The Lloyds Banking Group chose Charlie Nunn of HSBC to replace the Portuguese president António Horta-Osório, had announced in the summer the intention to leave the Lloyds presidency, with plans to leave in June 2021 and thus serve a ten-year term, where he stood out for having recovered Lloyds and returned the bank to the private sphere with a profit for the British Treasury.
Charlie Nunn is currently the chief executive officer (CEO) of HSBC's wealth management and private banking division and to take over the leadership of Lloyds leaves the leadership of HSBC's private banking and wealth management division to Nuno Matos, a Portuguese who he went through Banco de Portugal and Banco Santander.
Charlie Nunn is a former McKinsey consultant who joined HSBC in 2011.
"Britain's largest domestic bank, Lloyds Banking Group, said on Monday that it chose Charlie Nunn, currently CEO of rival HSBC's private banking and wealth management division, to become its next chief executive," he reveals. Reuters.
According to Reuters, Nunn arrives at a critical juncture in the economy and will be tasked with running Lloyds, in a pandemic-Covid 19 context and in an era of very low central bank interest rates. Lloyds works as a barometer of the economy in general, stresses Reuters.
Despite making heavy provisions against potential credit losses this year, analysts say Lloyds, like its rivals, faces more problems with the withdrawal of government support for jobs and business next year.
The bank's shares have fallen 40% this year, although they have risen by a third since the beginning of November, after news of advances in the race to find a vaccine against COVID-19.
Nunn, a former McKinsey consultant who joined HSBC in 2011, was only appointed to his current role earlier this year after an administrative overhaul of CEO Noel Quinn.
Nunn will receive an annual basic salary of 1,125 million pounds (1,25 million euros) and a fixed share premium of 1,05 million pounds (1,16 million euros), plus variable benefits representing 4 % of base salary, Lloyds said in a statement. His pension was fixed at 15% of his salary.
Reuters says its maximum remuneration will be about 20% less than that of Horta-Osório.