Lloyds boss has to 'reapply for own job'

Lloyds Banking Group boss Antonio Horta-Osorio is ready to return to work, but will have to effectively reapply for his own job, according to media reports.

Chief executive Antnio Horta-Osrio went on stress-induced medial leave in early November.

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The bank, which is 41% owned by the UK taxpayer, put contingency plans in place in late November in case Horta-Osrio does not return by the end of the year, as originally planned.

The company said that David Roberts, a non-executive director and chairman of Lloyds' Risk Committee, will take over as interim group chief executive if Horta-Osrio's recuperation period takes longer than initially envisaged.

Chief financial officer Tim Tookey is currently sitting in the chief exec's chair, but he is due to move on to Friends Life, a division of insurance outfit Resolution, in February 2012.

The lender also revealed that Nathan Bostock, presently Royal Bank of Scotland's (RBS) head of restructuring and risk, will not now be leaving RBS to take charge next year of Lloyds' wholesale banking division.

As a result, Truett Tate will continue in his role as group executive director, Wholesale, as has been his responsibility for the last seven years. Truett will also continue in his role as vice chairman, Client Coverage.

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