Horta-Osorio to quit as Lloyds chief af­ter decade at helm

The Daily Telegraph - Business - - Front Page - By Lucy Bur­ton, Jon Yeo­mans and Si­mon Foy

THE boss of Lloyds is to step down next year af­ter a decade at the top in which he re­turned the bank to pri­vate own­er­ship fol­low­ing a £20bn tax­payer bailout dur­ing the fi­nan­cial cri­sis.

An­to­nio Horta-Osorio will quit as chief ex­ec­u­tive by June 2021. Lloyds also an­nounced that bank­ing vet­eran Robin Bu­den­berg would suc­ceed Lord Blackwell as chair­man in Oc­to­ber.

Sources said last Oc­to­ber that the bank was in the “ini­tial re­search” stage of find­ing a suc­ces­sor.

Ital­ian lender UniCredit’s chief ex­ec­u­tive Jean-Pierre Mustier, Royal Bank of Scot­land’s for­mer chief Stephen Hester or HSBC’s ousted boss John Flint were all in the frame as po­ten­tial re­place­ments, John Cronin, a banks an­a­lyst at Good­body, said.

Fa­hed Kun­war, a banks an­a­lyst at Red­burn, said likely in­ter­nal can­di­dates to re­place Mr Horta-Osorio in­clude head of re­tail bank­ing Vim Maru and com­mer­cial bank­ing chief David Oldfield. The pair have been at the fore­front of the bank’s re­sponse to the coro­n­avirus pan­demic.

It is not yet known what the 56-yearold is plan­ning to do next him­self, although Mr Cronin said there could well be a case of “musical chairs” in the in­dus­try as he could re­place Mr Mustier at UniCredit if he were to leave for pas­tures new. Bar­clays boss Jes Sta­ley is also thought likely to step down in the next few years. Mr Bu­den­berg was pre­vi­ously chief ex­ec­u­tive – then chair­man – of UK Fi­nan­cial In­vest­ments, the body charged with man­ag­ing the Gov­ern­ment’s bailout of banks af­ter the fi­nan­cial cri­sis, in­clud­ing the stake in Lloyds which it has now sold down. He is cur­rently chair­man of the Crown Es­tate, a role that he will re­tain.

Shares edged up 0.2p to end at 31.2p.

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