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Future of Lloyds boss Antonio Horta-Osorio will be in focus when bank publishes annual results

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Future of Lloyds chief executive Antonio Horta-Osorio will be in focus when bank publishes annual results

By Daily Mail City & Finance Reporter

Published: | Updated:

The future of Lloyds chief executive Antonio Horta-Osorio will be in focus when the bank publishes its annual results on Thursday.

He joined Lloyds from Santander in 2011, and amid a marked recovery in performance helped return it from part-taxpayer ownership to private hands.

But it is thought the bank is stepping up succession planning, with some headhunters expecting a replacement to be named this year.

Horta-Osorio has faced criticism over his pay and is expected to see a cut from 2018’s £6.3m package as a result of pressure on profits last year. It is understood that the bank is preparing to overhaul executive remuneration, which could further cut his pay for 2020.

The results will lay bare the toll taken by the payment protection insurance (PPI) scandal. The High Street lender is expected to take a full-year hit of around £2.5 billion, having seen claims of £1.8 billion in the third quarter alone amid a rush ahead of the August deadline.

The City is expecting this to send pre-tax profits tumbling 25 per cent to £4.47 billion.

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