Eric Daniels

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.


Filed Under:

comments powered by Disqus
Hot Definitions
  1. Organic Growth

    The growth rate that a company can achieve by increasing output and enhancing sales. This excludes any profits or growth acquired from takeovers, acquisitions or mergers. Takeovers, acquisitions and mergers do not bring about profits generated within the company, and are therefore not considered organic.
  2. Family Limited Partnership - FLP

    A type of partnership designed to centralize family business or investment accounts. FLPs pool together a family's assets into one single family-owned business partnership that family members own shares of. FLPs are frequently used as an estate tax minimization strategy, as shares in the FLP can be transferred between generations, at lower taxation rates than would be applied to the partnership's holdings.
  3. Yield Burning

    The illegal practice of underwriters marking up the prices on bonds for the purpose of reducing the yield on the bond. This practice, referred to as "burning the yield," is done after the bond is placed in escrow for an investor who is awaiting repayment.
  4. Marginal Analysis

    An examination of the additional benefits of an activity compared to the additional costs of that activity. Companies use marginal analysis as a decision-making tool to help them maximize their profits. Individuals unconsciously use marginal analysis to make a host of everyday decisions. Marginal analysis is also widely used in microeconomics when analyzing how a complex system is affected by marginal manipulation of its comprising variables.
  5. Treasury Inflation Protected Securities - TIPS

    A treasury security that is indexed to inflation in order to protect investors from the negative effects of inflation. TIPS are considered an extremely low-risk investment since they are backed by the U.S. government and since their par value rises with inflation, as measured by the Consumer Price Index, while their interest rate remains fixed.
  6. Gilt-Edged Switching

    The selling and repurchasing of certain high-grade stocks or bonds to capture profits. Gilt-edged switching involves gilt-edged security, which can be high-grade stock or bond issued by a financially stable company such as the Blue Chip companies or by certain governments.
Trading Center