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Lloyds Cuts Bonuses

Lloyds Banking Group (NYSE: LYG) has announced that it will be cutting £2m from bonuses paid to 13 executives in Britain, and that number will include former chief executive Eric Daniels.

According to the BBC, Daniels will now not be receiving £580,000 after the original sum of £1.45m bonus was cut by 40%.

Of course, it is hard to feel sorry for someone still picking up a bonus of over £800,000. Still, bonuses for additional four directors will be cut by £190,000 to £260,000. Eight more executives will receive about £100,000 less that they had originally thought.

Lloyds said in a statement that it would be making adjustments to many of the bonus awards for 2010, because, said the BBC, if it had been aware of the mis-selling and the cost of putting it right, the bonus pool and the awards from it would have been smaller.

Posted-In: News Contracts

 

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