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.

BREAKING DOWN '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. Lloyds Organizations

    An insurance syndicate that bases its organizational structure ...
  2. James R. Crosby

    The CEO of HBOS Plc from 1998 to 2006. Crosby trained as an actuary ...
  3. Vernon L. Smith

    An American economist who won the Nobel Prize in Economics in ...
  4. Daniel L. McFadden

    An American econometrician and winner, along with James Heckman, ...
  5. Reserve Bank Of New Zealand

    The Reserve Bank of New Zealand is New Zealand's central bank ...
  6. Lloyd's Of London

    A British insurance market where members join hands as syndicates ...
Related Articles
  1. Markets

    Lloyd Blankfein Biography

    Lloyd Blankfein loves to compete. He loves to compete so much that he’s tried out for sports teams he where he has no chance of making the team and he’s competed his way to the top of Goldman ...
  2. Markets

    Lloyd Blankfein: Early Life and Education

    Lloyd Blankfein was a fighter from birth. Born in 1954 to working class family, he grew up in a housing project in Brooklyn, where his odds of one day becoming a billionaire seemed highly improbable ...
  3. Markets

    Lloyd Blankfein: Net Worth & Current Influence

    Goldman Sachs (GS) CEO Lloyd Blankfein has the ultimate rags-to-riches tales. Having grown up in a housing project in Brooklyn, he was picked for a scholarship to Harvard where he studied History ...
  4. Markets

    The Best 3 Dividend Stocks Under $5 (AUO, LYG)

    Discover three top dividend stocks trading under $5, the reasoning behind their stable dividends, and their unique positions within their industries.
  5. Markets

    4 Of the World’s Oldest Companies

    What enables a company to withstand the tests of time? Here’s a look at four of the world’s oldest businesses.
  6. Markets

    Lloyd Blankfein: Most Influential Quotes

    Lloyd Blankfein, CEO of Goldman Sachs Group, Inc. (GS), is not a popular man in the mass media. Nicknamed the “Dr. Evil of Wall Street" by some members of the press, Blankfein carries ...
  7. Markets

    Lloyd Blankfein: Success Story

    Lloyd Blankfein, Chairman and Chief Executive Officer of Goldman Sachs Group Inc (GS) is a Harvard-educated lawyer running one of the top financial firms in the world. Having started his Wall ...
  8. Markets

    Daniel Wellington's Unique Business Model

    The watchmaker makes classic-looking, good quality timepieces for around $200. How is this possible?
  9. Markets

    A Mixed Bag of Salaries for Big Bank CEOs (JPM, GS, MS)

    The salary numbers for prominent big bank CEOs are in and it is a mixed bag of statistics.
  10. Trading

    The Most Famous Forex Traders Of All Time

    The five most famous forex traders share common virtues such as strong self-confidence.
RELATED FAQS
  1. What developed countries have the highest concentration in the banking sector?

    Learn about the developed countries that have the greatest concentration in the banking sector and the most important emerging ... Read Answer >>
  2. Are there high capital gains when there's low income?

    My father sold a piece of property that he inherited in order to pay for assisted living expenses. He ... Read Answer >>
  3. Can I receive his full pension and Social Security at the same time?

    My spouse died at age 63 from his disability. I am 60 years old. He took his pension early. Can I receive his full pension ... Read Answer >>
  4. How is minimum transfer price calculated?

    Discover how to calculate the minimum transfer price for goods and materials that have been transferred between multiple ... Read Answer >>
  5. What does the 'FIG' at an investment bank refer to?

    The 'FIG' at an investment bank usually refers to the financial institutions group - a group of professionals that provides ... Read Answer >>
  6. How did Warren Buffett get started in business?

    Warren Buffett may have been born with business in his blood. He started saving while other children were at the playground, ... Read Answer >>
Hot Definitions
  1. Put Option

    An option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying security ...
  2. Frexit

    Frexit – short for "French exit" – is a French spinoff of the term Brexit, which emerged when the United Kingdom voted to ...
  3. AAA

    The highest possible rating assigned to the bonds of an issuer by credit rating agencies. An issuer that is rated AAA has ...
  4. GBP

    The abbreviation for the British pound sterling, the official currency of the United Kingdom, the British Overseas Territories ...
  5. Diversification

    A risk management technique that mixes a wide variety of investments within a portfolio. The rationale behind this technique ...
  6. European Union - EU

    A group of European countries that participates in the world economy as one economic unit and operates under one official ...
Trading Center