Lloyds Bank poaches Morgan Stanley banker as new chief financial officer and will pay him £4.4m in forfeited share awards

Lloyds Bank has appointed Morgan Stanley banker William Chalmers as its new chief financial officer.

The bank said it would pay Chalmers £4.4m in unvested share awards forfeited as a result of leaving Morgan Stanley, where he is currently co-head of its global financial institutions group.

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Chalmers will replace George Culmer, who is set to retire in the third quarter of 2019, and will be paid a basic salary of £794,938 and a fixed share award of £504,000 paid out over five years.

Lloyds confirmed Culmer’s retirement plans last year and he will stay on to work with Chalmers, who will join the company in June.

Lloyds Bank chief executive Antonio Horta-Osorio said: “William Chalmers has a proven track record in financial services and will be a great addition to the executive team.

“We will be sad to see George Culmer go but are pleased to have had him in the team for the past seven years and to be able to have both of them working together to ensure a smooth transition.”

Chalmers joined Morgan Stanley in 2000 after six years at JP Morgan and was promoted to managing director in 2003.

He led the investment bank’s European financial institutions group before taking on his current global role.

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He said: “I very much look forward to joining the executive team at Lloyds Banking Group.

“It is a tremendous company that is going through an impressive transformation – I look forward to getting started and making a contribution.”