Banks

Lloyds names HSBC's Charlie Nunn as chief executive

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Key Points
  • Charlie Nunn will replace Antonio Horta-Osorio who said in July that he would step down from the helm of Britain's biggest domestic bank next year once a successor was appointed.
  • Nunn will receive a basic annual salary of 1.125 million pounds ($1.50million) and a fixed share award of 1.05 million pounds, in addition to flexible benefit funding of 4% of basic salary, Lloyds said in a statement.
Chris Ratcliffe | Bloomberg | Getty Images

LLoyds Banking Group said on Monday that Charlie Nunn, currently head of wealth and personal banking at HSBC, is to be its next chief executive.

Nunn will replace Antonio Horta-Osorio who said in July that he would step down from the helm of Britain's biggest domestic bank next year once a successor was appointed.

Nunn will be tasked with helping Lloyds recover from the economic fallout of the pandemic. Its shares are down 40% this year, though they have rallied 33% since the start of November following news of breakthroughs in the race to find a vaccine against Covid-19.

Nunn will receive a basic annual salary of 1.125 million pounds ($1.50million) and a fixed share award of 1.05 million pounds, in addition to flexible benefit funding of 4% of basic salary, Lloyds said in a statement.

His pension has been set at 15% of salary.

Changes to Nunn's salary and maximum long-term share plan mean his maximum pay will be around 20% lower than that of Horta-Osorio. Incoming chairman Robin Budenberg has also asked for his pay package to be cut by 20%, Lloyds said.

HSBC said in a separate memo that Nuno Matos, currently head of its non-ring-fenced U.K. arm, is to replace Nunn.