Lloyd bosses to miss out on 6m share windfalls
The top bosses at Lloyds who presided over the toxic takeover of Halifax Bank of Scotland in 2008 are set to miss out on over 6m in share bonuses which were due this year.
Former chief executive Eric Daniels, who left the bank last March, was due to scoop 1.9m as part of a long term incentive plan from 2009.
His erstwhile colleagues – including executive director Archie Kane, investment banking chief Truett Tate, and retail supremo Helen Weir – were also in line for over 1m each despite being involved in one of the most disastrous takeover s in corporate history.
Truett Tate, head of wholesale at LLoyds Banking Gorup
Although bankers are notoriously secretive about how they award bonuses, they are linked to the share price of the firm which has tanked almost 75pc to 32.73pc since 2009.
Insiders claim these windfalls are likely to be waived in this year's bonus round. This small dent in the fortunes of some of the UK's highest paid bankers will be of scant consolation to taxpayers who have a 21bn stake in the troubled bank.
Yesterday a fresh ruckus broke out over revelations that Lloyds is to hand 61-year old Tate a farewell windfall of up to 3.5m.
Llyods bonuses backlash
The American resigned on Wednesday as part of a major reshuffle of the Lloyds management team under boss Antnio Horta Osrio who last month waived his 2.4m bonus after taking time off for stress.
Matthew Elliott, chief executive of the TaxPayers’ Alliance said: ‘It’s astonishing that Truett Tate could take home a bonus on top of his colossal salary and pension payoff when he’s not even at work.
'Taxpayers propped up Lloyds TSB at great expense, the bank should pay taxpayers back before it signs off lavish retirement packages for its board.’
It is understood Daniels is still on course for a 1.7m windfall next year, which will be partly based on the fateful integration of Lloyds and HBOS. Kane and Weir could both pocket around 1m.
Lloyds is trying to claw back bonuses from those involved in the mis-selling of payment protection insurance having set aside 3.2bn to pay compensation last year.
Daniels stands to lose up to half his 1.4m bonus awarded in 2010 but other former directors, including Weir could also be targeted.
Amid all the furore Lloyds attempted to improve its standing among customers by committing yesterday to keep the same number of bank
branches and to not close a branch if it is the last one in the community.
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