Lloyds Banking Chief Could Leave Within Five Months, FT Says

Lloyds Banking Group Plc Chief Executive Officer Eric Daniels could step down within five months, the Financial Times reported, citing unidentified people involved with finding a successor to Daniels.

One of the people said a new chief may be in place by the time the bank releases its annual results in February, the FT said. Daniels will leave the company without a payoff, the newspaper said. He is contractually entitled to as much as 7.77 million shares, currently worth 6 million pounds ($9.3 million), the FT said.