Eric Daniels, the former chief executive of Lloyds Banking Group, showed yesterday that being discredited in the public eye is no barrier to lucrative new roles in finance.
The American executive, once regarded as a cautious type who was the antithesis of the brash financiers elsewhere, later found his tenure at the bank heavily criticised by press and politicians alike. In the face of the barrage, he waived several multimillion-pound bonuses over the years – not contentedly, it was believed – and was bashed by the Treasury Select Committee in 2010 for saying he did not know how many of his staff were paid more than him.
Yesterday it emerged that he is joining the private-equity firm CVC Capital Partners as a member of its global financial institutions advisory board.
During his eight-year rule at Lloyds, beginning in 2003, he oversaw the takeover of HBOS in 2008. This contentious deal saw Mr Daniels claim that he had actually done the country "a great service" by saving the taxpayer from the full fallout of HBOS's disastrous balance sheet.
Jonathan Feuer, managing partner and head of CVC's global financial institutions group, said: "I am delighted that Eric has joined CVC as a senior adviser.
"With his breadth of knowledge and understanding in banking, insurance and wealth management we hope to further strengthen our capabilities and build on the success the financial institutions group team has achieved over the past four years."
Mr Daniels holds a similar advisory position at investment banking boutique StormHarbour.Reuse content