Lloyds COO Colomb?s to delay retirement

1st May 2020 07:37

(Sharecast News) - Lloyds Bank chief operating officer Juan Colomb?s has agreed to delay his retirement to help the bank deal with the fallout of the coronavirus crisis, the company said on Friday
Colomb?s would stay in post until September 18, two months longer than planned. The bank's first quarter pre-tax profits almost disappeared as it braced itself for the impact of the pandemic with a massive provision against bad loans.

The UK's biggest domestic lender on Thursday said it was making a ?1.4bn provision as it would "inevitably be impacted both within the existing book and potentially in the new lending we are undertaking to support our customers". The figure was up from ?275m a year earlier.

Pre-tax profits nosedived to ?74m from ?1.6bn a year earlier and below a Lloyds' own forecasts of around ?860m.