Lloyds to simplify management structure - source

By @ibtimes on

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.

The FT added that Lloyds' new finance director George Culmer was central to the restructuring plans, and that Lloyds was still working on plans to find a new head for its wholesale division.

(Reporting by Sudip Kar-Gupta and Stephen Mangan, Editing by Mark Potter)

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