Is Antonio Horta-Osorio a lightweight compared to the average M&A analyst?
Lloyds CEO Antonio Horta-Osorio is temporarily stepping down for 6-8 weeks on doctor's orders.
Horta-Orsorio, a 47 year old keen diver and shark swimmer is said to be physically and mentally exhausted through overwork.
According to the Financial Times, he is an "intense character," possibly prone to workaholism. Robert Peston says he was simply getting, "more and more tired."
One European banking analyst points out that Horta-Osorio has had a far less stressful time than Frederic Oudéa at SocGen, who's been at the front of the Eurozone storm. But UK banking analysts say Horta-Osorio has had a lot on his plate. "Lloyds is a big restructuring story and he's had to do a lot to turn around the business," says one. "He set out a big plan in June and is involved in a lot of disposals and branch sell-offs." Peston also points out that Lloyds is in the midst of attempting to sell the newly carved out NBNK, without success.
And yet, if Horta-Orsorio is exhausted by his attempted dealmaking, what about all the 20-something M&A analysts who regularly work 80 hour weeks? Stories of consecutive all-nighters are legion. One analyst said to passed out with his head in a bin recently after preparing to vomit with exhaustion. As deal volumes drop and pitching becomes more frantic, junior working hours are increasing with little to show for it.
While Horta-Orsorio's stress shouldn't be downplayed, it's worth bearing in mind that others may have it worse. Especially if they're not senior enough to step down and rest in the assurance that they will have a job to come back to.