Lloyds boss says banks need to be 'boring' again

António Horta-Osório, the CEO of Lloyds Banking Group says the industry needs a dramatic overhaul.

by Elizabeth Anderson
Last Updated: 09 Oct 2013

Demonstrating that he’s back on form after a period of exhaustion last year, Lloyds boss António Horta-Osório has called for a brisk overhaul of the banking sector.

‘The industry must change. We must recast the banking model ... retail and commercial banks should be simple and they should be boring,’ he said at the CBI dinner in Scotland last night.

He admitted the banks had let the public down by becoming ‘complacent, non-customer focused and inefficient’. To restore trust, he said banks urgently needed to change.

Source: Telegraph

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