1. Lloyds has Named Charlie Nunn, a Senior Banker at Rival HSBC, as its Next Chief Executive

    Lloyds has Named Charlie Nunn, a Senior Banker at Rival HSBC, as its Next Chief Executive
    • Lloyds Bank named Charlie Nunn, head of wealth and personal banking at rival HSBC, as its next CEO on Monday.
    • Current Lloyds boss Antonio Horta-Osorio is stepping down in 2021 after a decade at the bank.
    • Nunn may not take up his new job for almost a year from now, because of his notice period and other restrictions. If Horta-Osorio leaves first, CFO William Chalmers could step in as interim CEO, Lloyds said...
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    1. It does mean that Lloyds will be without a CEO as they start a critical 2021 where a fundamental shift in strategy is clearly necessary to address the markedly lower revenue given the unexpectedly low interest rate environment.
    2. We see this as a strong appointment, likely leading to a major strategic evolution at Lloyds which we see as necessary.
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