JP Morgan Chase appoints new Global Head of Regulatory Strategy

JP Morgan Chase said on Friday Timothy Ryan Jr. will join the company as Global Head of Regulatory Strategy after he retires from the board of Lloyds Banking Group.

Ryan will step down from Lloyds on April 18th before starting at the UK financial services company.

"Tim has been on our board for the last four years and his deep banking knowledge as well as his broad international banking industry expertise has been of great value to the group at a time of considerable regulatory and industry change," Chairman Sir Winfried Bischoff, Chairman, said in a statement.

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"His contribution will be much missed by us all and we wish him well in his new responsibilities."

The announcement follows news a senior executive at Lloyds was forced to quit his job after he blew the whistle on failures in the bank's IT system that would have cost £200m to fix.

Stephen Clements, 51, the former head of the business continuity at Lloyds Banking Group, has filed a legal suit against the company over claims there was a deliberate cover-up of mistakes to avoid the cost of repairing the problem and the damage to the bank's reputation.

The bank denies all his claims and the tribunal continues.

Clements quit his £130,000-a-year job as head of business continuity at the bank in July.