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PPI claim: Lloyd's chief to step down next year

Lloyds Banking Group has announced that its chief executive Eric Daniels will retire next year.

The firm did not reveal the exact date of his departure although they did confirm he will continue in the role until a replacement is found.

Mr Daniels was heavily criticised for leading Lloyd's doomed takeover of rival bank HBOS in September 2008.

Following the completion of the deal at the beginning of the economic crisis, Lloyd's finances were severely undermined, leading to a huge government package worth around £20 billion.

Lloyds chairman Sir Win Bischoff was full of praise for Mr Daniels and claimed the bank's link up with HBOS has aided the firm's development.

He said: "The successful integration of the two companies and the sooner-than-expected return to profitability of the enlarged Lloyds Banking Group are testament to his disciplined and vigorous leadership during a time of unprecedented financial turmoil."

It follows the recent departures of two fellow senior bank executives, as Barclay's John Varley and HSBC's Stephen Green are both set to leave over the coming months.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800073057-ADNFCR

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