Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Tuesday, May 07, 2024

António Horta-Osório: The banker who can't stay out of the headlines

António Horta-Osório: The banker who can't stay out of the headlines

Sir António Horta-Osório is used to the spotlight.

As one of the UK's most high-profile bankers "AHO", as he is known in some circles, is credited with dragging Lloyds Banking Group back from the precipice following the financial crisis.

Most recently, however, Sir António has attracted rather more negative headlines.

After moving to Credit Suisse last April, it emerged that he had twice broken Covid quarantine rules in the UK and Switzerland.

Just nine months into his chairmanship of Switzerland's second largest bank, he was out.

It is understood that some at Credit Suisse have been astonished at the attention his resignation has received.

But in the UK, Sir António has always been a colourful character.

He was a relative unknown when, in 2011, he was encouraged by the then Chancellor George Osborne to become the chief executive of Lloyds.

Prior to that, the Portuguese banker - he would later become a dual British citizen - was the boss of Spanish giant Santander's UK arm.

When Sir António took the job at Lloyds, he was a comparatively youthful 47 years-old.

The charming, suave executive stood out in the staid world of banking at the time.

Sir António was also known to be driven, detail-orientated and utterly relentless.

A keen tennis player - one of his quarantine breaches was to attend last year's men's final at Wimbledon - he also counts chess among his hobbies. He once told The Times: "As a strategy game, it applies very well to business."

He's also fond of scuba diving - and swimming with sharks.

Mental health


But it is perhaps these characteristics that led him to the first major crisis of his career when, after just eight months as Lloyds' chief executive, he suddenly took two months of medical leave.

It was shocking at the time, rattling Lloyds' board and its shareholders with many questioning if he would ever return at all.

Sir António later explained that he had discovered that Lloyds was in "a very weak position".

He told the BBC that the state of the bank was something he had to keep to himself, saying that if he spoke about it "obviously that would not generate confidence in the bank".

Lloyds had disastrously decided to rescue HBOS at the height of the financial crisis in 2008. It was then bailed out by the government to the tune of £20.3bn, leaving taxpayers with a 43% stake in the bank.

By the time Sir António joined in 2011, Lloyds was operating within a struggling UK economy while the eurozone crisis raged.

A few months into his job, severe insomnia led to five consecutive nights of no sleep at all which he described "a form of torture".

Sir António did come back but only after a spell in the Priory, where he slept for 16-hour stretches, and a great deal of recuperation at his home in Chelsea.

Once back at Lloyds, he was mentored by psychiatrist Dr Stephen Pereira who, he told the Times, advised him to be "more like a palm tree, so when the storm comes the palm tree bends but then comes back up, instead of being like an oak tree and trying to resist the storm, in which case it can break".

Sir António was advised to "be more like a palm tree" following his medical leave for exhaustion


While surprising at the time - especially in the take-no-prisoners corporate world - the episode ended up as a positive. Lloyds introduced a mental health programme at the bank including training up thousands of mental health first aiders.

And when Sir António was knighted in 2020, it was for his services to mental healthcare as well as the financial services industry.

'Regret'


But it wasn't all plain-sailing at Lloyds.

In 2016, the married father of three was exposed by The Sun for an alleged extra-marital affair - headline "Lloyds bonk".

It prompted an embarrassing memo from the boss to Lloyds staff where Sir António spoke of his regret at the "adverse publicity and damage" caused by the coverage.

The situation wasn't helped by the fact that just three years earlier, Sir António had launched a "Code of Responsibility" at the bank.

In it, Lloyds staff employees were urged to "do the right thing" and ask themselves questions such as: "Would I be happy to tell my colleagues, family and friends about my actions?"

He has mostly kept quiet about the whole episode, though once, when asked about it, the Jesuit-educated Sir António quoted a bible story about Mary Magdalene to the Financial Times, saying: "Those of you that never sinned, throw the first stones."

And while Sir António has done much for mental health in the workplace, tens of thousands of people lost their jobs at Lloyds. Also, after a decade at the top of the bank, it is understood Sir Antonio earned, in aggregate, around £60m.

During that time, however, he did return the bank to profitability and the government sold its final remaining stake in the bank in 2017.

When the bank fully returned to the private sector, Sir António told the BBC: "It was a moment of huge pride for all the colleagues at Lloyds bank [and] for our customers."

There is not, perhaps, much pride at his slightly ignominious exit from Credit Suisse. But Sir António, who turns 58 years-old on 28 January, will undoubtedly be back.

As someone who knows him told the BBC: "We don't need to worry about him too much."

Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×