António Horta-Osório, CEO of Lloyds Banking Group is expected to announce changes to his boardroom.Archie Kane, the group executive director for Insurance and Scotland is expected to retire, and Helen Weir head of the retail division is expected to depart as well.
The insurance division is expected to be managed as two separate divisions in the future. In a release, Horta-Osório said:
“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.”
These changes come at a time when Lloyds has been at risk of being broken-up by the Independent Banking Commission in the U.K. Lloyds still owes the government and the central bank £97 billion and is looking to cut its £150 billion of short-term funding.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.