Simon Davies leaves Lloyds admidst management restructure

A sign is seen outside a branch of Lloyds Bank in the City London

A sign is seen outside a branch of Lloyds Bank in the City London

Along with the many changes to individuals' responsibilities announced on Wednesday, the bank said it is creating a new, broader group executive committee. It will be headed by Zaka Mian, now director of Digital, reporting to Colombas.

He will be replaced by David Oldfield, who runs its retail banking operations, and who sources said was likely to be a candidate to succeed Antonio Horta-Osorio when he eventually leaves the company. Antonio Lorenzo will expand his role as director of Insurance to also take responsibility for the Wealth segment. Stephen Shelley, chief risk officer of the commercial bank, replaces Colombas in the group role.

Lloyds said it has appointed Jen Tippin as People & Productivity director, Jakob Pfaudler as Community Banking director and Kate Cheetham as General Counsel.

Andrew Bester, chief executive of commercial banking, will leave after five years in the job.

Simon Davies - chief people, legal and strategy officer - is leaving after recently taking a leave of absence as his wife is unwell.

Lloyds said the change will take place on September 4, apart from the change to the people, legal and strategy teams, which take effect immediately.

"The changes we are announcing today are fundamental to prepare the Group for the next phase of its transformation under our upcoming strategic plan for the period 2018 - 2020", Mr Horta Osorio said in the announcement. "They are a key step to ensuring the continued alignment of the bank's capabilities and strategy as a simple, low-risk UK-focused bank with our customers' evolving needs".

Lloyds shares fell 0.5 per cent by 1024 GMT, against a flat benchmark Stoxx European bank index.

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