Win-Win solution

20 September 2010 By Peter Thal Larsen Follow @Peter_TL

The UK bank CEO, one of the duo responsible for the disastrous HBOS acquisition, is to retire in a year’s time. Given that Lloyds is poised for a fight with Britain’s banking commission over its market share, the board should install a credible successor even earlier if possible.

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Eric Daniels is to retire as CEO of Lloyds Banking Group in a year's time, the UK lender announced on Sept. 20.

Lloyds said it would form a committee, headed by Win Bischoff, its chairman, to conduct a search for a replacement. "The Committee will consider candidates internally, externally and on an international basis to lead the next phase of the development of Lloyds Banking Group," the bank said.

Daniels said on a conference call that he had made the decision to set a date for his departure, and that he would like to be involved with regulatory inquiries the bank is facing.

Bischoff said that Daniels would stay at the bank at least until the search was completed.

The UK Banking Commission is due to consider competition in the UK financial services market, as well as whether to separate lenders' retail and investment banking arms.

At 1500 GMT, Lloyds shares were up 2.06 pence at 77.4 pence.

Lloyds announcement

Context News

Eric Daniels is to retire as CEO of Lloyds Banking Group in a year's time, the UK lender announced on Sept. 20.

Daniels said on a conference call that he had made the decision to set a date for his departure, and that he would like to be involved with regulatory inquiries the bank is facing.

Bischoff said that Daniels would stay at the bank at least until the search was completed.

The UK Banking Commission is due to consider competition in the UK financial services market, as well as whether to separate lenders' retail and investment banking arms.

At 1500 GMT, Lloyds shares were up 2.06 pence at 77.4 pence.

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