Lloyds TSB is faced by a dilemma competitors would love to have to handle: how to remain the developed world’s most profitable retail bank. Peter Ellwood, the group’s workaholic chief executive officer, has some well-honed ideas on this task. Rival banks would do well to heed his strategy, otherwise they might become part of the solution: even after spending more than £6 billion acquiring Scottish Widows, Lloyds TSB is still on the prowl.
“Our governing objective is to maximize shareholder value and we measure our success by doubling shareholder returns every three years,” says Ellwood.
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