Bank of Scotland branches are to continue to be over-seen by current branch network head David Nicholson after the merger between HBOS and Lloyds TSB, it was confirmed yesterday.
Bank of Scotland branches are to continue to be over-seen by current branch network head David Nicholson after the merger between HBOS and Lloyds TSB, it was confirmed yesterday.
Lloyds Banking Group is to separate the running of the existing Lloyds TSB and HBOS high street operations, at least in the early days of the business.
While Nicholson, a member of the retail banking board at HBOS and managing director, retail distribution, will oversee the HBOS part of the branch network, Joy Griffiths, currently Lloyds TSB's managing director of mortgages will look after those of Lloyds TSB. Both will hold the title managing director of community banking.
They will serve under Helen Weir, group executive director of UK retail banking who has held the same position at Lloyds TSB since April 2008.
The new company has already agreed that it will use Bank of Scotland as its retail brand north of the border. Lloyds TSB currently has 185 branches in Scotland and HBOS 320.
HBOS executives have been more successful in securing the middle-tier of management jobs in the merger of the two businesses than they were in getting the top roles.
Most notably HBOS board member Dan Watkins, who rose through the ranks via Birmingham Midshires, is to become head of mortgages. He is currently HBOS's chief executive of retail products. Peter Jackson, HBOS's head of products for retail bank- ing will become managing director of consumer banking.
Tom Woolgrove, head of HBOS's general insurance operation, will run UK private banking. He was the first Halifax executive to move over to a senior job at the Bank of Scotland when he became the Edinburgh-based head of asset finance after the companies merged in 2001.
Mike Woodison is to head international banking after previously running part of HBOS's continental European business.
Graeme Shankland will be head of special assets at the company. He currently runs HBOS's integrated finance unit.
It was announced in October that only two of the top 11 executive jobs at Lloyds Banking Group will go to HBOS staffers. Jo Dawson, chief executive of HBOS's insurance and investment division and head of this bank's branch network, will be wealth and international director of the enlarged group but will not have the board seat which she has at HBOS.
Harry Baines, the company secretary of HBOS, will be general counsel and company secretary of the enlarged group and remain below board level.
HBOS chief executive Andy Hornby has already announced he is leaving the company following a period as a consultant to assist with the merger.
Corporate head Peter Cummings and finance director Mike Ellis are widely expected to leave the company.
There is still a question mark over the future role of HBOS chief operating officer Philip Gore-Randall, who is said by insiders to have been deeply involved in the inte- gration of the two companies.
A merger of the companies could be just days away with a scheme of arrangement hearing to confirm the takeover due on January 12.
