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    LLOY   GB0008706128

LLOYDS BANKING GROUP PLC

(LLOY)
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Lloyds Bank hires Morgan Stanley banker Chalmers as CFO

02/15/2019 | 06:18am EDT
FILE PHOTO: Customers use ATMs at a branch of Lloyds Bank in London

LONDON (Reuters) - Britain's biggest mortgage lender Lloyds Banking Group has hired senior Morgan Stanley banker William Chalmers as its new chief financial officer.

Chalmers will replace George Culmer in June this year subject to regulatory approvals, the bank said in a statement on Friday.

Poaching Chalmers from Morgan Stanley will cost the bank £4.4 million for the incoming CFO's forfeited share awards.

Chalmers will be paid a basic salary of £794,938, slightly higher than Culmer's pay in 2017 of £779,351.

He will also receive a fixed share award of £504,000 delivered in stock over five years. Culmer received the same fixed share award.

Chalmers is currently co-head of Morgan Stanley's Global Financial Institutions Group, having joined in 2000 from rival JPMorgan.

Lloyds announced Culmer was stepping down after its third-quarter results last year.

Over seven years as CFO Culmer helped the bank recover heavy losses and return to profit, allowing the British government to sell down its stake bought during the 2008 financial crisis.

"William has a proven track record in financial services and will be a great addition to the executive team," said António Horta-Osório, chief executive of Lloyds.

"I very much look forward to joining the executive team at Lloyds Banking Group. It is a tremendous company that is going through an impressive transformation. I look forward to getting started and making a contribution," Chalmers said.

(Reporting by Iain Withers; Editing by Rachel Armstrong)


ę Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
AVIVA PLC -1.10% 386 Delayed Quote.18.70%
LLOYDS BANKING GROUP PLC -0.08% 46.52 Delayed Quote.27.66%
MORGAN STANLEY -0.06% 96.48 Delayed Quote.40.87%
TEAM, INC. -6.68% 5.45 Delayed Quote.-46.42%
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Financials
Sales 2021 15 464 M 21 475 M 21 475 M
Net income 2021 4 281 M 5 944 M 5 944 M
Net Debt 2021 - - -
P/E ratio 2021 7,76x
Yield 2021 4,74%
Capitalization 33 011 M 45 625 M 45 843 M
Capi. / Sales 2021 2,13x
Capi. / Sales 2022 2,09x
Nbr of Employees 61 576
Free-Float 99,6%
Chart LLOYDS BANKING GROUP PLC
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Technical analysis trends LLOYDS BANKING GROUP PLC
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Mean consensus OUTPERFORM
Number of Analysts 25
Last Close Price 0,47 GBX
Average target price 52,40 GBX
Spread / Average Target 11 163%
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Managers and Directors
William Leon David Chalmers Director, Group CEO & Chief Financial Officer
Robin Francis Budenberg Chairman
John Chambers Group Chief Information Officer
Letitia Mary Smith Group Director-Conduct & Compliance
Nicholas Edward Tucker Prettejohn Independent Non-Executive Director
Sector and Competitors