The banking firm will be clawing back bonuses worth £2 million from four board directors and six other executives.
According to the BBC, the former chief executive Eric Daniels will lose between £600,000 and £700,000, as the bank prepares to take between 40% and 50% of a £1.45 million bonus.
Three other board directors are expected to lose around £250,000, while six executives that don’t sit on the board will have £100,000 each clawed back.
Executives at the bank are being penalised for their role in the mis-selling of payment protection insurance (PPI), after the bank was forced to set aside £3.2 billion for customers that were mis-sold.
Clawback arrangements were introduced in 2008, following pressure from politicians and the Financial Services Authority (FSA). This is the first time that a British bank has clawed back bonuses from executives.
The bank’s current chief executive Antonio Horta-Osorio turned down his bonus for last year.
Pamela Flores is an events professional with experience at Symposium Events, a UK-based conference and events organization. She has worked in editorial and event coordination roles within the HR and expatriate management sector, contributing to the organization of major conferences including the Expatriate Management and Global Mobility conference. Her background spans online editorial work and events management within the professional conference industry.
- Pamela Flores
- Pamela Flores
- Pamela Flores
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