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Lloyds chief to step down

THE chief executive of the Lloyds Banking Group, Eric Daniels, is reportedly to retire in a year’s time.

He becomes the third senior bank executive to step down in the past few weeks, following John Varley at Barclays, and Stephen Green at HSBC.

Mr Daniels oversaw Lloyds’ heavily-criticised rescue takeover of the Hbos banking group in 2008.

The deal, during the banking crisis, undermined the finances of Lloyds and prompted a government bail out.

The-then Labour government took a large minority stake - which currently stands at 41% - in Lloyds.

That cost the government £20bn.

This was posted in Bdaily's Members' News section by Ruth Mitchell .