Insiders line up for top job at Lloyds

A TRIO of Lloyds’ top bankers have emerged as potential successors to the outgoing boss Antonio Horta-Osorio.

Horta-Osorio is quitting the bank after almost a decade at the helm, earning a total payout of more than £56 million.

City insiders have speculated that Vim Maru, head of Lloyds’ personal banking business, could be in line to replace him.

David Oldfield, head of Lloyds’ business bank, and William Chalmers, the bank’s finance chief, have also been named as frontrunners in the race for one of the top jobs in British banking.

Lloyds – Britain’s biggest bank – will also seek out external candidates for the role.

Its next boss will spearhead efforts to support the British economy in the aftermath of the coronavirus crisis. The chief executive will also determine the pace of bank branch closures, and how much to invest into Lloyds’ i nsurance and wealth products.

Lloyds has already started working on its next strategic review. However, it is believed the bank will not set out i ts plans for the next phase until the new boss is in place.

Analysts at JP Morgan said in a report that the bank had a ‘solid internal bench’ of candidates to replace Horta-Osorio.

The bank is also welcoming a new chairman, Robin Budenberg, in early 2021.

The analysts added: ‘A new strategic plan is expected in 2021, with continued focus on growth in wealth management and insurance business lines to diversify away from interest-rate sensitive business.’

Lloyds declined to comment.