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Lloyds takes back bonuses from 10 executives Lloyds takes back bonuses from 10 executives
(40 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. BBC business editor Robert Peston says they are being penalised over their role in the mis-selling of payment protection insurance (PPI).
He says three other board directors are expected to see about £250,000 clawed back. This involved the sale of insurance that, in theory, covered repayments if borrowers were unable to continue repayments through illness or unemployment, but in many cases those taking out the policies would not have been eligible to claim on them.
Our business editor 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.
The clawback arrangements were demanded by regulators after the banking crisis of 2008. The clawback arrangements, which were demanded by regulators after the banking crisis of 2008, are being made after pressure from politicians and the Financial Services Authority.
Lloyds has not yet formally announced the move. Results
Lloyds Banking Group is the UK's biggest lender and owns the Halifax, the Bank of Scotland and the Cheltenham and Gloucester.
It has been forced to set aside £3.2bn to cover compensation for those customers who were mis-sold PPI.
The bank will publish its results this Friday and is expected to announce a loss of about£3.5bn.
The bank has not yet formally announced its clawback plans.
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.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.