The boss of Lloyds Banking Group has overhauled his senior team less than a month after setting out his strategy for Britain’s biggest domestic lender.
The revamp under Charlie Nunn, who took charge of Lloyds last August, involves a restructuring of its commercial and retail divisions. Two veterans of the group will leave after the changes, he told staff in a memo yesterday.
David Oldfield, 59, who leads the commercial business, will step down next year. He has spent his entire career at the bank, having joined as a graduate trainee 38 years ago. Vim Maru, 49, who has run Lloyds’ retail division for more than a decade, is also moving on.
Lloyds surprised the City when it poached Nunn, 50, from HSBC, to succeed Sir António Horta-Osório as its chief executive. Nunn had been running HSBC’s wealth and personal banking business since 2018 and Lloyds is his first chief executive role.
Nunn used his first set of annual results in late February to outline his plan for Lloyds, which will involve a push into the “mass affluent” market by offering banking, insurance and investment products to customers with more than £75,000 in income or wealth. He also wants to expand its services for small and medium-sized business customers and set a target of generating an extra £1.5 billion of revenue by 2026.
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The shake-up announced yesterday will result in Lloyds going from having three business units to five.
There will be a “ consumer relationship” division, which will include the mass affluent drive and will be run by Russell Galley and Jo Harris; consumer lending will be headed by Jas Singh; insurance, pensions and investments is to be headed by Antonio Lorenzo; plus units focused on business and commercial banking and on corporate and institutional banking. The latter two will be led by Oldfield until successors are appointed.
Shares in the bank edged down by ¼p, or 0.7 per cent, to 47½p yesterday.
