LONDON (Reuters) - Eric Daniels, chief executive of Lloyds TSB (LLOY.L), will receive pay, bonus and deferred awards worth 4.8 million pounds for 2007, making him one of Britain’s best paid bankers.
But Terri Dial, director of UK retail banking at Lloyds, will miss out on the award of shares worth almost 2 million pounds after resigning from the bank on Friday.
Daniels received salary and bonus of 2.9 million pounds last year, up 18 percent from 2006, Lloyds said in its annual report, released on Saturday.
The American’s pension increased in value by 778,000 pounds and a long-term share incentive award (LTIP) for 2007 is expected to be worth 1.2 million pounds, the report said. Lloyds has not provided a fair value to LTIP awards in the past.
The report showed Dial’s salary and bonus rose 16 percent last year to 2 million pounds.
But she will miss out on LTIPs worth an estimated 788,000 pounds and also waived her right to purchase shares worth 1.1 million pounds by resigning two months before their award.
Dial was entitled to buy 242,825 shares in Lloyds for 1 pound if she had stayed at the bank until the end of May under the terms of her appointment in 2005.
Lloyds’ underlying profit rose 6 percent last year to 3.9 billion pounds, and it raised its dividend payout for the first time in five years. Its shares have dropped about 20 percent in the past year, hurt by global financial turmoil, but outperforming the UK bank sector, which is down 27 percent.
Reporting by Steve Slater; Editing by Richard Hubbard