Lloyds TSB adds two for debt push

UK bank Lloyds TSB has hired two senior bankers to its debt capital markets business, created earlier this year, as it seeks to arrange larger loans for corporate clients and offer more complex products.

Andrew Moorfield, formerly managing director and co-head of Bank of America's European general industrial group, has been hired as managing director in debt capital markets origination.

Moorfield will take charge of marketing the bank's debt products and capital raising techniques to global clients. He will report to the head of debt capital markets origination, a new position the bank is recruiting for and hopes to fill by September. At Bank of America, Moorfield had direct responsibility for the aerospace, defence and basic materials sector.

Ian Crowther, a former HBOS debt banker, joins Lloyds TSB's secondary loan desk at the end of August and will report to Gordon Craigen, head of secondary loan trading.

Crowther will focus on distressed debt and proprietary investment opportunities for Lloyds TSB, while also working on the bank's investment grade and leveraged loan flow trading business.

The appointments are among the most senior to have been made this year within the corporate banking division of Lloyds' wholesale and international banking business.

Last year the bank brought in about 1,000 people to its corporate banking division, many from larger investment banks such as JP Morgan Chase, HSBC and Deutsche Bank, as part of a business overhaul.

The recruitment drive is part of an attempt to upgrade the bank's operations by enabling it to arrange larger loans and sell complex products such as structured finance, foreign exchange and interest rate swaps.