Lloyds chief executive foregoes 2009 bonus

Eric Daniels, the chief executive of Lloyds Banking Group, will not be taking the £2.3 million bonus he is entitled to for 2009.

Mr Daniels said that he has made the decision so as not to cause a public row over bank chiefs receiving such remuneration in the wake of the financial crisis.

He is the second high-profile head to forgo his bonus this year, after chief executive of Royal Bank of Scotland Stephen Hester announced earlier this week that he is doing the same.

A statement issued by Lloyds said that the bank’s committee had decided Mr Daniels would be able to receive his bonus because of his ’significant individual contribution’ to the bank’s performance during the year.

’Mr Daniels has informed the board, however, that he wishes to waive his bonus,’ it added.

Lloyds, which is partially owned by the UK taxpayer, made a pro forma loss of £4 billion in the first six months of last year.ADNFCR-2318-ID-19631304-ADNFCR