Former HSBC banker Charlie Nunn takes on the role of chief executive of Lloyds Bank today, one of the UK’s biggest finance jobs.
Nunn’s appointment was announced in November and his starting date was revealed in February. He replaces Antonio Horta-Osorio, who held the position for a decade and announced he would step down once a successor was chosen.
Nunn will inherit the banking group’s pandemic recovery efforts. The fallout of the HBOS Reading fraud compensation scheme will likely be at the top of his agenda.
He also joins two weeks after the bank announced its acquisition of Embark, the online investment and retirement platform, expected to be worth around £390m.
With more than 17m active users, Lloyds provides banking services to the equivalent of one in four Britons. With Nunn at its head, the bank hopes to attract more retail customers to its wealth services.
“The Lloyds Banking Group plc board would like to thank William Chalmers for his successful stewardship as Interim Group Chief Executive over the last three and a half months. William will now revert to focus on his role as Chief Financial Officer and, together with the Board, looks forward to working with Charlie,” said the Group.
At HSBC, Nunn held various roles including global chief operating officer of retail banking and wealth management, group head of wealth management and digital, and chief executive of retail banking and wealth management.
Nunn began his career at the accounting firm Accenture before moving on to McKinsey & Co. as a senior partner for five years.