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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".
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.
Lloyds Banking Group chief executive Antonio Horta-Osorio will call for banking reforms in a speech this evening.
In a speech to CBI Scotland, Mr Horta-Osório will say: "The industry must change. We must recast the banking model.”
Latest ITV News reports
Complacent', 'bloated' and 'inefficient' - a pretty tough verdict on the banking sector from LLoyds boss Antonio Horso-Ortario