Lloyds Banking Group is planning to cut risk management roles as part of a restructuring of its business, as reported by the Financial Times, citing an anonymous source and an internal memo circulated by the British bank’s chief risk officer, Stephen Shelley.
In the memo, seen by the FT, Shelley wrote that two-thirds of Lloyds executives believed risk management was blocking progress at the bank. “Less than half our workforce believe intelligent risk-taking is encouraged,” he added.
