Charlie Nunn will take over the reins at a leaner, more profitable bank with an eye on post-pandemic growth
Lloyds Banking Group’s incoming boss, Charlie Nunn, inherits one of Britain’s biggest jobs in finance next week, with its wealth offering and pandemic recovery at the top of his to-do list.
Nunn has been getting up to speed in recent weeks, familiarising himself with parts of the business that might need changes. “He understands that a bank must be continually improving efficiency,” said David Herro of Harris Associates, who has held Lloyds shares for more than 10 years and has recently met Nunn. Herro said the new CEO should look to grow the wealth unit “if this can be done in a sensible and economic fashion”.
It’s a competitive market, with wealth managers such as St James’s Place and Hargreaves Lansdown using networks of advisers built over decades to attract business. Competition is also coming from new rivals such as JPMorgan Chase, which has bought digital wealth manager Nutmeg Saving and Investment, and Goldman Sachs Group’s Marcus offering.
In his new post, Nunn will oversee SPW’s technology platform, whose launch in 2019 was hampered by glitches, the Financial Times reported at the time. The migration of clients to SPW’s technology concluded last year after an intense year of work, two people familiar with the matter said.
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