Lloyds Appoints HSBC's Charlie Nunn As CEO

Lloyds Appoints HSBC's Charlie Nunn As CEO

Lloyds Banking Group PLC LYG has named HSBC Holdings plc's HSBC head of wealth and personal banking unit Charlie Nunn as the new chief executive officer. Nunn will replace current CEO Antonio Horta-Osorio, who had announced he would step down in July.

What Happened: Antonio had joined the British financial institution in 2011, and his tenure ends by June 2021. The move is part of Lloyds leadership overhaul, which recruited former investment banker Robin Budenberg as its new chairman in July, Bloomberg reports.

Antonio steered Lloyds through the aftermath of the global financial crisis when the United Kingdom government unwound its £21 billion bailout stake.

Why It Matters: Charlie Nunn's appointment comes amid reports of HSBC mulling the exit of its U.S. retail banking operations. HSBC has promoted its European chief executive Nuno Matos as head of its wealth and personal banking division.

If Antonio steps down ahead of Nunn's appointment, then Chief Financial Officer William Chalmers is expected to become acting CEO for the interim period, Bloomberg notes.

Price Action: LYG shares are up by 0.52% at $1.95 in the pre-market session on the last check Monday.

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