News that Lloyds Banking Group has hired Charlie Nunn, head of wealth and personal banking (WPB) at HSBC, to be its next chief executive comes as a surprise.
With a new chairman, Robin Budenberg, also due to take over at Lloyds from Lord Blackwell at the start of January, the assumption among analysts and investors had been that an insider would fill the shoes of António Horta-Osório.
The famous Portuguese banker, who worked tirelessly to restore the UK bank after its government rescue in the great financial crisis, had given abundant notice of his intention to retire by the end of June.
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