The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

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.

merry-go-round_960.jpg

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.

In


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree