Lloyds to simplify management structure - source

The chief executive of part-nationalised bank Lloyds is due to unveil over the next week plans to simplify the bank's management structure, said a source involved in the process.

The source said the restructuring followed earlier plans set out by CEO Antonio Horta-Osorio when he returned from sick leave in mid-December to reduce the number of executives reporting to him.

"I would expect something in the next week or 10 days. When Antonio Horta-Osorio came back in mid-December, he said he would reduce the number of his direct reports," said the source.

The bank, which is 40 percent owned by the government after a bailout during the 2008 credit crisis, declined to comment on the matter.

The Financial Times had earlier reported that Horta-Osorio was expected to cut the number of executives that report directly to him from about 14 to about 10.

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