Andy Hornby, the former chief executive of HBOS, which was taken over by Lloyds Banking Group, has agreed to give up about £700,000 in discretionary cash payments from the bank to try to defuse a potential row over rewards for failure, reports The Times. Hornby is understood to have decided to forgo the cash payments amid controversy over the doubling of the pension of Sir Fred Goodwin, his former opposite number at RBS.

This entry was posted by Gwen Robinson on Thursday, March 19th, 2009 at 4:38 and is filed under Capital markets, People. Tagged with Andy Hornby, hbos. Edit this entry.