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Lloyds to Start ‘Second Phase’ of Turnaround, Sunday Times Says

Dec. 18 (Bloomberg) -- Lloyds Banking Group Plc will start the “second phase” of its turnaround plan after Chief Executive Officer Antonio Horta-Osorio returns from medical leave, the Sunday Times said, citing an interview with the CEO.

The bank will accelerate its turnaround to allow Horta-Osorio to focus on “other priorities” and delegate more of his workload, the CEO was quoted as saying, without providing details.

Lloyds is in “a much stronger position” after the CEO hired senior managers and led the bank’s response to the Independent Commission on Banking, Horta-Osorio told the Times.

“With hindsight, I should have gone slower,” the executive was quoted as saying. “I was quite concerned that we would have sovereign debt contagion that would be very threatening to banks. That became a reality, and now we are facing a double dip.”

To contact the reporter on this story: Lananh Nguyen in London at lnguyen35@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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