Lloyds Banking boss gives up bonus

Eric Daniels, chief executive officer of loss-making lender Lloyds Banking Group, has bowed to public pressure and waived his right to a bonus this year.Daniels, who was instrumental in driving through the disastrous merger with HBOS which saw the traditionally conservative Lloyds become contaminated by the collateralised debt obligations crisis, had been set to earn a £2.3m bonus for 2009.The Lloyds remuneration committee recommended the bonus in recognition of the 'significant' progress the bank had made in putting its house in order following the merger with HBOS.The board of Lloyds said it 'greatly appreciates the leadership shown by his action' which follows similar moves by top executives at Barclays and Royal Bank of Scotland.