Lloyds Bank Unveils Leadership Changes

By Rory Gallivan Features Dow Jones Newswires

Lloyds Banking Group PLC (LLOY.LN) Wednesday announced a series of senior personnel changes and a revised business structure in preparation for a new strategic plan that will be unveiled in February 2018

Continue Reading Below

The restructure includes the departure of Andrew Bester, group director of commercial banking, who will be replaced by David Oldfield.

Chief Financial Officer George Culmer takes responsibility for the legal and strategy teams, as well as for Lloyds Development Capital, and executive director Juan Colombas was appointed as chief operating officer.

"The changes...are fundamental to prepare the group for the next phase of its transformation under our upcoming strategic plan for the period 2018-2020," said Chief Executive Antonio Horta-Osorio.

"They are a key step to ensuring the continued alignment of the bank's capabilities and strategy as a simple, low risk U.K.-focused bank with our customers' evolving needs," he said.

Shares at 0938 GMT, down a penny, or 0.8%, at 66 pence valuing the company at GBP47.35 billion.

Continue Reading Below

Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

(END) Dow Jones Newswires

July 05, 2017 06:09 ET (10:09 GMT)