February 20, 2012
The British Perform The First Bonus Clawback Ever?
Posted by David Zaring

We'll outsource to DealBook:

The Lloyds Banking Group, partly owned by the British government after receiving a bailout, on Monday became the first bank in Britain to cut past bonuses because of losses that turned up later.

The bonus clawback of about £2 million ($3.2 million) applies to five former or current executive directors, including a former chief executive, and eight other managers. Eric Daniels, who left the bank as chief executive last year, would have to give up 40 percent of the share bonus he was awarded for 2010, or about £580,000, Lloyds said.

 

Administrative Law, Europe, Financial Crisis, Financial Institutions | Bookmark

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