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-Lloyds to recoup part of 2011 bonuses of executives.

M2 EQUITYBITES-February 20, 2012--Lloyds to recoup part of 2011 bonuses of executives(C)2012 M2 COMMUNICATIONS http://www.m2.com

20 February 2012 -- Lloyds Banking Group (LON:LLOY) announced on Monday a decision to recoup part of the bonuses paid to current and former executives for 2011, the Daily Mail reported on Monday.

Lloyds is expected to get back more than GBP1m (USD1.6m/EUR1.2m) from the bonuses paid to former chief executive Eric Daniels and four other senior executives.

The decision to recoup the bonuses was reportedly taken by Lloyds chief executive Antonio Horta Osorio, who had already pledged to give up his own GBP2.4m bonus.

Daniels is expected to suffer a GBP360,000 cut in his GBP1.45m bonus for 2011. The rest of the executives who will see their 2011 bonuses reduced are departing chief financial officer Tim Tookey, former retail banking chief Helen Weir, wholesale banking head Truett Tate and former risk head Carol Sergeant.

The decision to withhold part of the bonuses has been taken due to Lloyds' role in the payment protection insurance (PPI) scandal that hit the UK banking sector last year.

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Publication:M2 EquityBites (EQB)
Date:Feb 20, 2012
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