£3m payday for former Lloyds chief

THE disgraced former boss of Lloyds Banking Group could make millions of pounds when fintech darling Funding Circle lists on the stock market in the coming weeks.

Eric Daniels, who orchestrated Lloyds’ disastrous takeover of rival HBOS during the financial crisis which left the bank in need of a £20bn taxpayer bailout, is an investor and director at the peer-to-peer lender. He owns a 0.2pc stake in the business, which looks set to be worth £3.3m when it joins the stock market.

The 67-year-old was ousted from Lloyds in 2011 with a £5m pension pot, and later won a legal claim to claw back his final share bonus worth up to £1.4m.

Thousands of Lloyds shareholders are suing the bank after its shares plunged when the extent of HBOS’s bad debt emerged.