Lloyds CEO steps down and new chair appointed

Chief executive of Lloyds Banking Group, António Horta-Osório, has informed the bank's board that he will be stepping down in 2021 after 10 years with the bank. Horta-Osório delivered three strategic plans in his time as chief executive of the bank, which has seen great change since the global financial crisis, after which it has recovered from the brink of collapse. To support a smooth transition, Lloyds, which houses insurance arm Scottish Widows, announced on Monday that Horta-Osório will remain with the bank until "a target date" at the end of June next year, at which point he wil...