Eric Daniels loses out in Lloyds bonus deal

LLOYDS Banking Group’s former chief executive Eric Daniels will have a further chunk of his 2010 bonus clawed back as a result of further recent increases in the group’s compensation bill for mis-sold payment protection insurance.

The move was disclosed in the bank’s annual report which also confirmed that it handed 25 of its staff £1 million or more in pay and bonuses last year.

The figure, which includes rewards for five employees who picked up in excess of £2m, means there were 769 bank staff in the £1m-plus pay bracket at the five big high street firms last year.

Chief executive Antonio Horta-Osorio was paid £2.5m in pay and deferred bonuses last year, and has also received £1.1m in shares from a long-term incentive scheme that will be released in 2016 subject to performance targets.

Despite £570m of losses in 2012, staff still shared a £365m total bonus pot, equivalent to £3,900 per employee.

Barclays has already revealed that it had paid 428 staff more than £1m last year, while there were 93 at Royal Bank of Scotland, 204 at HSBC and 19 at Santander.