Lloyds boss to unveil restructuring plans: report

January 29, 2012 7:49 PM EST

The chief executive of Lloyds Banking Group Antonio Horta-Osorio is set to unveil plans later this week to simplify the bank's management structure and hand more power to top executives, the Financial Times reported on Monday.

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The newspaper cited people familiar with his plans as saying Horta-Osorio is expected to cut the number of executives that report directly to him from about 14 to about 10.

Horta-Osorio is also expected to relinquish control of some of the management activities to a small subset of his closest lieutenants, according to the FT.

The FT said the bank's new finance director George Culmer is central to the restructuring plans, however Lloyds is still involved in negotiations with insurer, RSA , Culmer's current employer, to break him out of a 12-month contract.

People close to the bank, cited by the FT, said they expect Culmer to start at Lloyds in time for its annual shareholder meeting in May.

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Lloyds is also expected to update the market on its plans to appoint a new head for its wholesale division.

Horta-Osorio returned to work earlier this month after two months' sick leave due to fatigue caused by severe sleep deprivation.

(Reporting by Stephen Mangan; Editing by Marguerita Choy)

Copyright 2012 Thomson Reuters UK. All rights reserved.
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