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Daniels’ bonus could be slashed
Lloyds Banking Group could withhold up to half the 2010 bonus awarded to former chief executive Eric Daniels. Lawyers for Lloyds’ remuneration committee have told Daniels and other senior executives that the bank plans to withhold some of the bonuses announced in February. The “claw back” comes after Lloyds made a £3.2bn provision against complaints relating to the mis-selling of payment protection insurance. The taxpayer-backed bank said “the implications on compensation are being considered by the remuneration committee and will be determined by the board in due course, in line with the FSA code on compensation”.