Lloyds to merge trading and underwriting teams – report

Lloyds Banking Group will form a new global markets division by merging its trading, financing, and corporate sales teams, according to a document seen by Bloomberg.

According to a memo to staff, the new global markets division will be jointly led by Rob Hale in London and Bill Mansfield in New York, starting from February 2026.

The combined teams will operate across the UK, North America, and Europe to enhance collaboration and operational efficiency.

In the memo, Lloyds corporate markets division CEO Carla Antunes da Silva said: “Together, they bring deep expertise and will ensure stronger alignment across our key hubs in the UK, North America and Europe.”

She added that combining the teams would help the lender with “strengthening risk and control accountabilities across the business.”

Bloomberg said that a spokesperson for Lloyds confirmed the contents of the memo.

As part of the changes, Nick Hughes, who has been with Lloyds for two decades and most recently led the capital markets division, will depart from the company.

In a separate announcement, Lloyds has appointed John Langley as CEO of corporate and institutional banking, succeeding John Winter, who will step down next year.

Langley is set to join in March from Wells Fargo, where he was most recently chief operating officer for CIB and head of Wells Fargo International.

Lloyds corporate and institutional banking (CIB) CEO John Winter said: “John Langley is joining a great team at Lloyds with exciting growth plans for CIB in the coming years.

“I’m hugely proud of the progress CIB has made during the past four years and look forward to supporting John and the wider team as Vice Chair, CIB.”

According to the Bloomberg report, the Lloyds global markets division restructure is the latest in a series of organisational changes under Lloyds CEO Charlie Nunn.

Nunn has been overseeing a multiyear overhaul of the bank’s technology and has focused on expanding into insurance, capital markets, and wealth management.

Lloyds has reported progress in these areas, with total income from the corporate markets division rising by 54% since 2021, reaching £984m ($1.29bn) in 2024.

“Lloyds to merge trading and underwriting teams – report” was originally created and published by Private Banker International, a GlobalData owned brand.

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