Bloomberg News

Lloyds CEO Horta-Osorio Says Bank Has ‘Substantial Problems’

June 08, 2011

June 8 (Bloomberg) -- Antonio Horta-Osorio, chief executive officer of Lloyds Banking Group Plc, said the bank has “substantial problems” and a strategic review will be completed and the results announced by the end of June.

“The bank has substantial problems” including defaults in Ireland and improperly sold loan insurance, Horta-Osorio told parliamentarians on the House of Commons Treasury Committee in London today. A strategic review is being carried out and “we will finalize it in the next few weeks and announce the results by the end of June,” he said.

The review will be “evolutionary, not revolutionary,” he said.

To contact the editor responsible for this story: Francis Harris at

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