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The push to growth of the executive-leading Lloyd’s Banking Group’s “Popular Affluent” division leaves the bank more than a decade less than two weeks after the launch of the “Premier” service, which she called the “game changer.”
Lloyds told employees Tuesday that Joe Harris will quit his job as chief executive officer of the department. The focus is on customers with investment assets ranging from around £100,000 to £1 million, according to those familiar with the issue.
Harris, who joined the group’s executive committee, joined Lloyds in 2014, held numerous senior positions before being tapped by group CEO Charlie Nun, creating a new “popular” service as part of his strategy to revamp the bank.
Lloyds said Harris would leave her role at the end of June, if she left her role, people familiar with the matter said.
For the past four years, Harris has been responsible for expanding Lloyd’s clientele to customers in a massively wealthy cohort, culminating in the launch of its “premier” service last week.
According to a LinkedIn post announced by Harris, the new services include “current accounts with exclusive perks and offers, financial coaching and tailored lifestyle parks.”
Banks and asset managers want to access popular wealthy markets to pursue asset management and market share in private banks.
However, competition is fierce as major lenders look for companies that generate fees to make up for lower net interest incomes in lower rate environments.
Lloyds reported to Jane Opperman, director of consumer relations, Harris said he has left “11 successful years across the scope of his leadership role.”
In a note to employees on Tuesday seen in the Financial Times, Harris called his bank time an “epical journey” and called the “premier” service a “game changer.”
Lloyds previously planned to target wealthier clients, including a joint venture with Schroeder. The initiative, called Schroders Personal Wealth, was launched in 2019 and aimed to combine the company’s investment expertise with the bank’s large customer base to create a financial planning business to compete with the top three players.
