António Mota de Sousa Horta Osório - CEO, Lloyds Banking Group
A major UK bank is set to unveil wholesale changes to its management structure in the near future, a source has indicated.
Lloyds Banking Group - which is part state-owned - has decided to oversee a simplification of its senior positions in order to streamline the company's operations in the aftermath of the economic downturn, an insider has told Reuters.
Chief executive of the lender, Antonio Horta-Osario, set out plans for these reforms prior to returning to his role from sick leave last month as the firm attempts to lessen its outgoings following the recession.
"I would expect something in the next week or ten days. When Antonio Horta-Osorio came back in mid-December, he said he would reduce the number of his direct reports," the source noted.
This comes after Martin Wheatley, chief executive of the Financial Conduct Authority, said recently that his organisation will oversee stricter regulatory controls than its predecessor, the Financial Services Authority.
By Asim Shah
