Lloyds CEO speeds exit to take up Credit Suisse role

Oscar Williams-Grut
·Senior City Correspondent, Yahoo Finance UK
·2-min read
Lloyds Banking Group's chief executive Antonio Horta-Osorio. Photo: Carl Court/AFP via Getty Images
Lloyds Banking Group's chief executive Antonio Horta-Osorio. Photo: Carl Court/AFP via Getty Images

Lloyds Bank (LLOY.L) has announced that outgoing chief executive António Horta-Osório will leave sooner than anticipated after landing the job of chairing Credit Suisse’s (CSGN.SW) board.

Lloyds said in a statement on Tuesday that Horta-Osório would now leave the bank on 30 April 2021. Lloyds originally said he would leave by June of next year when Horta-Osório’s departure was first announced in July.

The change comes after Credit Suisse said on Monday night it would nominate Horta-Osório as the next chairman of its board. Horta-Osório will succeed Urs Rohner, who spent 12 years heading Credit Suisse’s board. Horta-Osório will take up the role, subject to shareholder approval, on 1 May 2021.

“I am extremely happy that we can propose a highly proven and recognized professional of the international banking business as my successor,” Rohner said in a statement.

“I am convinced that, subject to the election at the next annual general meeting, and thanks to his impressive record of accomplishments, António Horta-Osório will make a major contribution to the future success of our bank as a leading wealth manager with strong global investment banking capabilities.”

READ MORE: Lloyds Bank poaches new chief executive from HSBC

Horta-Osório has spent a decade in charge of Lloyds and spent the bulk of his career before that at Santander. He has also worked at Citi (C) and Goldman Sachs (GS).

Horta-Osório said he was “delighted” with the role and was looking “forward to working closely with the Board and management team to build on the Group’s many strengths.”

“This is a time of great opportunity for the Group, its people, clients and shareholders,” he said in a statement.

Lloyds chairman Lord Blackwell congratulated Horta-Osório on his new role and said: “He will leave next year with the Board's gratitude for all he has achieved, and for his assistance and support in our planning for the leadership succession.”

Lloyds announced on Monday that HSBC’s Charlie Nunn would replace Horta-Osório as chief executive at the bank. Nunn is currently head of wealth and personal banking at HSBC (HSBA.L). His start date at Lloyds is subject to negotiations.

Shares in Credit Suisse rose half a percent in Zurich. Lloyds shares were up 5% in London, part of a broader rally for UK stocks.

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