Citigroup poaches star executive from Lloyds TSB
Shares in Lloyds TSB fell over 2% last Friday after it was revealed one of its star executives is moving back to the USA.
Californian Terri Dial joined Lloyds’ board in 2005 and was credited with overseeing a revival in Lloyds’ retail banking. The 58-year old has been branded the human cyclone because of her feisty manner.
However, she has been poached by US investment bank Citigroup to take over its flagging US consumer business.
A spokesperson for Lloyds said Dial will stay at the bank for an unspecified period ‘to ensure an orderly transition’.
It is believed Terri Dial’s salary at Lloyds was £570,000, but bonuses and other payments meant the total was nearer the £2 million mark.
Citigroup has recently written of billions of dollars due to its exposure to the sub-prime mortgage market so Ms Dial will be joining the Wall Street giant at the rockiest period in its history.
Citigroup’s chief executive, Vikram Pandit, wants Ms Dial to stem losses at the consumer arm, which is suffering as recession hits in the US. The move may increase the impression that New York is again becoming the most powerful financial centre in the world, replacing London.