British banking major Lloyds Banking Group's chief executive Eric Daniels has become the latest banking boss to waive his 2.3 million pounds ($3.57 million) bonus in an attempt to defuse the political row over remuneration, says a media report.
According to The Times, Daniels yesterday told the board that he would not take a 2.3 million pound payout, marking the second year in a row that he has turned down a bonus. Daniels would receive his 1.03 million pounds base salary.
Daniels' move follows a decision by Stephen Hester, chief executive at state-owned Royal Bank of Scotland (RBS), to forgo a bonus payout worth up to 1.6 million pounds, the report noted.
Pressure had been growing on the bosses at the two bailed out banks ever since John Varley, Barclays chief executive, and Bob Diamond, Barclays president and head of its investment bank, waived their bonuses last week.
RBS, which is 84 per cent taxpayer-owned, is set to report a loss of about 5 billion pounds on Thursday.
Analysts estimate the loss of Lloyds to be anything between 4 billion pounds and 11 billion pounds. The 41 per cent government-owned bank will release the report on Friday.
