-year old Daniels, along with former Lloyds chairman, Sir Victor Blank, both faced criticism following the disastrous takeover of HBOS in autumn 2008.

However, Daniels is still set to receive his £1.035 million salary.

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