Lloyds ex-boss may lose bonus over insurance scandal

February 14, 2014 - 9:43:32 am

LONDON: 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 StormHarbour.

Lloyds Banking Group could not be immediately reached for comments by Reuters.

Lloyds took 3.5 billion pounds or $5.82 billion more in provisions last year to compensate customers for past mis-selling.

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. (Reuters)