Lloyds Bank claws back directors' bonuses due to PPI scandal

Lloyds Banking Group

According to the newspaper, Eric Daniels, Lloyds’ former chief executive, will lose at least £360,000 of his 2010 bonus, and four other current and former directors will each forgo about £250,000.

Sources told the Telegraph the former directors were “furious” with the decision as they had operated within the rules at the time, while others speculated that the move was designed to detract from this week’s poor results.

Lloyds is expected to announce a loss of almost £4bn this Friday as a result

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected].

You are currently unable to copy this content. Please contact [email protected] to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

If you already have an account, please sign in here.

To continue reading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: