Upset at Lloyds' investment bank as key members of staff said to leave
Today is Lloyds' results day. The bank doesn't break out performance at its wholesale (investment banking) arm, but we understand that various 'issues' have arisen.
Most notably, Martin Bates, head of capital markets distribution at Lloyds is said to have left, having resigned yesterday. Lloyds was unable to immediately comment, but when we attempted to call Bates we were told that he wasn't there and wouldn't be there later either.
Bates isn't the only one said to have gone. Richard Hitchcox, director of fixed income flow rates is also said to have departed. This is unconfirmed, however.
Bates joined Lloyds in 2010 from Morgan Stanley. Hitchcox joined in January 2011 from Credit Suisse. Both were big hires for Lloyds. In April 2010, the bank was said to be building its fixed income markets business and making 35 hires.
Lloyds is considering whether to drop bonuses for senior staff, although it's not clear whether this has contributed to the spate of apparent departures. Headhunters say that the bigger contributor has been internal upset after Andrew Géczy, head of Lloyds’ wholesale banking and markets division was passed over for a role on the executive team in place of Andrew Bester, a consumer banker at Standard Chartered.
Nevertheless, Lloyds is still said to be hiring. Adam Barrett, previously an MD at Barclays Capital, is said to be joining in December to manage a merged credit and rates team.
