Lloyds Banking Group’s new chief executive, Antonio Horta-Osorio, is to radically re-shape its retail and insurance divisions.
New chief executive of Lloyds Banking Group Antonio Horta-Osorio plans to radically re-shape its retail and insurance divisions.
The insurance arm will be split into Life, Pensions and Investments and General Insurance, while retail will be led by Antonio Lorenzo, who was brought to Lloyds from Santander.
Neither head of insurance Archie Kane or head of retail Helen Weir will be part of the revamp after the board members made the decision to leave the company.
Elsewhere, the Lloyds TSB and Bank of Scotland community banks will continue to be led by Joy Griffiths, while the Halifax bank will continue to be headed by David Nicholson.
Ex Santander head Horta-Osorio will be rolling out a strategic overhaul of the business, which will include speeding up plans to offload more than 600 branches. These include Cheltenham & Gloucester, the TSB brand and Intelligent Finance.
Mr Horta-Osorio said: “These changes to the group’s management team will enable us to focus on meeting our 2011 targets, while putting in place some of the foundations which will enable us to deliver on our longer-term plans following the conclusion of the strategic review which is currently under way.”
Last month, Lloyds Banking Group reported annual profits for the first time since the financial crisis, with pre-tax profits of £2.2 billion in 2010 against a £6.3 billion loss the previous year.
Mr Horta-Osorio will reveal full details of his strategic plans for the group in the summer.