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 central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

(CEO) of

Lloyds Banking Group Lloyds Banking Group 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 Bank w ...

Early life

He was born in

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

, 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 land-grant research university in Berkeley, California. Established in 1868 as the University of California, it is the state's first land-grant u ...

. He went to high school in

New Jersey New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware ...

. He received a bachelor's degree in

History History (derived ) is the systematic study and the documentation of the human activity. The time period of event before the History of writing#Inventions of writing, invention of writing systems is considered prehistory. "History" is an umbr ...

Cornell University Cornell University is a private statutory land-grant research university based in Ithaca, New York. It is a member of the Ivy League. Founded in 1865 by Ezra Cornell and Andrew Dickson White, Cornell was founded with the intention to teach an ...

Ithaca, New York Ithaca is a city in the Finger Lakes region of New York, United States. Situated on the southern shore of Cayuga Lake, Ithaca is the seat of Tompkins County and the largest community in the Ithaca metropolitan statistical area. It is named a ...

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

MIT Sloan School of Management The MIT Sloan School of Management (MIT Sloan or 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 programs, ...

Cambridge, Massachusetts Cambridge ( ) is a city in Middlesex County, Massachusetts, United States. As part of the Boston metropolitan area, the cities population of the 2020 U.S. census was 118,403, making it the fourth most populous city in the state, behind Boston, ...

leaving in 1975.

Career

He worked with

Citibank Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City ...

from 1975, based in

Panama Panama ( , ; es, link=no, Panamá ), officially the Republic of Panama ( es, República de Panamá), is a transcontinental country spanning the southern part of North America and the northern part of South America. It is bordered by Cos ...

for five years, then worked in

Argentina Argentina (), officially the Argentine Republic ( es, link=no, República Argentina), is a country in the southern half of South America. Argentina covers an area of , making it the second-largest country in South America after Brazil, th ...

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

chief operating officer A chief operating officer or chief operations officer, also called a COO, is one of the highest-ranking executive positions in an organization, composing part of the "C-suite". The COO is usually the second-in-command at the firm, especially if t ...

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 The dot-com bubble (dot-com boom, tech bubble, or the Internet bubble) was a stock market bubble in the late 1990s, a period of massive growth in the use and adoption of the Internet. Between 1995 and its peak in March 2000, the Nasdaq Compo ...

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 British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the " Big Four" clearing banks. Lloyds Bank is the largest retail bank in Britain, and has an exten ...

in June 2003, and of

in January 2009 after the merger with

HBOS HBOS plc was 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 plc, which operated the Bank ...

. 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 remit of the committee is to examine the expenditure, administ ...

of the

House of Commons The House of Commons is the name for the elected lower house of the 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 parliament. ...

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. It can be a l ...

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 The name Victor or Viktor may refer to: * Victor (name), including a list of people with the given name, mononym, or surname Arts and entertainment Film * ''Victor'' (1951 film), a French drama film * ''Victor'' (1993 film), a French shor ...

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 chief executives of financial services companies Lloyds Banking Group people American chief operating officers

Early life

Career

Credit crisis

See also

References

External links