LLoyds Banking Group said on Monday that Charlie Nunn, currently head of wealth and personal banking at HSBC, is to be its next chief executive.
Charlie Nunn will replace Antonio Horta-Osorio who said in July that he would step down from the helm of Britain’s biggest domestic bank next year once a successor was appointed.
Part of Mr. Nunn’s task will be to help Lloyds recover from the economic fallout of the pandemic.
In a statement, Lloyds said Mr. Nunn will receive a basic annual salary of 1.125 million pounds ($1.50million) and a fixed share award of 1.05 million pounds, in addition to flexible benefit funding of 4% of basic salary.
His pension has been set at 15% of salary.
HSBC said in a separate memo that Nuno Matos, currently head of its non-ring-fenced U.K. arm, is to replace Nunn.