LONDON (Reuters) -Lloyds Banking Group Chief Executive Charlie Nunn has begun a shake-up of the lender’s top team and internal structure, as he looks to drive through a new strategy unveiled last month.
The bank will split its three units into five to deliver the investment plans, according to an internal memo seen by Reuters on Tuesday.
Nunn – a former HSBC executive who took over at Lloyds in August – is planning to invest 4 billion pounds over the next five years, targeted at digitising the bank and boosting fee income in areas including wealth management.
Two of the lender’s top executives are also planning to leave the bank amid various management changes, the memo said.
Group director for retail, Vim Maru, will leave following a handover of responsibilities, while commercial banking boss David Oldfield also plans to leave next year.
Lloyds is splitting its retail division into two, with one focused on consumer lending and the other on current accounts and savings.
The first unit will be co-led by Russell Galley and Jo Harris, while the second will be headed by Jas Singh – all internal promotions.
The commercial business will also be divided, with one focusing on smaller businesses and the other on larger clients.
Lloyds’ Olfield will oversee the restructuring of the business, while the bank searches for candidates to lead both units.
The group will continue to report as three divisions in its financial results, the memo said.
(Reporting By Iain Withers, editing by Sinead Cruise)
