Horta-Osorio’s surprise departure means Britain’s biggest mortgage lender faces a transition as the economy recovers from Covid-19
Lloyds CEO António Horta-Osório. Picture: BLOOMBERGAntónio Horta-Osorio announced his surprise resignation after a decade at the British lender on Monday.
His exit marks “a serious loss for Lloyds”, said Fahed Kunwar, banks analyst at Redburn. The timing of the move could be interpreted as a sign Lloyds “does not have much room to manoeuvre” through a waning economic outlook and ultra-low interest rates, he said. During his tenure, Horta-Osorio cut thousands of jobs and managed a long-running and costly response to a scandal where British banks mis-sold insurance to consumers. He also pushed into wealth management and insurance as a way to diversify a revenue stream heavily dependent on the British economy and mortgage borrowers.
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