Lloyds boss behind Halifax cuts in line for £10m pay deal
THE banking boss who presided over Bank of Scotland's decision to axe its Irish retail operation could be paid as much as £10m (€11.5m) for his efforts last year, according to reports.
Bank of Scotland owner Lloyds Banking Group, however, moved swiftly to deny reports that its chief executive Eric Daniels was in line for the bumper remuneration, stressing that his package had yet to be finalised.
"No decisions have been taken about potential executive bonus outcomes for 2009," spokesman Ross Keany said yesterday. "Any such decisions will be made by the independent remuneration committee."
The 'Sunday Times' reported that Lloyds last week began talks about the pay deal with shareholders, including UK Financial Investments, the body which holds the government's 43pc stake in the lender.
Under the terms of his contract, Daniels' total pay for 2009 could be close to £10m, with any bonus likely to be made in shares, the newspaper reported.
Bank of Scotland (Ireland) last week announced it was shutting down its retail network known as Halifax. The move, which will cost 750 jobs, is being strongly opposed by trade unions. (Bloomberg, with additional reporting Laura Noonan)