Lloyds recruits Morgan Stanley banker as CFO

Chalmers will join Lloyds in June from Morgan Stanley. Picture: Contributed

Bank of Scotland owner Lloyds Banking Group has tapped Morgan Stanley investment banker William Chalmers to be its next finance boss.

Chalmers is currently co-head of Morgan Stanley’s global financial institutions group, having joined the US bank in 2000. He previously spent six years at JP Morgan, where he became managing director in 2003.

Chalmers will join Lloyds as chief financial officer in June following the retirement of incumbent George Culmer.

The high-street lender, which reports its 2018 results on Wednesday, 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. He will also pocket a basic salary of just under £800,000 and receive a fixed share award of £504,000, delivered over five years.

Lloyds chief executive Antonio Horta-Osorio said Chalmers will enhance 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 described Lloyds as “tremendous company that is going through an impressive transformation”, adding: “I look forward to getting started and making a contribution”.