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| Lloyds takes back bonuses from 10 executives | Lloyds takes back bonuses from 10 executives |
| (30 minutes later) | |
| Lloyds Banking Group is clawing back bonuses worth £2m from 10 executives, including the former chief executive Eric Daniels, the BBC has learned. | Lloyds Banking Group is clawing back bonuses worth £2m from 10 executives, including the former chief executive Eric Daniels, the BBC has learned. |
| Four of those affected were board directors. | Four of those affected were board directors. |
| Mr Daniels is expected to lose between 40% and 50% of a £1.45m bonus, or between £600,000 and £700,000. | Mr Daniels is expected to lose between 40% and 50% of a £1.45m bonus, or between £600,000 and £700,000. |
| BBC business editor Robert Peston says they are being penalised over their role in the mis-selling of PPI credit insurance to customers. | |
| He says three other board directors are expected to see about £250,000 clawed back. | |
| About six other executives, below board level, would lose around £100,000 each. | About six other executives, below board level, would lose around £100,000 each. |
| This is the first time a British bank has clawed back bonuses from executives, following a financial performance that was worse than expected. | This is the first time a British bank has clawed back bonuses from executives, following a financial performance that was worse than expected. |
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| The clawback arrangements were demanded by regulators after the banking crisis of 2008. | |
| Lloyds has not yet formally announced the move. | Lloyds has not yet formally announced the move. |
| Its current chief executive, Antonio Horta-Osorio, said in January he would not take an annual bonus for 2011. | Its current chief executive, Antonio Horta-Osorio, said in January he would not take an annual bonus for 2011. |
| Our business editor says the move may have a deterrent effect in future, making bankers more likely to consider the consequences when they launch new products or do assorted deals. |