LONDON (Alliance News) - Lloyds Banking Group PLC has created a senior role in charge of cost control ahead of a revised strategic plan, reported Bloomberg on Friday.
Citing people with knowledge of the matter, Bloomberg said Jennifer Tippin, the bank's former customer services director, will lead group organisational design and cost management.
Tippin will help Lloyds prepare a three-year business plan to be released in the third quarter, as the bank looks to deal with persistently low interest rates and increasing digital competition, said Bloomberg.
At the World Economic Forum in Davos, Switzerland, Lloyds Chief Executive Officer Antonio Horta-Osorio warned banks must embrace digital change and said low interest rates mean "half of the balance sheets of banks, especially retail and commercial banks, are a bit useless", according to Bloomberg.
Tippin will be replaced in her customers services role by Stephen Noakes, managing director of retail customer products, Bloomberg reported.
By Adam Clark; email@example.com
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