Lloyds 'old guard' miss out on bonuses after HBOS integration

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The Independent Online

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.