LLOYDS has hired the man who used to head up the European operations of bankrupt broker MF Global, despite the firm currently being investigated by US authorities in relation to missing client money.
Richard Moore will join Lloyds as head of trading in its wholesale division in March, provided his appointment is approved by the FSA. He led MF Global in Europe until its collapse late last year.
Moore’s brief is to boost Lloyds’ market share in selling forex, capital markets and infrastructure services to the bank’s business clients.
It is understood that Lloyds expects to be able to place its wholesale business almost entirely inside the ring-fence mandated by the Vickers Commission, meaning that unlike rival wholesale banks, it will be unlimited in the amount of cross-selling it can do to its business clients. The bank views such cross-selling as a neglected opportunity.
In particular, Lloyds wants to arrange more debt sales for medium-sized firms that are currently reliant only on bank finance, in line with the Treasury’s interest in promoting wider access to capital markets.
The bank has informed the FSA of its intention to appoint Moore, who also worked for 22 years at Citi, but has yet to receive approval.