Lloyds starts hunt for chairman as Sir Win Bischoff steps down

THE CHAIRMAN who helped turn around Lloyds Banking Group is expected to announce his retirement as early as this week.

City grandee Sir Win Bischoff, who joined the board in 2009, will make way for a new chairman who can oversee the sale of the government’s 39 per cent stake in the firm.

German-born Bischoff, 72, previously led the board at US giant Citigroup before joining Lloyds. Under his stewardship the company has slashed jobs and returned to profit.

Two Lloyds spokesmen declined to comment on the story, which was first reported last night by the Financial Times.