Source: www.breakingviews.comis Europe’s leading financial commentary service Eric Daniels , the chief executive of Lloyds TSB, has passed over the opportunity to give the UK bank a radical change of direction. Not only that – he has forced out the one board member who was gunning for change, former finance director Philip Hampton.
Instead, Daniels has made a sort of double-or-quits bet on turning around the bank’s long-term savings business, while continuing to pay most of its retained earnings in the form of a whopping dividend.
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