Lloyds sees first fruits of capital markets strategy

Insiders at Lloyds Banking Group say its capital markets unit is reaping the first fruits of Charlie Nunn’s strategy to boost non-interest income, two years after he became chief executive.

So far, the gains have mainly served to recoup some of the market-share losses that it suffered before Nunn’s arrival. Morale in the capital markets and investment banking division reached a low point in late 2020, in the depths of the Covid-19 pandemic, when – in contrast to peers – Lloyds scrapped staff bonuses just before Christmas, despite revenues in the industry booming.