Lloyds Cuts Bonuses

Lloyds Banking Group

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

, 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.