The FINANCIAL — Lloyds Banking Group PLC is taking back a bonus from five senior bankers, worth more than GBP1 million, as a penalty for their role in the mis-selling of payment protection insurance, U.K. newspaper The Daily Telegraph reported Sunday on its website, without directly citing its source.
Lloyds' former chief executive Eric Daniels will lose at least GBP360,000 of his 2010 bonus, while four other current and former directors each have to forgo about GBP250,000, according to the report.
According to London Stock Exchange, it will be the first time a U.K. bank has used a "clawback" option on executive pay packages since the financial crisis, the report said.
The bank is expected to make an announcement soon, though it might simply be inserted as a clause in the annual report next month, the report added.
Lloyds declined comment, the report said.
Discussion about this post