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Business

Lloyds investors fret over CEO's future

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Opening sequence

Business

Lloyds investors fret over CEO's future

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COMING UP:Lloyds investors fret over CEO's future

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Transcript

00:00:01
>> Who could replace him? Top investors at Lloyd's Bank, one of Britain's biggest, concerned star CEO Antonio Horta-Osario could step down earlier than expected. He's been at Lloyd's for five years and brought the bank back to profitability after a multi-billion pound government bailout in 2008. But shares are down 25% this year and the bank will soon cut 3,000 jobs and 200 branches.
00:00:26
Tabloids have dived into his private life, one paper alleging the married man spent almost 4,000 pounds at a hotel with another woman. Reuter's banking correspondent, Andrew MacAskill.>> These shareholders have been telling us that they're concerned that Antonio, who's one of the brightest stars of banking could leave his job after the latest intrusions into his private life.
00:00:49
For the moment the bank's saying that he's completely committed to his job but they are concerned that this could hasten his departure from the role.>> It sparked fears over the line of succession at Lloyd's, already under strain following the Brexit vote and rate cuts from the Bank of England, casting doubts over when it can finish paying back its bailout.
00:01:08
>> This will be a massive blow for Lloyds. Antonio is considered one of the most talented bankers of his generation, and so trying to find a replacement will be incredibly difficult. More generally, I think the fact that there are concerns about him leaving show that banking, for the next few years anyway, is gonna be less profitable, and therefore it's gonna be hard to retain talent.
00:01:29
>> A senior source at Lloyd's telling Reuters that succession planning is regularly discussed by their board.