Lloyds chief shakes up operations

The overhaul will see the departures of Archie Kane, head of insurance and Scotland, who is to retire, while retail head and most senior female employee Helen Weir has decided to leave, the bank said.

Chief executive Antonio Horta-Osorio plans to split the insurance arm into two separate divisions, while retail will be led by Antonio Lorenzo, group director for the wealth and international division.

Mr Horta-Osorio, who took over as chief executive from Eric Daniels earlier this month, is rolling out a strategic overhaul of the business, which will include speeding up plans to offload more than 600 branches as part of its commitment to meet state aid rules.

Mr Kane, who received a £590,000 base salary for 2010, and Mrs Weir, who earned £625,000 base salary last year, will receive no compensation beyond their contractual entitlements on leaving the group.