Lloyds FD quits amid acrimony reports

LLOYDS BANKING GROUP finance director Tim Tookey is quitting amid reports of a falling out with new chief executive António Horta-Osório.

Tookey will follow former Lloyds executive Andy Briggs to insurance provider Friends Life, where he is to take up the post of chief financial officer, the Financial Times reports.

Horta-Osório joined from Santander on 1 March and Tookey is said to have harboured concerns over new business targets, including 15,000 job cuts, £1.5bn annual cost savings and a return on equity of up to 14.5% by 2014.

Tookey may have felt pressured by the hiring of Nathan Bostock, former FD of Santander UK, as head of wholesale banking. One source said this move gave Horta-Osório “a lot of flexibility” if Tookey were to go.

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