Lloyds Banking Group PLC said Monday that it would claw back part of the bonuses it awarded top management in 2010 following an insurance payment scandal, the latest example of a financial institution looking to recoup the pay of under-performing executives, according to a Wall St Journal report.
Lloyds said it would cut the bonus of former Chief Executive Eric Daniels by around £580,000, ($918,000) after an insurance misselling debacle resulted in the U.K. bank paying hefty compensation to consumers. Mr. Daniels, who stepped down last February, was awarded a £1.45 million bonus for 2010. Four other Lloyds directors will see their bonuses cut by a quarter, ...
http://online.wsj.com/article/SB10001424052970204909104577234731728240206.html?mod=WSJ_business_whatsNews
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