Last of the old guard leaves Lloyds as Tate to step down

ONE of the City’s most respected bankers is expected to retire from his role as head of Lloyds’ wholesale division this week, City A.M. has learned.

Truett Tate is the only top board executive remaining from the reign of previous chief Eric Daniels.

His departure will form part of a broader shake-up of Lloyds’ management team, marking a complete clear-out of the “old guard”. Chief financial officer Tim Tookey is also due to leave this month.

Since new chef executive Antonio Horta Osório took over, he has tried to find replacements for all three top executives. In the meantime, Lloyds’ share price has plunged by more than half – more than its rivals’ – a development that has dramatically reduced the value of the taxpayers’ stake.

The overhaul aims to lighten Horta Osório’s workload, which saw him go on sick leave due to insomnia last year, and will cut down on the number of executives who report directly to him, currently at 13.

It is also understood that the bank is conducting an intensive inquiry to find out who leaked news of Horta Osório’s illness to the press in November, with some insiders believing that the search is proving to be a distraction.

The bank declined to comment on Tate’s departure.