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Lloyds bank denies multimillion pound bonus for chief executive

Yesterday the financial press was full of stories regarding a potential multi-million pound bonus for Lloyds bank chief executive Eric Daniels. While the company has issued no guidance on a potential bonus package for Eric Daniels it has denied rumours of a potential £10 million windfall for the man himself. So what is going on?

It is believed that the chief executive has a package which earns him a basic £1 million a year although this can be enhanced by up to 225% with bonuses and a further 300% if he hits a number of staggered targets. This would appear to add up to a potential maximum annual income of around £6.5 million, far less than the rumoured £10 million mentioned in the press this weekend.

There are rumours floating around the market that Lloyds bank has already held a number of meetings with UKFI, the company set up to look after taxpayer interests, regarding bonuses and remuneration for 2009. The company has denied that such meetings have taken place and indeed has claimed no decision has been taken on the 2009 remuneration for Eric Daniels or any of the company's other high-profile directors. If investors see large amounts of money being paid out to company directors at a time when consumers are struggling this will do nothing to enhance the reputation of the sector or the government as a whole.

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