Eric Daniels
Encyclopedia
John Eric Daniels is an American
banker and former chief executive officer
of Lloyds Banking Group
.
. He went to High School in New Jersey
. He studied a BA
in History
at Cornell University
in Ithaca, New York
graduating in 1973 then studied for a Master of Science
in Management at the MIT Sloan School of Management
in Cambridge, Massachusetts
leaving in 1975.
from 1975, being in Panama
for five years, then worked in Argentina and Chile
. In the late 1980s he spent three years in London. He became chief operating officer
of Citibank Consumer Bank in 1998. Citibank and Travelers merged in 1998 and he became chairman and chief executive officer of Travelers Life and Annuity. From 2000-1 he was chairman and chief executive officer of Zona Financiera, a small short-lived internet startup
company. He joined Lloyds TSB in 2001 as head of retail banking. He became chief executive of Lloyds TSB
in June 2003 and of Lloyds Banking Group
in January 2009 after the merger with HBOS
. He has built a reputation for being quietly spoken, thoughtful and not prone to superlatives - what many would describe as excellent, he would say was "pleasing". On 20 September 2010 it was announced that he would be retiring as Chief Executive of Lloyds in "a year's time".
carried out before the acquisition. He said that a company would always like to do more due diligence on another company, but there are limits on how much is possible prior to an actual acquisition. Losses were a little higher than the £10 billion expected owing to write-off
s of property loans due to falling property prices and the lack of demand.
(Lloyds' Chairman Sir Victor Blank
confirmed in an August 2009 interview with the BBC's Robert Peston that losses had been "at the worst end of expectations", but what had surprised the Lloyds board was the speed at which the losses happened, due to the unexpectedly sharp contraction of the world economy in the last quarter of 2008 and the early part of 2009.)
Criticisms have been voiced about his tax status. Sources said that Daniels had legitimately kept his non-dom status when he joined the board of Lloyds TSB
in 2001.
He did not receive an expected bonus of £2.3 million in 2010, following the announcement of a further £6.3 billion loss by Lloyds TSB under his leadership.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
banker and former chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of Lloyds Banking Group
Lloyds Banking Group
Lloyds Banking Group plc is a major British financial institution, formed through the acquisition of HBOS by Lloyds TSB in 2009. As at February 2010, HM Treasury held a 41% shareholding through UK Financial Investments Limited . The Group headquarters is located at 25 Gresham Street in London, with...
.
Early life
He is the son of a German university professor and a Chinese mother, who met at the University of California, BerkeleyUniversity of California, Berkeley
The University of California, Berkeley , is a teaching and research university established in 1868 and located in Berkeley, California, USA...
. He went to High School in New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
. He studied a BA
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in History
Cornell University Department of History
|- valign="top" ! style="border-top: solid 1px #aaaaaa;" | College | style="border-top: solid 1px #aaaaaa;" | Arts and Sciences |- valign="top" ! style="border-top: solid 1px #aaaaaa;" | Department Chair | style="border-top: solid 1px #aaaaaa;" | Barry Strauss...
at Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
in Ithaca, New York
Ithaca, New York
The city of Ithaca, is a city in upstate New York and the county seat of Tompkins County, as well as the largest community in the Ithaca-Tompkins County metropolitan area...
graduating in 1973 then studied for a Master of Science
Master of Science
A Master of Science is a postgraduate academic master's degree awarded by universities in many countries. The degree is typically studied for in the sciences including the social sciences.-Brazil, Argentina and Uruguay:...
in Management at the MIT Sloan School of Management
MIT Sloan School of Management
The MIT Sloan School of Management is the business school of the Massachusetts Institute of Technology, in Cambridge, Massachusetts....
in Cambridge, Massachusetts
Cambridge, Massachusetts
Cambridge is a city in Middlesex County, Massachusetts, United States, in the Greater Boston area. It was named in honor of the University of Cambridge in England, an important center of the Puritan theology embraced by the town's founders. Cambridge is home to two of the world's most prominent...
leaving in 1975.
Career
He worked with CitibankCitibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
from 1975, being in Panama
Panama
Panama , officially the Republic of Panama , is the southernmost country of Central America. Situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the northwest, Colombia to the southeast, the Caribbean Sea to the north and the Pacific Ocean to the south. The...
for five years, then worked in Argentina and Chile
Chile
Chile ,officially the Republic of Chile , is a country in South America occupying a long, narrow coastal strip between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far...
. In the late 1980s he spent three years in London. He became chief operating officer
Chief operating officer
A Chief Operating Officer or Director of Operations can be one of the highest-ranking executives in an organization and comprises part of the "C-Suite"...
of Citibank Consumer Bank in 1998. Citibank and Travelers merged in 1998 and he became chairman and chief executive officer of Travelers Life and Annuity. From 2000-1 he was chairman and chief executive officer of Zona Financiera, a small short-lived internet startup
Dot-com company
A dot-com company, or simply a dot-com , is a company that does most of its business on the Internet, usually through a website that uses the popular top-level domain, ".com" .While the term can refer to present-day companies, it is also used specifically to refer to companies with...
company. He joined Lloyds TSB in 2001 as head of retail banking. He became chief executive of Lloyds TSB
Lloyds TSB
Lloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...
in June 2003 and of Lloyds Banking Group
Lloyds Banking Group
Lloyds Banking Group plc is a major British financial institution, formed through the acquisition of HBOS by Lloyds TSB in 2009. As at February 2010, HM Treasury held a 41% shareholding through UK Financial Investments Limited . The Group headquarters is located at 25 Gresham Street in London, with...
in January 2009 after the merger with HBOS
HBOS
HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009...
. He has built a reputation for being quietly spoken, thoughtful and not prone to superlatives - what many would describe as excellent, he would say was "pleasing". On 20 September 2010 it was announced that he would be retiring as Chief Executive of Lloyds in "a year's time".
Credit crisis
He was questioned about the banking crisis during a session of the Treasury Select Committee of the House of Commons on February 12, 2009. One of the key issues concerned Lloyds takeover of HBOS in 2008, and the amount of due diligenceDue diligence
"Due diligence" is a term used for a number of concepts involving either an investigation of a business or person prior to signing a contract, or an act with a certain standard of care. It can be a legal obligation, but the term will more commonly apply to voluntary investigations...
carried out before the acquisition. He said that a company would always like to do more due diligence on another company, but there are limits on how much is possible prior to an actual acquisition. Losses were a little higher than the £10 billion expected owing to write-off
Write-off
The term write-off describes a reduction in recognized value. In accounting terminology, it refers to recognition of the reduced or zero value of an asset. In income tax statements, it refers to a reduction of taxable income as recognition of certain expenses required to produce the income...
s of property loans due to falling property prices and the lack of demand.
(Lloyds' Chairman Sir Victor Blank
Victor Blank
Sir Maurice Victor Blank, FRCOG is a prominent British businessman.-Background:Born in 1942, he was educated at Stockport Grammar School and then studied Modern History at St. Catherine's College, Oxford....
confirmed in an August 2009 interview with the BBC's Robert Peston that losses had been "at the worst end of expectations", but what had surprised the Lloyds board was the speed at which the losses happened, due to the unexpectedly sharp contraction of the world economy in the last quarter of 2008 and the early part of 2009.)
Criticisms have been voiced about his tax status. Sources said that Daniels had legitimately kept his non-dom status when he joined the board of Lloyds TSB
Lloyds TSB
Lloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...
in 2001.
He did not receive an expected bonus of £2.3 million in 2010, following the announcement of a further £6.3 billion loss by Lloyds TSB under his leadership.
See also
- 2008 United Kingdom bank rescue package2008 United Kingdom bank rescue packageA bank rescue package totalling some £500 billion was announced by the British government on 8 October 2008, as a response to the ongoing global financial crisis. After two unsteady weeks at the end of September, the first week of October had seen major falls in the stock market and severe worries...
- Sir Victor BlankVictor BlankSir Maurice Victor Blank, FRCOG is a prominent British businessman.-Background:Born in 1942, he was educated at Stockport Grammar School and then studied Modern History at St. Catherine's College, Oxford....
, Chairman of Lloyds TSB