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.
The Washington Post editor helped Bob Woodward and Carl Bernstein bring down President Nixon
Children's bookseller wins The Independent's new author search
Board creates magnetic field to achieve lift
- 1 Salisbury ranked seventh-best city in the world to visit in Lonely Planet’s Best in Travel 2015
- 2 Disney announces new female-led film Moana
- 3 Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
- 4 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 5 Russell Brand threatened with arrest after filming outside Fox News headquarters
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Jose Manuel Barroso warns David Cameron against making 'historic mistake' over immigration reforms
Worst Airports of 2014: Poll names Islamabad airport in Pakistan worst in the world
iJobs Money & Business
£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...
£27000 per annum + pension, 22 days holiday: Ashdown Group: An established ind...
£23000 - £26000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...
£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...