Major Executive Shakeups at the UK’s Big Banks

Jade CooperExecutive Moves

Editorial Credit: Willy Barton, Shutterstock

Credit Suisse named Lloyds Banking Group CEO António Horta-Osório as its next chairman on Tuesday, after a decade under current chairman Urs Rohner.

Horta-Osório announced in July that he was leaving his role as chief executive of Lloyds. The bank announced on Monday that HSBC’s global head of wealth and personal-banking, Charlie Nunn, will succeed him.

Horta-Osório has led Lloyds since March 2011, overseeing a massive overhaul of the bank in the wake of the global financial crisis. He was tasked with returning the bank to private ownership, following its crisis-era takeover of struggling lender HBOS. The Portugese banker is regarded as one of Europe’s best.

Nunn joined HSBC in 2011 and has held a variety of senior roles at the bank. He began his career at accounting firm Accenture where he worked for 13 years. He then moved to McKinsey, where he was a senior partner for five years.

Nunn’s appointment completes the shake-up at the top of Lloyds, which replaced its CFO George Culmer with ex-Morgan Stanley dealmaker William Chalmers in 2019, and has appointed Robin Budenberg to replace Lord Blackwell as its chairman in January 2021.

Lloyds stated that Nunn’s start date is unclear because his contract with HSBC includes a six-month notice period and up to six months of post-termination restrictions. If Horta-Osório steps down before Mr. Nunn starts, then Chalmers will serve as interim CEO.

HSBC separately announced that Nunn will be replaced with Nuno Matos, who currently leads the bank’s UK unit.


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