Eric Daniels

AAA

DEFINITION of 'Eric Daniels'

The group chief executive of London-based Lloyds Banking Group Plc since 2003. Lloyds is one of the United Kingdom's largest banks. Daniels streamlined the company, selling its New Zealand and Brazil operations to improve profits. Along with then-chairman Sir Victor Blank, Daniels led the purchase of HBOS in 2008, which initially created multi-billion-dollar losses for Lloyd's. In the aftermath of the 2008 global financial crisis, Daniels was one of the few heads of a British financial company to keep his job. He waived his large bonuses for 2008 and 2009 under social and political pressure.

INVESTOPEDIA EXPLAINS 'Eric Daniels'

Born in 1951 in Montana, Daniels earned his undergraduate degree from Cornell. Upon earning his masters in management from the Massachusetts Institute of Technology in 1975, he began his career with Citibank and, over the next two decades, worked in its Panama, Argentina, Chile and London divisions. In 1998 he went to Travelers Life & Annuity, a division of Citibank, as its chairman and CEO.



RELATED TERMS
  1. John T. Chambers

    The president and CEO of Cisco Systems, a consumer electronics, ...
  2. Chairman

    An executive elected by a company's board of directors that is ...
  3. Branch Banking

    Engaging in banking activities such as accepting deposits or ...
  4. Corporate Headquarters

    A place where a company's executive offices and executives' direct ...
  5. Inside Director

    A board member who is an employee, officer or stakeholder in ...
  6. Corporate Governance

    The system of rules, practices and processes by which a company ...
Related Articles
  1. Entrepreneurship

    Female CEOs Who Climbed The Corporate Ladder

    These women climbed the ladder and broke the glass ceiling.
  2. Professionals

    Management Strategies From A Top CEO

    Find out what this winning manager did to grow one of the biggest companies in the world.
  3. Active Trading

    The Best CEOs Listen To The Street

    Studies show that transparency and listening to the market are a winning combination for CEOs and the companies they run.
  4. Entrepreneurship

    CEOs Who Blazed The Trail (Kroc, Hock And Welch)

    The right CEO can make all the difference in a company's market position.
  5. Investing

    Nasty Shareholder Activist Battles And Why They Happened

    Shareholder activists can have a big impact on a company's operations. These battles turned ugly as management lost control.
  6. Entrepreneurship

    The CEO Dream Team - Walton, Schwab, Marcus And Blank

    The successes of these three CEOs can be linked back to one common factor: customer service.
  7. Professionals

    You Don't Know Jack Welch

    This engineer climbed the corporate ladder to lead his company into double-digit growth.
  8. Stock Analysis

    How MasterCard Likely Earned a Spot in Your Wallet

    An in depth look at MasterCard and its future prospects as an investment.
  9. Stock Analysis

    What Are Costco’s Latest Earnings?

    On March 5, Costco, the wholesale retail giant reported second-quarter earnings that handily outpaced analysts' expectations.
  10. Professionals

    What does C-Suite Mean?

    C-Suite is a slang term used to describe the highest level senior executives of a corporation. This is the decision-making, power center of a company. These individuals are usually paid well, ...

You May Also Like

Hot Definitions
  1. Fiat Money

    Currency that a government has declared to be legal tender, but is not backed by a physical commodity. The value of fiat ...
  2. Interest Rate Risk

    The risk that an investment's value will change due to a change in the absolute level of interest rates, in the spread between ...
  3. Income Effect

    In the context of economic theory, the income effect is the change in an individual's or economy's income and how that change ...
  4. Price-To-Sales Ratio - PSR

    A valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the ...
  5. Hurdle Rate

    The minimum rate of return on a project or investment required by a manager or investor. In order to compensate for risk, ...
  6. Market Value

    The price an asset would fetch in the marketplace. Market value is also commonly used to refer to the market capitalization ...
Trading Center