Wednesday, 3 November 2010
Lloyds go for another foreign mananger
Antonio Horta-Osorio is currently CEO of 5th placed Santander in the UK. This is a smart business, built in the midst of the credit crunch buying up broken banks and assets at value prices. All very smart. Allied with Santander's commitment to 0% customer service they are able to offer good headline rates and win further market share.
Lloyds' current management team are known as the Citi Mafia and are a collection of heavyweight US managers working for Eric Daniels. Apart from the disastrous HBOS deal which was politically dumped on them, they have done very well for Lloyds - but no one was able to step up and impress the Board enough to grab Eric's chair.
Lloyds, similar to many UK Premier League Football clubs, have eschewed the choice of an English manager, with Helen Weir overlooked despite her solid track record. Sadly, these days have a UK passport is a hindrance to getting on in many places (Barclays went American, HSBC has stuck British though as the Man Utd of Banking).