Lloyds boss says banks need changes to repair reputations

 
Tim Wallace
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BRITISH banks can only repair their reputations with radical, long-term changes in the way they operate, Lloyds’ boss Antonio Horta-Osorio told a business audience last night, attacking the “complacent” attitude which took hold before the financial crisis.

“Scandal-by-scandal the faith and trust in our industry has been eroded. Why? Because I believe that many banks lost sight of their core values and became complacent, non-customer-focused and inefficient,” the chief executive said at a CBI event.

He joined the majority state-owned bank after the financial crisis, and has spent almost £5bn compensating customers who were mis-sold payment protection insurance in an effort to rapidly resolve the problem.

“As long as I am chief executive of Lloyds, which is a retail and commercial bank, we will strive to continue being simple and boring,” Horta-Osorio pledged last night.