Connect with us

Banking

Lloyds CEO shakes up bank after strategy launch, some executives to exit

Lloyds CEO shakes up bank after strategy launch, some executives to exit 1

By Iain Withers

LONDON (Reuters) -Lloyds Banking Group CEO Charlie Nunn has begun a shake-up of the lender’s top team and internal structure as he looks to implement a strategy unveiled last month.

The bank will split its three units into five as part of the plan, an internal memo seen by Reuters on Tuesday showed.

Nunn, a former HSBC executive who took over at Lloyds in August, is planning to invest 4 billion pounds ($5.21 billion)over the next five years, targeted at digitising the bank and boosting fee income in areas including wealth management.

Two of the lender’s top executives are planning to leave the bank amid various management changes, the memo said.

Group director for retail, Vim Maru, will leave following a handover of responsibilities, while commercial banking boss David Oldfield plans to leave next year.

Maru, who leaves after more than 10 years at Lloyds and had been tipped as a potential candidate for the bank’s top role, said in a separate memo he felt like it was the right time to step aside.

A Lloyds spokesperson confirmed the contents of the memo.

The bank plans to split its retail division into two, with one focused on consumer lending and the other on current accounts and savings.

The first unit will be co-led by Russell Galley and Jo Harris on an interim basis, while the second will be headed by Jas Singh – all internal promotions.

The commercial business will also be divided, with one focusing on smaller businesses and the other on larger clients.

Oldfield will oversee the restructuring of the commercial banking business, while the bank searches for candidates to lead both units.

The group will continue to report as three divisions in its financial results, the memo said.

($1 = 0.7672 pounds)

(Reporting By Iain Withers, editing by Sinead Cruise and Jason Neely)

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Advertisement

Newsletters with Secrets & Analysis. Subscribe Now