Business/Finance

Lloyds Banking Group confirms bonus clawback

Monday, February 20, 2012

Lloyds Banking Group says it has canceled bonus payments for 13 past and present executives over their involvement in the costly misselling of payment protection insurance.

Lloyds announced on Monday that former chief executive Eric Daniels would lose 40 percent of his bonus for 2010, or about 580,000 pounds ($920,000). The clawback will be implemented through a reduction in the amounts awarded in deferred shares.

The bank said four other directors would lose 25 percent of their bonuses, and eight other senior executives would lose 10 percent.

Lloyds has set aside 3.2 billion pounds ($5.1 billion) to reimburse people persuaded to buy policies which they did not need, by far the biggest provision by any British bank.

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