Arab Today, arab today lloyds exceo\s bonus cut in insurance case
Last Updated : GMT 03:24:37
Arab Today, arab today
Arab Today, arab today

Lloyds ex-CEO\'s bonus cut in insurance case

Arab Today, arab today

Arab Today, arab today Lloyds ex-CEO\'s bonus cut in insurance case

London - Arabstoday

Lloyds Banking Group\'s former chief executive officer Eric Daniels will lose 25 per cent of his final bonus, as he and four other current and former executives are penalised for improperly sold insurance products, a person with knowledge of the matter said. Daniels will lose about £360,000 of his £1.45 million (Dh8.42 million) bonus for 2010, said the person, who declined to be identified because the matter is private. Tim Tookey, Lloyds\' finance director, Truett Tate, the head of the wholesale unit, Helen Weir, the former head of the retail bank, and Archie Kane, the bank\'s ex-group insurance director, will also have some of their 2010 bonus clawed back following the bank\'s decision to set aside £3.2 billion for the mis-selling of personal loan insurance, said the person. It\'s the first time clawbacks have been applied to UK bank board members since the policy was agreed on by Group of 20 leaders in Pittsburgh in September 2009. Inappropriate sales of payment protection insurance, used to cover payments on credit cards and mortgages in case of illness or unemployment, will push Lloyds into a £2.6-billion net loss for 2011, according to data compiled by Bloomberg. Daniels stepped down as CEO of Lloyds in February last year and remained on the payroll until September. In 2008, he led the bank\'s takeover of HBOS, the UK\'s biggest mortgage lender, whose losses led Lloyds to cede a 41 per cent stake to the government and seek a taxpayer-funded bailout of more than £20 billion. \'No occasion to consult Daniels\' Lloyds chairman Win Bischoff said in June that the lender had had \"no occasion\" to consult Daniels since he left the CEO\'s post, even though he remained on the payroll. Last month, Lloyds CEO Antonio Horta-Osorio said he was turning down his 2011 bonus to reflect the bank\'s performance and his nine-week absence last year for exhaustion. A Lloyds spokesman declined to comment on the payments. The Daily Telegraph reported the story earlier. Lloyds is scheduled to report its full-year results on Friday. Customers who bought PPI rarely compared prices and terms or switched providers and usually weren\'t aware they could buy it from a firm other than their lender, the UK\'s Competition Commission has said. The mis-selling of PPI is \"likely to lead to a redress\" of £9 billion across the industry, Financial Services Authority CEO Hector Sants said in June.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lloyds exceo\s bonus cut in insurance case Arab Today, arab today lloyds exceo\s bonus cut in insurance case

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday