James Moore: Let's hope Sir Win really does know what he's doing
Lloyds Banking Group chairman Sir Win Bischoff could lose his job if chief executive Antonio Horta-Osorio has a recurrence of the medical problem that forced him to take two months off. But the British taxpayer, already down by billions, stands to lose more if he is proved wrong.
The City veteran said Mr Horta-Osorio fought hard to keep his job: "If there'd been any doubt, we wouldn't have come to this decision." Sir Win also said he had been "tough" making sure Mr Horta-Osorio "can stand the heat".
It's usually not the done thing to discuss someone's medical health but given the importance to Great Britain plc of Lloyds, it is relevant. This is, after all, Britain's biggest retail bank, which has received billions of pounds of taxpayers' cash.
Mr Horta-Osorio has suffered from a physical ailment which makes it hard to sleep. Sir Win said it was not stress related. The number of people reporting to him will now be cut and other executives will take on more. However, this will not lead to pay rises.
Sir Win knows his onions says he has the agreement of major shareholders. But he is basically saying "trust me" and Mr Horta-Osorio is worth it. We'd better hope so.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 4 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
- 5 UK weather: 'Coldest night of the year' tonight as freezing temperatures plummet to -10C
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
AirAsia flight QZ8501 missing: Search for plane carrying 162 passengers from Indonesia to Singapore suspended overnight
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...