Lloyds boss Daniels to step down

Eric Daniels, chief executive of Lloyds Banking Group is to retire in a year's time, the partly state-owned lender said.The announcement comes soon after the bank reported a return to profit following an extremely tumultuous period. Chairman Sir Win Bischoff will now lead a committee to find a successor for Daniels.'The entire Board and I are grateful to Eric for his leadership as Chief Executive since June 2003, particularly since the announcement of the acquisition of HBOS in September 2008,' Sir Win said. 'The successful integration of the two companies and the sooner than expected return to profitability of the enlarged Lloyds Banking Group are testament to his disciplined and vigorous leadership during a time of unprecedented financial turmoil.'Eric Daniels said: 'I am grateful to have been given the opportunity to create the new group and to set Lloyds well on its way to becoming the best bank for all our stakeholders including our customers, shareholders and employees,'Lloyds last month announced a £1.6bn profit for the first half of 2010, twice as much as some analysts had forecast.The bank, which lost almost £4bn in the first half last year and is still 41%-owned by the government, added that total impairments more than halved to £6.5bn from £13.4bn a year ago, largely driven by the wholesale division that includes corporate markets, treasury and trading.Lloyds' decision to take over striken rival HBOS in 2008 during the depths of the financial crisis was controversial as the newly merged group soon had to rely on government aid to stay afloat. The return to profit last month prompted some calls that the bank should be broken up.