TOP NEWS: Lloyds Taps HSBC Wealth Chief To Replace Horta-Osorio As CEO

(Alliance News) - Lloyds Banking Group PLC has picked HSBC Holdings PLC's Wealth & Personal ...

Alliance News 30 November, 2020 | 8:34AM
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(Alliance News) - Lloyds Banking Group PLC has picked HSBC Holdings PLC's Wealth & Personal Banking head as its next chief executive.

Lloyds Banking said Monday it has chosen Charlie Nunn as chief executive officer. Nunn is currently global chief executive for Wealth & Personal Banking at fellow lender HSBC. He joined HSBC in 2011, having also held roles including global chief operating officer of Retail Banking & Wealth Management and head of Wealth Management & Digital.

Incoming Lloyds Chair Robin Budenberg said: "I am excited about Charlie's vision for Lloyds Banking Group, as well as his passion for and commitment to our purpose of helping Britain prosper. Given his career track record, he will bring world class operational, technology and strategic expertise to build on the strengths of the existing management team."

Added outgoing CEO Antonio Horta-Osorio: "Charlie will find a warm welcome at Lloyds Banking Group and a deep commitment from all of our people to deliver on our purpose and to help Britain recover."

Lloyds said Nunn's start date depends on agreement with HSBC. It noted that Nunn's contract calls for a six-month notice period and up to six months post-termination restrictions. The bank said that if Horta-Osorio steps down before Nunn's arrival, then Chief Financial Officer William Chalmers will be acting CEO.

Horta-Orsorio's departure after 10 years at the helm of Lloyds was announced back in June. He is aiming to leave by the end of June 2021.

It is a full change at the top of the UK bank. Former UK Financial Investments boss Budenberg will become its next chair, replacing Norman Blackwell in early 2021.

Lloyds said Nunn will be paid GBP1.1 million per annum in basic salary, plus a fixed share award of GBP1.1 million.

HSBC meanwhile said that HSBC Bank PLC Chief Executive Nuno Matos has been appointed chief executive of Wealth & Personal Banking to replace Nunn. It said that Kevin Martin, chief operating officer of Wealth Personal Banking, will step up to interim CEO of the division, effective immediately, while Matos's appointment is confirmed.

Prior to his current role, which also includes being chief executive of HSBC Europe, Matos was CEO of HSBC Mexico, joining the bank in 2015.

Lloyds Banking shares were up 0.3% early Monday at 37.42 pence, while HSBC's were down 1.4% at 399.20p.

By Tom Waite; thomaslwaite@alliancenews.com

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