Former Lloyds chief joins StormHarbour

Eric Daniels, the former chief executive of Lloyds Banking Group, is joining StormHarbour as principal and senior adviser with immediate effect, the firm said last night.

Mr Daniels, who retired from Lloyds a year ago, has the highest profile yet of any of the professionals that have joined the independent boutique investment bank, which was formed early in 2009.

"Eric's extensive industry insight, distinguished track record, proven leadership qualities and broad network of relationships within and outside the financial services sector are invaluable," said Antonio Cacorino, managing principal and one of the co-founders of StormHarbour.

Based in StormHarbour's London office, Mr Daniels will be a powerful calling card for the firm as it attempts to ramp up a business based on helping its, mostly financial institution group (FIG), client base readjust after the credit crunch.

"Having been around the circuit, I've evolved businesses through the growth cycle. I'll be able to help signal where we need to head," said Mr Daniels.

After Lloyds purchased HBOS, Mr Daniels worked for three years restructuring its balance sheet and also intensively managing its capital and liquidity.