Lloyds 'old guard' miss out on bonuses after HBOS integration
Jim Armitage is the City editor of The Independent and London Evening Standard group of newspapers. He has been a reporter and editor for more than 20 years and was recently shortlisted for the Press Gazette financial journalist of the year and The Society of Editors financial journalist of the year awards. He contributes news, investigative reports and comment to the Independent titles plus a daily column in the Evening Standard.
Friday 16 March 2012
Eric Daniels and the old guard at Lloyds Banking Group have been denied bonuses for integrating HBOS because the board realised it would provoke a furore to pay them for a deal that destroyed so much shareholder value.
Mr Daniels, Lloyds' former chief executive, was entitled to £828,000-worth of shares, Archie Kane £472,680, Truett Tate £511,200 and Helen Weir £500,400.
However, the executives still working at Lloyds who have been responsible on the ground for handling the integration still got their payouts.
Integrating HBOS has cost tens of thousands of jobs but saved the bank, and its shareholders, about £2bn a year.
Operations director Mark Fisher got £269,282-worth of shares, John Maltby, head of its commercial business, got £173,110, while David Nicholson and Angie Risley – bosses of Halifax and human resources, got £144,258.
Accounts for the bank showed Mr Daniels left with a pension worth £5.1m.
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