Lloyds boss to become next chairman at Credit Suisse

Lloyds Banking Group’s outgoing chief executive Antonio Horta-Osorio has been named as the next chairman of investment bank Credit Suisse.

Mr Horta-Osorio will step down from his post at the UK lending giant on April 30 next year to take on his new role on May 1.

He is set to replace Urs Rohner, who will step down at Credit Suisse after a decade heading the bank’s board.

It comes after Lloyds announced on Monday that Charlie Nunn, the head of HSBC’s high street banking division, would succeed Mr Horta-Osorio at the helm.

Mr Nunn – a father of four – has yet to agree a leaving date with HSBC, as he has a six-month notice period and six-month non-compete clause.

But Lloyds has confirmed that its chief financial officer William Chalmers will become acting chief executive if needed in the interim to bridge any gap between Mr Horta-Osorio leaving and Mr Nunn joining.

Lord Blackwell, chairman of Lloyds, said Mr Horta-Osorio had “transformed the group’s fortunes and established a solid operational and strategic base from which it can continue to build a successful future”.

“He will leave next year with the board’s gratitude for all he has achieved, and for his assistance and support in our planning for the leadership succession,” he added.

Lloyds announced Mr Horta-Osorio’s planned departure in July, though he was originally expected to stand down at the end of June 2021 after a decade in charge.

Once Britain’s best-paid banking boss, Mr Horta-Osorio joined Lloyds in 2011 after having headed up Santander’s UK arm.

During his time in charge, he has helped steer Lloyds through its response to the financial crisis and the payment protection insurance (PPI) scandal.

The bank’s bill for the mis-selling of PPI ended up costing it a mammoth £21.9 billion.

He also helped the Government unwind the stake it took in Lloyds to bail it out during the financial crisis.

Mr Rohner, outgoing chairman of Credit Suisse, said: “I am extremely happy that we can propose a highly proven and recognised professional of the international banking business as my successor.

“I am convinced that, subject to the election at the next annual general meeting, and thanks to his impressive record of accomplishments, Antonio Horta-Osorio will make a major contribution to the future success of our bank.”

Mr Horta-Osorio added: “I look forward to working closely with the board and management team to build on the group’s many strengths.

“This is a time of great opportunity for the group, its people, clients and shareholders.”