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| Lloyds chairman Win Bischoff to step down | Lloyds chairman Win Bischoff to step down |
| (35 minutes later) | |
| Sir Win Bischoff said Lloyds Banking Group was "on track" for recovery as he announced he would step down as chairman before next year's annual general meeting. | Sir Win Bischoff said Lloyds Banking Group was "on track" for recovery as he announced he would step down as chairman before next year's annual general meeting. |
| The search for a successor for the 72-year old City veteran will be led by a senior Lloyds director and is beginning just days before this year's annual meeting, which takes place on Thursday. | The search for a successor for the 72-year old City veteran will be led by a senior Lloyds director and is beginning just days before this year's annual meeting, which takes place on Thursday. |
| Bischoff's departure from a role he took on in September in 2009 has been the subject of speculation for many months although he now looks likely to leave before the sale of the government's 39% stake. | Bischoff's departure from a role he took on in September in 2009 has been the subject of speculation for many months although he now looks likely to leave before the sale of the government's 39% stake. |
| "Lloyds Banking Group has, over the past four years, made significant progress in its goal to become a strong, efficient, UK-focused retail and commercial bank. Whilst clearly some challenges remain, the performance of the group is well on track. Indeed, in many areas, it is ahead of plan. This gives me every confidence in the future success of the group and it is therefore a good time to start the search for my successor," Bischoff said. | |
| Anthony Watson, the former fund manager and senior independent director, will lead the search for the new chairman, who will need to give investors enough confidence in the bank to buy shares during any stock market flotation. | Anthony Watson, the former fund manager and senior independent director, will lead the search for the new chairman, who will need to give investors enough confidence in the bank to buy shares during any stock market flotation. |
| In a surprise move in March, the government signalled its determination to privatise Lloyds by linking a bonus for its chief executive, António Horta-Osório, to selling off a stake in the bank at a price above 61p. This is considerably lower than the 73p that the City had previously assumed would be the price targeted by the government. | |
| Bischoff was a key figure at the investment bank Schroders when it was sold to the US bank Citigroup in 2000. He ended up running the entire bank in the fall out of the 2007 credit crunch but left Citi in 2009 after the bank reported a $18.5bn (£12bn) loss. | Bischoff was a key figure at the investment bank Schroders when it was sold to the US bank Citigroup in 2000. He ended up running the entire bank in the fall out of the 2007 credit crunch but left Citi in 2009 after the bank reported a $18.5bn (£12bn) loss. |
| He was named chairman of Lloyds after the HBOS rescue, which led to the departure of Sir Victor Blank, who had chaired Lloyds during the 2008 crisis. In 2001, Bischoff replaced the Lloyds chief executive, Eric Daniels, with Horta-Osório. | |
| Speculation about Bischoff's successor is already swirling around Paul Tucker, deputy governor of the Bank of England. | Speculation about Bischoff's successor is already swirling around Paul Tucker, deputy governor of the Bank of England. |