Lloyds announce management reshuffle

New Chief Executive António Horta-Osório is to dramatically regenerate the Lloyds boardroom.

Horta-Osório, in his first week in the role as Chief Executive, has already overseen the departure of two senior members of staff - Helen Weir and Archie Kane, heads of the retail division and insurance, respectively.

This move comes after the decision that the structure of the bank must change, including that products sold under the Halifax brand should be managed seperately to Bank of Scotland and Lloyds TSB products.

It was feared that the bank would be broken up by the independent commission later this year, and so Horta-Osório's changes are thought to be attempts at making the case for a break-up less reasonable. Increasing the competition between Halifax and Lloyds is one move that will be made to try and ensure this.