Colin Walsh resigns from Lloyds as top management is reshuffled

Colin Walsh, managing director of mortgages at Lloyds Banking Group and chairman of the Council of Mortgage Lenders, has quit both positions.

The move follows a recent reshuffle of the management structure at Lloyds group.

On June 1, Antonio Lorenzo, chief executive of Lloyds group, announced new leadership teams for the retail and wealth divisions.

Instead of having a separate head for individual sectors such as mortgages and investments he has made Vim Maru managing director of products. The position oversees all products including mortgages.

Lloyds is also looking to recruit a director of intermediaries who will oversee all broker business, not just mortgages.

The lender says it is too early to say whether it will employ further heads of individual channels.

The changes are part of a strategic review at the lender, the outcome of which is expected to be published this week.

A spokeswoman for Lloyds group says: “Intermediary sales are a key distribution channel for the group so we need greater focus on this area.”

Walsh will stay on at the lender for the next few months and oversee the transfer of his responsibilities, including his role as CML chairman.