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| Lloyds chief apologises for damage caused by affair allegations Lloyds chief apologises for damage caused by affair allegations | |
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| The chief executive of Lloyds Banking Group has written to employees to apologise for revelations about his private life and the damage they caused the group’s reputation. | The chief executive of Lloyds Banking Group has written to employees to apologise for revelations about his private life and the damage they caused the group’s reputation. |
| In an email sent to the bank’s 75,000 staff, António Horta-Osório said he regretted the bad publicity caused by allegations of an affair with Wendy Piatt, a former aide to Tony Blair. The couple were pictured together while the married bank chief was on a business trip to Singapore. | In an email sent to the bank’s 75,000 staff, António Horta-Osório said he regretted the bad publicity caused by allegations of an affair with Wendy Piatt, a former aide to Tony Blair. The couple were pictured together while the married bank chief was on a business trip to Singapore. |
| Horta-Osório, whose pay deals over the past two years total £20m, also sought to quash talk of him leaving the group, saying he was as committed as ever to leading Britain’s biggest retail bank. | Horta-Osório, whose pay deals over the past two years total £20m, also sought to quash talk of him leaving the group, saying he was as committed as ever to leading Britain’s biggest retail bank. |
| The reports earlier this month prompted questions about whether Horta-Osório breached Lloyds’ policies by combining private and business expenses. Lloyds said on 10 August he had no case to answer after an internal review. | The reports earlier this month prompted questions about whether Horta-Osório breached Lloyds’ policies by combining private and business expenses. Lloyds said on 10 August he had no case to answer after an internal review. |
| In his email to staff, Horta-Osório reiterated that he kept personal and business expenses separate. But he admitted that the furore had damaged the bank, which is 9% owned by taxpayers after being bailed out during the financial crisis. | In his email to staff, Horta-Osório reiterated that he kept personal and business expenses separate. But he admitted that the furore had damaged the bank, which is 9% owned by taxpayers after being bailed out during the financial crisis. |
| He wrote: “My personal life is obviously a private matter as it is for anyone else. But I deeply regret being the cause of so much adverse publicity and the damage that has been done to the group’s reputation. It has detracted from the great work which you do for our customers on a daily basis and from the major accomplishments of the past five years.” | He wrote: “My personal life is obviously a private matter as it is for anyone else. But I deeply regret being the cause of so much adverse publicity and the damage that has been done to the group’s reputation. It has detracted from the great work which you do for our customers on a daily basis and from the major accomplishments of the past five years.” |
| Horta-Osório has stressed the importance of maintaining high standards of behaviour to Lloyds staff, which has paid multiple fines and billions of pounds in customer compensation for past misdeeds. He said he included himself in his call for good behaviour and promised to do better. | Horta-Osório has stressed the importance of maintaining high standards of behaviour to Lloyds staff, which has paid multiple fines and billions of pounds in customer compensation for past misdeeds. He said he included himself in his call for good behaviour and promised to do better. |
| He added: “Having the highest professional standards raises the bar against which we are judged and as I have always said we must recognise that mistakes will be made. I don’t expect anyone to get everything right all the time. The important point being how we learn from those mistakes and the decisions and actions we take afterward.” | He added: “Having the highest professional standards raises the bar against which we are judged and as I have always said we must recognise that mistakes will be made. I don’t expect anyone to get everything right all the time. The important point being how we learn from those mistakes and the decisions and actions we take afterward.” |
| The revelations about Horta-Osório’s private life came soon after Lloyds announced plans to cut a further 3,000 jobs. This is on top of the 54,000 job losses announced since the bank rescued HBOS during the financial crisis. The Portuguese banker, who joined in 2011 from Santander, got a 6% salary increase to £1.12m this year, while staff received 2%. | The revelations about Horta-Osório’s private life came soon after Lloyds announced plans to cut a further 3,000 jobs. This is on top of the 54,000 job losses announced since the bank rescued HBOS during the financial crisis. The Portuguese banker, who joined in 2011 from Santander, got a 6% salary increase to £1.12m this year, while staff received 2%. |
| Horta-Osório told staff their hard work was behind the bank’s recovery and its ability to cope with low interest rates and a weakening economy. | Horta-Osório told staff their hard work was behind the bank’s recovery and its ability to cope with low interest rates and a weakening economy. |
| “With that in mind please be assured that I am as committed as ever to leading the group forward to deliver our strategy and to meet our future ambitions. Thank you again for your messages of support over the last few weeks. I have greatly appreciated them,” he wrote. | “With that in mind please be assured that I am as committed as ever to leading the group forward to deliver our strategy and to meet our future ambitions. Thank you again for your messages of support over the last few weeks. I have greatly appreciated them,” he wrote. |