To Claw or Not To Claw

Lloyds yesterday announced that it had decided to clawback £580k of Eric Daniel's deferred bonus for 2010 in relation to the misselling of payments protection insurance.

He was one of twelve executives whose pay was docked. In technical terms he and the others will not be paid amounts awarded but not disbursed.

Barclays will not clawback arguing that the bonuses for 2011 already reflect provisions for PPI problems.

RBS has stated that employees responsible for the problems have already left the bank.