Tag: Eric Daniels
Bank chiefs oppose splitting up banks
Outgoing Chief Executive of Lloyds Banking Group, Eric Daniels, has today said he is opposed to the proposal of splitting up Britain’s banks, arguing that it will not enhance competition within the sector. Meanwhile, chief executive of Royal Bank of Scotland (RBS), Stephen Hester, agreed and said breaking up banks won’t improve the outcome for [...]
Eric Daniels calls for Lloyds to keep HBOS
Outgoing chief executive of Lloyds Banking Group, Eric Daniels, is calling on the Government to allow the bank to keep HBOS. The controversial takeover, which occurred at the height of the financial crisis, could be scrapped if a Government investigation establishes it has damaged competition. Final recommendations with regard to the takeover will be known [...]
Santander’s Horta-Osório appointed as Lloyds new CEO
It has been revealed this morning that António Horta-Osório, chief executive of Santander’s UK businesses, will replace Eric Daniels, who is stepping down from Lloyds Banking Group. Fifty-nine-year-old Daniels announced in September that he would be retiring next year. Daniels, who is the longest serving CEO at a major British bank, faced heavy criticism following [...]
Lloyds provides upbeat statement
Lloyds Banking Group, which is 41% owned by the taxpayer, has today provided an upbeat statement as it continues its recovery from the global financial crisis. The bank, which had to be bailed out in autumn 2008, said it remains on track to deliver a “good financial performance” for 2010 as it continues with its [...]
Lloyds to wield the axe on thousands more jobs
Lloyds Banking Group (LBG) has today announced it will reduce headcount by 4,500 in its IT division - a move which has angered unions. The banking giant, which is 43% owned by the taxpayer, has now axed 20,000 jobs since the start of 2009, some of which were due to overlap following the bank’s takeover [...]
Lloyds chief exec to step down
The chief executive of Lloyds Banking Group, Eric Daniels, has announced he will retire next year. The announcement follows other leadership changes in major banks earlier this month. Barclays’ chief executive, John Varley, will be departing next year and will be replaced by Bob Diamond, currently president of Barclays Plc. In addition HSBC chairman, Stephen [...]
Lloyds chief set for bigger bonus
Lloyds Banking Group has announced plans to award its chief executive, Eric Daniels, £2.85 million in shares. However, the share incentive only comes to fruition if stock in the state-owned bank goes above the 114p mark in the next three years. The award is in addition to his £1 million salary and the maximum £2.3 [...]
Lloyds posts £6.3bn annual loss
Lloyds Banking Group, which is 41% owned by the taxpayer, has today posted a full-year loss of £6.3 billion. Lloyds is the third major UK bank to report its 2009 results. Yesterday, Royal Bank of Scotland (RBS) posted a £3.6 billion loss, while last week, Barclays announced record profits of more than £11 billion - [...]
Lloyds chief exec to waive annual bonus
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 [...]
Pressure mounts on Lloyds chief to waive bonus
Over the weekend, it emerged that Royal Bank of Scotland (RBS) chief executive, Stephen Hester, had 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, [...]
Lloyds set to come under fire at AGM
Shareholders in Lloyds Banking Group are set to grill the bank at today’s annual general meeting. Directors of the bank have faced criticism from shareholders following the hasty takeover of HBOS last autumn, which left the group 43% state-owned. The bank is expected to plunge into a loss this year, following the takeover of HBOS, [...]
Lloyds chairman announces resignation
Sir Victor Blank has announced he is to retire from the position as chairman at Lloyds Banking Group. Sir Victor’s shock resignation comes as he and chief executive, Eric Daniels, have faced criticism from shareholders following the hasty takeover of HBOS. According to Roger Lawson of the UK Shareholders’ Association: “Almost all of the shareholders [...]
Lloyds to increase lending as it signs up to Asset Protection Scheme
After days of negotiations, Lloyds Banking Group has now agreed to sign up to the Government’s Asset Protection Scheme. The scheme, which insures against losses arising from toxic assets, will see Lloyds commit to lending at least £28 billion over the next few years. As a result, the Government’s stake in the bank will rise [...]
