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Lloyds boss 'regrets reputation damage' after private life allegations

Published 24/08/2016

Allegations were made about the private life of Lloyds Banking Group chief executive Antonio Horta-Osorio
Allegations were made about the private life of Lloyds Banking Group chief executive Antonio Horta-Osorio

Antonio Horta-Osorio, the boss of Lloyds Banking Group, has expressed regret over damage to done to the lender's reputation following allegations about his private life.

In a memo to staff, Mr Horta-Osorio addressed reports that he had spent almost £4,000 while entertaining an alleged lover during a trip to Singapore.

The letter read: "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.

"I have been a strong advocate of expecting the highest professional standards from everyone at the bank, and that includes me.

"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."

The bank boss reiterated that he paid for his own personal expenses on the trip, confirming that he did not break company policy

The revelations come at a sensitive time for the bank.

In July, Mr Horta-Osorio announced that Lloyds is cutting 3,000 jobs and shutting 200 branches as part of an efficiency drive.

Statutory profits more than doubled in the first half of the year to £2.5 billion.

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