John Eric Daniels (born August 14, 1951) is an American banker, and the former

chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

(CEO) of

Lloyds Banking Group Lloyds Banking Group plc is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds B ...

Early life

He was born in

Dillon, Montana Dillon is a city in and the county seat of Beaverhead County, Montana, Beaverhead County, Montana, United States. The population was 3,880 at the 2020 United States census, 2020 census. The city was named for Sidney Dillon (1812–1892), preside ...

, the son of a German university professor and a Chinese mother, who met at the

University of California, Berkeley The University of California, Berkeley (UC Berkeley, Berkeley, Cal, or California), is a Public university, public Land-grant university, land-grant research university in Berkeley, California, United States. Founded in 1868 and named after t ...

. He went to high school in

New Jersey New Jersey is a U.S. state, state located in both the Mid-Atlantic States, Mid-Atlantic and Northeastern United States, Northeastern regions of the United States. Located at the geographic hub of the urban area, heavily urbanized Northeas ...

. He received a bachelor's degree in

History History is the systematic study of the past, focusing primarily on the Human history, human past. As an academic discipline, it analyses and interprets evidence to construct narratives about what happened and explain why it happened. Some t ...

Cornell University Cornell University is a Private university, private Ivy League research university based in Ithaca, New York, United States. The university was co-founded by American philanthropist Ezra Cornell and historian and educator Andrew Dickson W ...

Ithaca, New York Ithaca () is a city in and the county seat of Tompkins County, New York, United States. Situated on the southern shore of Cayuga Lake in the Finger Lakes region of New York (state), New York, Ithaca is the largest community in the Ithaca metrop ...

graduating in 1973, then a master's degree in Management at the

MIT Sloan School of Management The MIT Sloan School of Management (branded as MIT Sloan) is the business school of the Massachusetts Institute of Technology, a private university in Cambridge, Massachusetts. MIT Sloan offers bachelor's, master's, and doctoral degree progra ...

Cambridge, Massachusetts Cambridge ( ) is a city in Middlesex County, Massachusetts, United States. It is a suburb in the Greater Boston metropolitan area, located directly across the Charles River from Boston. The city's population as of the 2020 United States census, ...

leaving in 1975.

Career

He worked with

Citibank Citibank, N.A. ("N. A." stands for "National bank (United States), National Association"; stylized as citibank) is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation, multinational corporation. Ci ...

from 1975, based in

Panama Panama, officially the Republic of Panama, is a country in Latin America at the southern end of Central America, bordering South America. It is bordered by Costa Rica to the west, Colombia to the southeast, the Caribbean Sea to the north, and ...

for five years, then worked in

Argentina Argentina, officially the Argentine Republic, is a country in the southern half of South America. It covers an area of , making it the List of South American countries by area, second-largest country in South America after Brazil, the fourt ...

. In the late 1980s, he spent three years in London. He became

chief operating officer A chief operating officer (COO), also called chief operations officer, is an executive in charge of the daily operations of an organization (i.e. personnel, resources, and logistics). COOs are usually second-in-command immediately after the C ...

of Citibank Consumer Bank in 1998. Citibank and Travelers merged in 1998 and he became chairman and CEO of Travelers Life and Annuity. From 2000 he was chairman and CEO of Zona Financiera, a small short-lived internet startup company, which failed in 2001. He joined Lloyds TSB in 2001 as head of retail banking. He became CEO of

Lloyds TSB Lloyds Bank plc is a major British retail and commercial bank with a significant presence across England and Wales. It has traditionally been regarded one of the " Big Four" clearing banks. Established in Birmingham in 1765, Lloyds Bank e ...

in June 2003, and of

in January 2009 after the merger with

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. It was the holding company for Bank of Scotland, Bank of Scotland plc, which ...

. He 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.

Credit crisis

He was questioned about the banking crisis during a session of the

Treasury Select Committee The House of Commons Treasury Committee (often referred to as the Treasury Select Committee) is a select committee of the House of Commons in the Parliament of the United Kingdom. The committee is responsible for examining and scrutinizing the ...

of the

House of Commons The House of Commons is the name for the elected lower house of the Bicameralism, bicameral parliaments of the United Kingdom and Canada. In both of these countries, the Commons holds much more legislative power than the nominally upper house of ...

on February 12, 2009. One of the key issues concerned Lloyds takeover of HBOS in 2008, and the amount of

due diligence Due diligence is the investigation or exercise of care that a reasonable business or person is normally expected to take before entering into an agreement or contract with another party or an act with a certain standard of care. Due diligence ...

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. The resultant losses were significantly higher than the £10 billion expected, over 10 times that figure, owing to flawed credit policies, ineffective Governance, and irresponsible management. 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

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. In February 2012, he was forced to surrender up to £700,000 of a £1.45m bonus, after the mis-selling of PPI credit insurance to customers.

References

External links

''Telegraph'' article September 2008

''Sunday Times'' article March 2008
{{DEFAULTSORT:Daniels, Eric Living people 1951 births American people of German descent American people of Chinese descent People from Dillon, Montana Cornell University alumni MIT Sloan School of Management alumni American bank presidents Lloyds Banking Group people American chief operating officers

Early life

Career

Credit crisis

See also

References

External links