Lloyds Banking Group CEO Charlie Nunn has begun a shake-up of the lender’s top team. The internal structure as he looks to implement a strategy unveiled last month. The bank will split its three units into five as part of the plan. This is shown in an internal memo. Nunn, a former HSBC executive who took over at Lloyds in August, is planning to invest 4 billion pounds, in over the next five years.
Two of the lender’s top executives are planning to leave the bank. This is all amid various management changes. Group director for retail, Vim Maru, will leave following a handover of responsibilities. Meanwhile commercial banking boss David Oldfield plans to leave by next year. Maru, who leaves after more than 10 years at Lloyds and had been tipped as a potential candidate for the bank’s top role. The bank plans to split its retail division into two, with one focused on consumer lending and the other on current accounts and savings.
The first unit will be co-led by Russell Galley and Jo Harris on an interim basis, while the second will be headed by Jas Singh. The commercial business will also be divided, with one focusing on smaller businesses and the other on larger clients. Oldfield will oversee the restructuring of the commercial banking business. The bank on the other hand searches for candidates to lead both units. The group will continue to report as three divisions in its financial results.