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

(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."

[Images (3)]

[Quotes (1)]

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)

A Lloyds TSB sign marks a branch in north-west London. (AP Photo/Akira Suemori)

The iconic Lloyds tower, in the City of London. The CEO of Lloyds has promised employees that they will receive bonuses, despite taking part in a government bailout. (©encontrado.es)

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If you think about it, the first restriction was not to pay bonuses. Well, Lloyds is in fact going to pay bonuses. I think our staff have done a terrific job this year. There is no reason why we shouldn't. - Eric Daniels, CEO of Lloyds, in a message to employees

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Lloyds CEO Vows Bonuses, Despite Bailout