Finance

Lloyds’ new CEO on his first day in the job

What is it like taking over a bank with some £871bn in total assets?

Charlie Nunn, the new chief executive officer of FTSE-listed lender Lloyds Banking Group, has kicked off his first day with a blog post offering a bit of insight, as well as a little more detail on his plans for the months ahead.

“It’s a role I feel privileged to step into – and having had a few months to reflect and prepare, I’m really looking forward to getting started,” Nunn, who will lead the bank through the next phase of the pandemic, wrote in a post published on 16 August.

Nunn moved over to Lloyds from HSBC, where he was most recently chief executive of wealth and personal banking. The 49-year-old, who studied economics at Cambridge, cut his teeth in financial services at consulting firm Accenture, where he worked for 13 years, and later went on to work for McKinsey for five years as a senior partner in London.

READ HSBC names new wealth chief as Charlie Nunn takes helm at Lloyds Banking Group

Nunn replaced Sir António Horta-Osório, who spent nearly 10 years at the top of Lloyds and is now chair of Swiss bank Credit Suisse. In a statement announcing his appointment, the bank said Nunn will receive an annual salary of £1.125m, with a fixed share award of £1.05m.

The new CEO said he would spend the first few months “getting to know our people, our customers and our business better before outlining any strategic plans”.

In a video accompanying his post, Nunn is shown meeting some of his new colleagues on Zoom. The banker, who grew up in Southampton, talked about how he enjoys spending time with his family in his free time, as well as cycling, running and playing squash.

“I really believe financial services matters,” Nunn said. “And that’s a simple thing to say but in the context of the role financial services can play for our communities, for customers we serve and for the whole economy…it’s really really obvious today and in the future that what financial services companies do is going to matter even more.”

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To contact the author of this story with feedback or news, email Bérengère Sim

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