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News 24/7
13 directors over at Lloyds Banking Group have apparently been stripped of $2.4m in bonuses because the bank took a $5bn bath on settling claims for misselling PPI.
Former CEO Eric Daniels has had 40% of his bonus clawed-back. Other executives have lost between 5% and 25%.
One banker told Here Is The City: 'On the one hand one wonders exactly how much Lloyds had to lose before Eric Daniels forfeited all his bonus. On the other, these bonuses don't appear to have been very large in any case. In fact, they probably weren't worth having in the first place!'.
In the meantime, Bloomberg reports that Commerzbank lawyer Thomas Linden defended the bank for reneging on paying those 104 bankers their 2008 retention awards, saying: 'It may be perfectly honorable to withdraw from a non- binding commitment in circumstances when the business has fallen off a cliff. Every banker, we say, in the U.K. knows that until you have a document which sets out the award, you don’t have an entitlement'.
Vic Daniels
@vicdanielsHITCGoogle+more stories from Vic Daniels
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Tags: Lloyds Banking Group, Commerzbank, Dresder Kleinwort, investment banking
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