Lloyds CEO Vows Bonuses, Despite Bailout

CEO promises execs big paydays for their 'terrific job'
By Jason Farago,  Newser Staff
Posted Oct 21, 2008 6:51 AM CDT
HBOS chief executive Andy Hornby, left, and Lloyds TSB chief executive Eric Daniels brief the media in London after Lloyds merged with HBOS last month.   (AP Photo / John Stillwell, POOL)
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(Newser) – The CEO of Lloyds had promised staff that they will receive bonuses even though the British banking giant is being bailed out by the government. Employees were told that Lloyds faced "very, very few restrictions" after taking up to $9.4 billion in government money, reports the Guardian. Lloyds is currently undertaking a buyout of HBOS brokered by Prime Minister Gordon Brown, who had promised "an end to rewards for failure."