British bank Lloyds , part state-owned, has streamlined its management structure, helping take pressure off its chief executive, who recently had two months off work due to fatigue.

Antonio Horta-Osorio, who returned to work three weeks ago, will now have 10 executives reporting to him through five business lines, down from 14 previously.

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

Wholesale banking chief Truett Tate, a key stalwart of former CEO Eric Daniels, will retire from the group, continuing a shake-out of the previous management team since Horta-Osorio took over last year.

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

The move is not a surprise. They are looking to reduce the pressure on the CEO, Shore Capital analyst Gary Greenwood said.

GAPS TO BE PLUGGED

Lloyds shares were up 0.4 percent at 30.73 pence in early trade, less than half the 63 pence average price at which the taxpayer acquired its stake.

Lloyds said it had begun looking for a replacement for Tate.

It is also still hoping to formalise the arrival of George Culmer, who will take over from finance chief Tim Tookey.

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.

The government owns around 40 percent of Lloyds and 83 percent of rival Royal Bank of Scotland after bailing out both banks during the 2008 credit crisis.

Last year, Horta-Osorio set out a restructuring plan that would see Lloyds axe 15,000 jobs and halve its international presence.

He hopes the restructuring will save 1.5 billion pounds a year and restore the bank's fortunes.

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