Antonio Horta Osorio, CEO of Lloyds Banking Group, arrives at a garden party at Buckingham Palace, London, May 22, 2018. REUTERS/Simon Dawson/File Photobig shareholders back the scandal-hit bank's new strategy, Chairman Antonio Horta-Osorio told Swiss newspaper NZZ am Sonntag, adding the group would also overhaul its pay system for executives to reduce risk.
"What has now been announced should have happened in the past 10 years: lower the risks, strengthen controls and at the same time preserve the entrepreneurial spirit," David Herro, a partner at the American asset manager, told SonntagsZeitung. The investor said he was not unduly concerned by market reaction to the new strategy, with Credit Suisse shares falling more than 5% on Thursday after the announcement, which analysts said was not sufficiently bold.
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