Credit rating agency Moody's may downgrade Lloyds Banking Group because of the sick leave taken by chief executive Antonio Horta-Osório, which could hold back the bank's restructuring plans.
The agency told Reuters: “The review has been prompted by the significant upheaval within Lloyds' senior management." Finance director Tim Tookey, due to leave the bank in February, was appointed as interim group CEO in addition to his current role. Tookey said Horta-Osório was still expected back at work before Christmas. "Moody's is concerned that the group may face a major challenge in ensuring continuity of leadership, given that the CEO has only been in place since March 2011; and there have been several high-level management changes since his arrival, including the announceme...
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