The Business On... Nathan Bostock Head of wholesale banking, Lloyds

Musical chairs at the Zombies?

Now then, don't be rude. But yes it's true, Lloyds Banking Group (43 per cent state-owned) has poached Nathan Bostock from Royal Bank of Scotland (83 per cent state-owned), where he is responsible for dealing with the company's multibillion-pound mountain of toxic assets. His job was once described as "the toughest in banking". That's not far from the truth.

So, an easier life, more time on his Kent farm?

Don't bank on it. Mr Bostock will replace Truett Tate as head of wholesale banking at Lloyds, which leaves him with the responsibility for all the nasties built up by Bank of Scotland's corporate banking division while under Peter Cummings. He will also have to deal with the troubled Irish and Australian businesses and the disposal of anything deemed non-core by chief executive Antonio Horta-Osorio. It's a case of out of the frying pan and into the fire.


Don't worry. Mr Bostock won't get his fingers burned. The Scottish chartered accountant, who started his career at Coopers & Lybrand (now PricewaterhouseCoopers) is the son of an academic applied mathematician specialising in game theory. And he's worked with RBS boss Stephen Hester and Mr Osorio before.

How was that?

Mr Hester appointed him to clear up the mess at RBS, having worked with him at Abbey National, where the two men had to deal with another foul-up. He later worked with Mr Osorio at Santander UK (which now owns Abbey).

And the point of the move?

Mr Bostock is described as tough and competent. A man who gets things done. He's also very ambitious, and had a problem at RBS: once the mess was cleaned up, what then? RBS is run by a team of relatively young, recently appointed executives, while chief executive Stephen Hester has no plans to jump ship anytime soon. With Mr Horta-Osorio busily shaking up the Lloyds team (and getting rid of many of the people hired by his predecessor, Eric Daniels) there are a lot more opportunities there.

Start your day with The Independent, sign up for daily news emails
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs People

Recruitment Genius: HR Manager

£25000 - £30000 per annum: Recruitment Genius: They are in need of a HR Manage...

h2 Recruit Ltd: Business Development Manager - HR Consultancy - £65,000 OTE

£35000 - £40000 per annum + £65,000 OTE: h2 Recruit Ltd: London, Birmingham, M...

Day In a Page

Homeless Veterans appeal: 'You look for someone who's an inspiration and try to be like them'

Homeless Veterans appeal

In 2010, Sgt Gary Jamieson stepped on an IED in Afghanistan and lost his legs and an arm. He reveals what, and who, helped him to make a remarkable recovery
Could cannabis oil reverse the effects of cancer?

Could cannabis oil reverse effects of cancer?

As a film following six patients receiving the controversial treatment is released, Kate Hilpern uncovers a very slippery issue
The Interview movie review: You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here

The Interview movie review

You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here
Serial mania has propelled podcasts into the cultural mainstream

How podcasts became mainstream

People have consumed gripping armchair investigation Serial with a relish typically reserved for box-set binges
Jesus Christ has become an unlikely pin-up for hipster marketing companies

Jesus Christ has become an unlikely pin-up

Kevin Lee Light, aka "Jesus", is the newest client of creative agency Mother while rival agency Anomaly has launched Sexy Jesus, depicting the Messiah in a series of Athena-style poses
Rosetta space mission voted most important scientific breakthrough of 2014

A memorable year for science – if not for mice

The most important scientific breakthroughs of 2014
Christmas cocktails to make you merry: From eggnog to Brown Betty and Rum Bumpo

Christmas cocktails to make you merry

Mulled wine is an essential seasonal treat. But now drinkers are rediscovering other traditional festive tipples. Angela Clutton raises a glass to Christmas cocktails
5 best activity trackers

Fitness technology: 5 best activity trackers

Up the ante in your regimen and change the habits of a lifetime with this wearable tech
Paul Scholes column: It's a little-known fact, but I have played one of the seven dwarves

Paul Scholes column

It's a little-known fact, but I have played one of the seven dwarves
Fifa's travelling circus once again steals limelight from real stars

Fifa's travelling circus once again steals limelight from real stars

Club World Cup kicked into the long grass by the continued farce surrounding Blatter, Garcia, Russia and Qatar
Frank Warren column: 2014 – boxing is back and winning new fans

Frank Warren: Boxing is back and winning new fans

2014 proves it's now one of sport's biggest hitters again
Jeb Bush vs Hillary Clinton: The power dynamics of the two first families

Jeb Bush vs Hillary Clinton

Karen Tumulty explores the power dynamics of the two first families
Stockholm is rivalling Silicon Valley with a hotbed of technology start-ups

Stockholm is rivalling Silicon Valley

The Swedish capital is home to two of the most popular video games in the world, as well as thousands of technology start-ups worth hundreds of millions of pounds – and it's all happened since 2009
Did Japanese workers really get their symbols mixed up and display Santa on a crucifix?

Crucified Santa: Urban myth refuses to die

The story goes that Japanese store workers created a life-size effigy of a smiling "Father Kurisumasu" attached to a facsimile of Our Lord's final instrument of torture
Jennifer Saunders and Kate Moss join David Walliams on set for TV adaptation of The Boy in the Dress

The Boy in the Dress: On set with the stars

Walliams' story about a boy who goes to school in a dress will be shown this Christmas