Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Lloyds CEO to Call it Quits

In the Wall Street Journal by David Enrich ( Lloyds CEO to Retire as Banks Heal), September 21, 2010 ({M&I}pg. C2). Lloyds Banking Group has announced that their CEO Eric Daniels will step down in one year. Mr. Daniels was the CEO who insisted that Lloyds acquire HBOS PLC, a mortgage lender. The acquisition left Lloyds crippled and left for the UK to bail out. The country now owns 41% of the company.  Lloyd’s lost 9.84 billion dollars last year but has surprised economists by earning ~1.6 billion in the first half of this year.  Mr. Daniels is not the only UK bank making changes in their CEO’s in the coming years.  Barclays PLC and HSBC Holding PLC both announced they would be making changes in the upcoming years. (Eric Daniels, 4.

Disclosure: no position