Lloyds trainer turns down £2.3m reward Business The Guardian

Eric Daniels is the fourth bank arch in a week to spin down his reward Photograph: Peter Macdiarmid/Getty Images

Eric Daniels, arch senior manager of Lloyds Banking Group, has bent to open vigour and waived a £2.3m reward that the loss-making bank awarded him, apropos the fourth bank trainer in a week to exclude a payout.

In an surprising development, the Lloyds authority Sir Win Bischoff released a matter to insist that the bank"s arrangement cabinet had longed for to endowment him a full reward even as the bank prepares to inform a loss of at slightest £3bn on Friday.

Bischoff pronounced Daniels had motionless not to take the reward since "he believes that the glorious swell the organisation is making, formed on the substantial grant of most colleagues opposite the company, is in risk of being vaporous by the stream discuss on senior manager reward awards in the promissory note sector.

"The house has supposed Mr Daniels" preference and severely appreciates the care shown by his action," Bischoff said.

Barclays management team John Varley and Bob Diamond incited down their bonuses last week whilst Stephen Hester, arch senior manager of Royal Bank of Scotland, has told his authority he will spin down any reward awarded to him.

In the extensive statement, Bischoff described Daniels as carrying directed the bank by a severe year by his "strong and focused leadership".

"We built organisation foundations by collateral raisings, rightsizing the change piece and delivering the formation programme," Bischoff said.

"We are, of course, aware of the ongoing open discuss on the issue of bonuses in the promissory note sector. We hold that it is suitable that the colleagues embrace suitable monetary approval when the stretching opening targets, that embody both monetary and non-financial measures, are met.

"In the case, as a sell and blurb bank, the altogether grant underneath the annual reward schemes represents a really small commission of revenues."

The arrangement committee, led by non-executive senior manager Wolfgang Berndt, had resolved that Daniels "merits the full payout underneath the company"s annual reward intrigue since of his poignant particular contribution, and the group"s altogether performance, in 2009".

The house had permitted the recommendation. Other senior manager directors will embrace bonuses – they will be paid in shares and utterly paid in instalments until 2012 and are theme to clawback if increase spin green later.