BANK of Scotland’s owner Lloyds has taken on Morgan Stanley investment banker William Chalmers as its next chief financial officer (CFO).
Chalmers is currently co-head of Morgan Stanley’s global financial institutions group, having joined the US firm in 2000.
Prior to joining the US bank, he spent six years working at multinational investment bank JP Morgan, where he was managing director
Chalmers is set to join Lloyds Banking Group in June, once current boss George Culmer retires.
The incumbent CFO said his seven years with the company have been “enough”.
LLoyds will pay Chalmers about £4.4 million in deferred cash to replace awards he will lose when he leaves Morgan Stanley, and he will be eligible for awards under the Lloyds share scheme.
His basic salary looks set to be £794,938, and he will also receive a fixed share award of £504,000, delivered over five years.
In his new role, Chalmers will have a pension allowance of 25% of his basic salary, and a benefits allowance of 4% of the salary.
Lloyds chief executive Antonio Horta-Osorio welcomed the announcement.
He said: “William has a proven track record in financial services and will be a great addition to the executive team.
“We will be sad to see George go, but are pleased to have had him in the team for the past seven years and to be able to have George and William working together to ensure a smooth transition.”
Lord Blackwell, Lloyds chairman, said: “We are pleased to have been able to attract a candidate of William’s calibre to the board. He brings a wealth of experience that will be of significant benefit to the group.”
Chalmers added: “I very much look forward to joining the executive team at Lloyds Banking Group. It is a tremendous company that is going through an impressive transformation. I look forward to getting started and making a contribution.”
Lloyds is currently in the midst of a £3 billion transformation programme.
The bank is due to publish full-year results on Wednesday.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here