Lloyds shakes up management structure

February 1, 2012 3:42 AM EST

Part-nationalised bank Lloyds has streamlined its management structure, it said on Wednesday, adding that wholesale banking chief Truett Tate, a key stalwart of former boss Eric Daniels, has decided to retire from the group.

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Lloyds said Chief Executive Antonio Horta-Osorio, who returned to work three weeks ago after a two-month break to recover from overwork, would now have five business lines reporting directly to him.

Alison Brittain becomes Lloyds' new group director for its retail banking arm, while Antonio Lorenzo is to run its asset finance division along with group strategy and its international and wealth management arms.

The shake-up continues a changing of the guard at Lloyds since Horta-Osorio took over from Daniels last year.

Lloyds poached Horta-Osorio from rival Santander UK , and Horta-Osorio in turn brought over some of his key former Santander allies, such as Lorenzo and Brittain.

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"The changes to the Group's senior management team ensure we have the right organisational structure to deliver on our strategy and move to the next phase of the group's transformation," Horta-Osorio said in a statement.

The British government owns around 40 percent of Lloyds after having to bail out the bank during the 2008 credit crisis.

(Reporting by Sudip Kar-Gupta; Editing by Greg Mahlich)

Copyright 2012 Thomson Reuters UK. All rights reserved.
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