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'Conspiracy' means no place for Yorkshire-based HBOS execs in merged company
MPS have voiced their fury at news Yorkshire executives will not be included in the new management team when HBOS and Lloyds merge.
Lloyds TSB executives will hold all but two of the senior roles in the enlarged bank after its planned takeover of HBOS - expected to be given the go ahead today.
The move underlines Lloyds' dominant position in the deal and is likely to trigger a string of departures by senior HBOS figures.
The move was described by one senior MP as a "conspiracy to keep Yorkshire out of the loop".
Barry Sheerman, MP for Huddersfield, said: "This is deeply disappointing. This wasn't the mood music when a merger started to be a possibility - we were told it would be a very different package from what it's now shaping up to be."
"I want a delegation to meet the Prime Minister and the Chancellor and I want to know what the hell is going on."
Yesterday Eric Daniels, Lloyds' chief executive, made it clear that there would be very little sharing of roles. Helen Weir, Lloyds' head of retail banking, will keep her position in the enlarged group, as will Lloyds' head of wholesale banking, Truett Tate, and Tim Tookey, the finance director.
Archie Kane, chief executive of Lloyds' subsidiary Scottish Widows, will be head of insurance and will represent the board in Scotland, where political tensions are running high over whether Lloyds will cut jobs from the large local workforce of the two banks.
From HBOS, Jo Dawson, who was head of investment and insurance, has won a place on the executive team running the wealth and international division, and Harry Baines, HBOS's company secretary, will have the same job after the deal, which is expected to be completed in January.
Mr Daniels said he "interviewed all of the HBOS team" but "had to make a choice about the combined entity". He said there would be prospects for HBOS people below board level and hoped that "in the next wave of senior management, we will have a good balance of people".
Halifax MP Linda Riordan said: "This is just not good enough. I shall be asking them why they are not keeping any board-level staff from our region.
"It is very worrying, especially as this suggests they might be preparing to reduce other staff in Halifax. If they've made a decision on that they need to tell us."
An HBOS spokesman said: "All of our senior management team are focused on ensuring the deal is completed."
Lloyds will send out a circular to shareholders early next week. Both banks will also issue trading statements.
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Saturday 11 February 2012
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