Lloyds shakes up executive structure

Have your say

LLOYDS has streamlined its management structure to help take pressure off chief executive Antonio Horta-Osorio.

The reshuffle means that the Halifax brand will now come under the remit of Alison Brittain, the new group director of retail.

David Nicholson, the former head of Halifax, will now report to Ms Brittain, but he will retain his role as group director Halifax and will continue as a member of the group executive committee.

Mr Nicholson formerly reported to Mr Horta-Osorio, who recently returned from two months off work due to fatigue.

Mr Horta-Osorio will now have 10 executives reporting to him through five business lines, down from 14 previously.

Only two of the 10 direct reports have been at Lloyds longer than 13 months. The bank still needs to hire for two of the positions and does not know when its finance director will arrive.

Wholesale banking chief Truett Tate, a key member of former chief executive Eric Daniels’ team, will retire from the group, continuing a shake-out of the previous management team since Mr Horta-Osorio took over last year. Lloyds is looking for a replacement for Mr Tate.

Mr Horta-Osorio, poached from rival Santander UK, has brought over key former Santander allies, including Ms Brittain and Antonio Lorenzo, who heads up group strategy, the wealth & international division and asset finance.

Lloyds’ shares closed up five per cent, a rise of 1.6p to 32.2p.