Lloyds finance director to join Friends Life

Tim Tookey, Lloyds' finance director, is to resign from the group to become chief financial officer at Friends Life.

He was a pivotal figure in helping Lloyds to secure a crucial £20bn-plus recapitalisation two years ago, the Financial Times reports.  Tookey denied the move was due to any falling out with the bank's new chief executive, António Horta-Osório, who joined the bank from Santander UK and took over as CEO in February. He was believed to have concerns about the credibility of Lloyds' new financial targets, especially given the discouraging macroeconomic backdrop. However, he denied there had been any falling out with Horta-Osório or any disagreement over Lloyd's strategic direction: "We...