Lloyds overhauls retail marketing setup

Lloyds Banking Group has handed overall responsibility for the marketing of its retail banking division to Antonio Lorenzo as part of a restructure of its marketing function.

/d/r/i/lloyds160.jpg

Oversight of retail marketing and product strategy across all of the group’s retail brands – including Lloyds TSB, Halifax and Bank of Scotland – has been centralised under the stewardship of Lorenzo, who will continue to lead the group’s wealth and international division.

Lorenzo will report directly to the group’s new chief executive, António Horta-Osório.

News of Lorenzo’s expanded role comes as it was announced that Helen Weir, group executive director for retail, is to step down. It is not thought she has a job to go. In addition, Archie Kane, group executive director for insurance and Scotland, is to retire.

Analysts suggest that Horta-Osório, who officially joined from Santander earlier this month, is trying to break with the banking group’s recent past.

The departure of Weir, Kane and previous chief executive Eric Daniels means that only finance director Tim Tookey and wholesale boss Truett Tate are left of the team that led the takeover of HBOS at the height of the financial crisis in 2008. The takeover left Lloyds 41% owned by the taxpayer.

Horta-Osório brought Lorenzo with him from Santander. He is not thought to have any specific marketing experience and was chief financial officer of the bank’s UK business before joining Lloyds. He did, however, previously lead its retail intermediary division.

It is not yet known how Lorenzo’s appointment will affect managing director for group marketing and direct channels Eva Eisenschimmel, who joined from EDF Energy last year.

Further changes are expected to be announced when a strategic review of the business, led by Horta-Osório, is completed.

Horta-Osório says in a statement: “These changes to the group’s management team will enable us to focus on meeting our 2011 targets, whilst putting in place some of the foundations which will enable us to deliver on our longer-term plans following the conclusion of the strategic review which is currently underway.”

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

If you are looking for our Jobs site, please click here