The chief executive of part-nationalised bank Lloyds Banking Group has decided to forgo his bonus for 2009 amid the public backlash against bonuses.
Eric Daniels was in line to receive £2.3m but has decided to waive his bonus after coming under mounting pressure to do so ahead of the release of the bank's financial results for last year. Daniels will still receive his salary of £1.04m. Lloyds, which is 43% owned by the taxpayer, is expected to post a substantial loss for last year when it publishes its results on Friday. Daniels's move comes after RBS chairman Stephen Hester agreed to waive his £1.6m bonus. RBS is 84% owned by the taxpayer and Hester is thought to have made the decision to stave off public criticism. The ...
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