Colin Walsh to leave Lloyds Banking Group
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Colin Walsh, managing director of mortgages at Lloyds Banking Group has announced that he is leaving the lender and his role as chairman of the Council of Mortgage Lenders.
On 1 June, Antonio Lorenzo, director of wealth and international at Lloyds Group announced new leadership teams for the retail and wealth business.
A new managing director of products was appointed - Vim Maru with responsibility for all of the product areas - including mortgages.
It is also appointing a new director of Intermediaries, who will oversee all intermediary business, not just mortgages.
Walsh will leave in the next few months and before he departs he will be working on setting up the intermediary business under the new structure.
A spokeswoman for Lloyds Group, says: “Intermediary sales are a key distribution channel for the group, and for this reason we need greater focus on this area.
“The Intermediaries business will span across the retail business - including mortgages - and also wealth - and is aimed at deepening the group’s relationships with intermediaries and ensuring that we interact with them in a consistent way.
“Colin has agreed to stay with us for the next few months to support the transition to the new business model and the establishment and strategy development of the Intermediary business.
“Colin will be overseeing an orderly transition for all of his responsibilities and that includes his role as CML chairman.”
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Readers' comments (2)
colin | 22 Jun 2011 10:16 am
is this the signal of a return to favouring brokers ??? after riding rough shod the last few years!!!!!!!!
perhaps the powers that be have woke up and smelt the coffee at long last that direct channel cannot attract enough business even when under cutting the broker channel.
The recent 7 day sale by halifax and BM was probably to cover the hole that the direct channel was short by ?
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Anonymous | 22 Jun 2011 11:03 am
Colin,
Dream on. This has little to do with brokers or even mortgages, it is more about changing the business from a 'silo based' organisation to one where there is channel reporting and a clearer, smaller management structure
In short it is about reducing costs and making the overall bank more fit for purpose - expect more bloodshed in due course
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