Lloyds boss: Banks must reform

The boss of Lloyds Bank has said the industry cannot continue lurching "from crisis to crisis". António Horta-Osório said it must break with the culture of the past, saying they had become “complacent, non-customer focused and inefficient.”

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Lloyds announce banking changes

Lloyds chief Antonio Horta-Osorio will say that his bank are committed to the following changes:

  • Ensuring pay is linked to the long term performance of the bank and that it can be clawed back.
  • Reducing customer complaints.
  • Building the safest bank in the UK by becoming completely ring-fenced ahead of the 2019 deadline.

Mr Horta-Osorio will add that a healthy banking industry can play a “full part in the economy, helping to sustain business growth, job creation and wealth generation".

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CBI: 'We all want to see our banks re-build public trust'

This timely speech rightly recognises that some banks may have lost sight of their core values and is a thoughtful assessment of the critical steps that need to be taken to restore confidence in the banking system.

A healthy and respected banking system is essential to support economic growth. Businesses want banks to provide transparent and straight-forward products and services, and a culture that is built around the customer.

We all want to see our banks re-build public trust, re-define their core values and live by them, as the best banks do.

– John Cridland, Confederation of British Industry Director-General

Lloyds chief: Banks lost focus on customers

Lloyds Banking Group chief executive Antonio Horta-Osorio will say that banks have lost focus on the customer, in a speech this evening.

Mr Horta-Osorio will say banks became “complacent, non-customer focused and inefficient" allowing high levels of complaints.

He will also say that banks sold overly complex products to customers "who didn't need or understand" them.