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Mr Daniels could scoop as much as £6m in salary and bonuses under the terms of his contract, while Mr Hester is entitled to as much as £9.7m. But both are likely to agree to much more moderate packages in order to quell public and investor fury.
Royal Bank of Scotland's revised long-term reward plan for top executives will be fully agreed with shareholders before it is put to the market, a top investor said, a move that would avoid any investor revolt on the issue. Keith Skeoch, Chief
Banking Group is poised to stoke the controversy over banker bonuses by awarding a bumper payout to its chief executive, Eric Daniels. The bank, which is 41%-owned by British taxpayers, opened negotiations with shareholders on the pay deal last week.
Lloyds Banking Group PLC ( LYG ) said Thursday it appointed two new non-executive directors, including Glen Moreno, the former acting chairman of UK Financial Investments, the government-owned holding company that manages the state's 43% stake in the
A year after MPs grilled them about the credit crisis they were accused of engineering, all four have left the banks behind them, but are not short of gainful employment. Even the former RBS chief executive Sir Fred, who fled to France in the
Eric Daniels , Lloyds' chief executive, when he put together his management team after the controversial merger...Dawson was head of investment and insurance, while Watkins was head of retail products. At Lloyds, Watkins had a senior role in the
Political Correspondent A MAN who was at the centre of the near-collapse of the banking system has landed a top finance job with the UK government, prompting an accusation of "a serious error of judgment" by Business Secretary Lord Mandelson.
Michael Connarty, Labour MP for Linlithgow and East Falkirk, said: "This is a very odd appointment and will confuse people. "People wonder what he knew about banking and will now wonder what he knows about building. "There is a deep irony that one
Bank of Scotland has moved to try and defuse the industry bonuses row by starting talks with its institutional shareholders about a radically-revamped long-term incentive scheme. RBS share price and more reflective of the overall performance and risk-
Bank of Scotland's recovery is well ahead of schedule, with any future "blow-up" risks much more unlikely, its chief executive told MPs yesterday. • RBS chief Stephen Hester feels the bank has weathered the storm 'better than expected'. Picture: PA