Feb 14 State-backed Lloyds Banking Group Plc
is considering confiscating a past bonus of former
Chief Executive Eric Daniels over the escalating insurance
mis-selling bill that sent the bank to an after-tax loss of 802
million pounds last year, the Times reported.
The bank's board pay committee will meet in the next few
days to consider whether a share-based award to Daniels in 2010
should be clawed back, the paper said. ()
Daniels, who stepped down from Lloyds in 2011, is currently
a senior adviser with buyout group CVC Capital Partners. He
holds a similar advisory position at investment banking boutique
Lloyds Banking Group could not be immediately reached for
comments by Reuters.
Lloyds took 3.5 billion pounds ($5.82 billion) more in
provisions last year to compensate customers for past
The bank, owned 33 percent by British taxpayers, on Thursday
said it was ready to return to private ownership after reporting
a pre-tax profit for the first time in three years.