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The turnaround stars are out at Lloyds, UniCredit and Credit Suisse

Jean Pierre Mustier and António Horta-Osório join Tidjane Thiam as the outsiders who rescued national champions before departing.


It has been quite the flurry of trading places.

On Monday, Lloyds Banking Group announced that its next chief executive will be Charlie Nunn, head of wealth and personal banking at HSBC. Nunn will join as soon as his present employer agrees a suitable notice period for the leader of its biggest division, responsible for 43% of group revenues.

Just 24 hours later, showing perhaps how keen he was to move on, the present chief executive of Lloyds, António Horta-Osório, became chairman designate at Credit Suisse. If its shareholders approve, he will take that role at the end of April 2021, having already announced that he would leave Lloyds by no later than the end of June next year.

In between the two announcements, UniCredit disclosed that its chief executive, Jean Pierre Mustier, who arrived in 2011 just as Horta-Osório did at Lloyds – and like him earned high marks for rescuing and transforming a broken national champion – is leaving.

Antonio Horta-Osorio_780.jpg
Lloyds' António Horta-Osório

There’s a lot going on here, in front of the cameras and behind the scenes.