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Lloyds executives lose part of past bonuses

By Julia Werdigier

 |  New York Times  

  February 21, 2012

The Lloyds Banking Group, partly owned by the British government after receiving a bailout, on Monday became the first bank in Britain to cut past bonuses because of losses that turned up later. The bonus clawback of about 2 million pounds ($3.2 million) applies to five former or current executive directors, including a former chief executive, and eight other managers. Eric Daniels, who left the bank as chief executive last year, would have to give up 40 percent of the share bonus he was awarded for 2010, or about 580,000 pounds, Lloyds said.

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