Former Lloyds boss Eric Daniels takes job with City adviser to banks

By Erikka Askeland and Martin Flanagan
Published on Thursday 26 January 2012 00:00

ERIC Daniels, the controversial former Lloyds Banking Group chief, has found a new job in the City advising banks.

Lloyds’ former group chief executive, who led its takeover of HBoS in 2008, is joining advisory firm StormHarbour as part-time principal and senior adviser with immediate effect.

Established in 2009, StormHarbour clients include banks and other financial institutions as well as corporate borrowers looking to either refinance existing debt or raise finance.

The firm said that Daniels, who retired from Lloyds last year after seven years as chief executive, will draw on his “extensive experience in the global banking and financial services industry to provide strategic advice and insight” to clients, as well the firm’s senior leadership team. Daniels will be based in StormHarbour’s London office.

Antonio Cacorino, managing principal and co-founder of StormHarbour, said: “It is an honour and a privilege for StormHarbour to welcome Eric Daniels to the firm.

“Eric’s extensive industry insight, distinguished track record, proven leadership qualities and broad network of relationships within and outside the financial services sector are invaluable and we look forward to working closely with Eric to serve our clients globally and to continue to expand the firm’s franchise”.

Daniels added: “I am delighted to join such a dynamic, distinguished and successful partnership whose significant achievements thus far not only reflect its compelling, client-focused value proposition and market expertise, but also a formidable commitment to its core values and to realising a long-term vision.

“I look forward to working with StormHarbour’s clients and senior management team and to helping the firm realise its full potential.”

At Lloyds, Daniels led its merger with HBoS which resulted in the bank having to be bailed out by the government. The bank is still 41 per cent owned by the taxpayer.

After he retired from Lloyds last year, the bank also had to pay out £3.5 billion for misselling payment protection insurance.

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