Lloyds Banking Group is to be the first bank to strip executives of part of their bonuses since the start of the financial crisis. The bailed-out bank is to take back a total of more than £1million from its former chief executive Eric Daniels and four other current and previous senior directors under new clawback provisions. The move will prompt calls for other banks to follow suit. It is understood to come on the orders of Lloyds chief executive Antonio Horta Osorio.

Earlier this year he volunteered to give up his bonus of up to £2.4 million because he had taken a leave of absence due to exhaustion and felt bosses’ rewards ought to reflect hardships suffered by customers during the downturn. The clawbacks have been....Read more here--: Lloyds to claw back £1m-plus from bonuses in wake of PPI scandal