Lloyds Banking Group CEO will retire within a year

Lloyds Banking Group said Monday Chief Executive Eric Daniels will step down next year, having turned the lender into the dominant player in U.K. retail banking at the expense of a massive government bailout. Chairman Win Bischoff will lead a committee to find a replacement for Daniels, who will remain in his role until the search process is successfully completed, the bank said in a brief statement.

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