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Old 18-04-2008, 01:38 PM   #1
killmicrosoft
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Thumbs up Lloyds TSB finance chief to head UK retail bank


Lloyds TSB finance chief to head UK retail bank

http://business.timesonline.co.uk/to...cle3772820.ece

Lloyds TSB today announced that its group finance director, Helen Weir, will become head of UK retail banking after former boss, Terri Dial, revealed plans to join Citigroup to revitalise its flagging US consumer business.

Ms Weir, who joined Lloyds TSB in 2004, will take over the role immediately although Ms Dial will stay on at the bank to fulfil her six-month notice period and ensure “an orderly handover”. Tim Tookey, currently the deputy group finance director, will assume Ms Weir’s role until a permanent replacement is found.

Eric Daniels, the chief executive of Lloyds TSB, said: “I am delighted to see Helen take up the leadership of the retail bank given her strong track record of delivery coupled with her experience of retail businesses.

"As group finance director she has an in-depth understanding of the retail bank and is the obvious and natural choice to lead the division through the next phase of its development.”

Ms Dial, who announced her departure on March 28, will replace Steven Freiberg at the helm of Citigroup's US consumer operations.

Ms Dial, who is nicknamed "the human cyclone", will become global head of consumer strategy, but the California native’s main task will be to improve US retail banking and consumer finance.

Mr Freiberg, who used to run Citigroup's North American credit card business, will take over the bank's card business worldwide.

Ms Dial's appointment by Citigroup is the latest in a series of senior reshuffles under Vikram Pandit, who replaced Charles Prince after he was ousted as chief executive in December.

Mr Pandit has been carrying out a wholesale review of the bank to cut costs, grow revenues and help to boost the bank's share price, which has tumbled by more than half in the past year.

The crisis has led the bank to seek $30 billion (£15 billion) in emergency cash injections from several sovereign wealth funds, and analysts say that the bank may be forced to seek more.

It has cut more than 6,000 jobs and further layoffs are expected.
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