Last week the CEO of Lloyds Banking Group announced he was stepping down temporarily due to exhaustion.Today an anonymous former executive of Lloyds gives an explanation Antonio Horta-Osorio’s exhaustion.
“Rob Brown” writes in the Telegraph:
They’re probably shocked, too, that this apparent superman, whose arrival was greeted with such enthusiasm by the City, has so quickly shown a more vulnerable side, but they really shouldn’t be surprised. If some mad professor wanted to conduct a cruel experiment in the psychology of stress, he couldn’t do better than to replicate the corporate culture of Lloyds Banking Group.
The former executive says top people at Lloyds work long hours and micromanage everything, forcing everyone to work extra.
Things have been particularly bad since the 2009 acquisition of Bank of Scotland, which has been lead to multiple reoganizations and endless new layers of bureaucracy.
Also there is a pernicious atmosphere of distrust between the “reckless” HBOS employees and the “stodgy” Lloyds employees.
This corporate culture drove “Rob Brown” to resign himself. Read the full letter >