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. Insider

    A director or senior officer of a company, as well as any person ...
  6. Board Of Directors - B Of D

    A group of individuals that are elected as, or elected to act ...
Related Articles
  1. Female CEOs Who Climbed The Corporate ...
    Entrepreneurship

    Female CEOs Who Climbed The Corporate ...

  2. Management Strategies From A Top CEO
    Professionals

    Management Strategies From A Top CEO

  3. The Best CEOs Listen To The Street
    Active Trading

    The Best CEOs Listen To The Street

  4. CEOs Who Blazed The Trail (Kroc, Hock ...
    Entrepreneurship

    CEOs Who Blazed The Trail (Kroc, Hock ...

comments powered by Disqus
Hot Definitions
  1. 80-10-10 Mortgage

    A mortgage transaction in which a first and second mortgage are simultaneously originated. The first position lien has an ...
  2. Passive ETF

    One of two types of exchange-traded funds (ETFs) available for investors. Passive ETFs are index funds that track a specific ...
  3. Walras' Law

    An economics law that suggests that the existence of excess supply in one market must be matched by excess demand in another ...
  4. Market Segmentation

    A marketing term referring to the aggregating of prospective buyers into groups (segments) that have common needs and will ...
  5. Effective Annual Interest Rate

    An investment's annual rate of interest when compounding occurs more often than once a year. Calculated as the following: ...
  6. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
Trading Center