Who wants to be a CEO? Well, if you do, call up British banking giant Lloyds
Lloyds behind the 8 ball
Osorio gained recognition as a man who could mastermind a turnaround and reverse the fortunes of struggling banks. Before arriving at Lloyds, Osorio won acclaim for amalgamating a number of ailing British banks under the U.K. wing of Spain's Banco Santander
But now he's on the bench. A few days later, the bank reported losses and also announced that it wouldn't be able to meet its financial goals for the year. The bank has lost a massive $6.3 billion for the first nine months of this year. With Osorio at the helm, Lloyds had undertaken a series of cost-cutting measures to trim losses and also relieve itself of government support. But now the vacuum left at the top has thrown everything in disarray.
The stock is down 65% this year overall, including a 22% plunge and after Osorio left on Nov. 2. On Monday, when the news of the interim arrangement came, it was trading at 23.42 pence; to be in the black it needs to trade at 63 pence.
Execs running away?
Finance director Tim Tookey took over as interim CEO when Osorio departed, but he is slated to leave Lloyds for insurer Friends Life in February. The bank's attempt at filling Tookey's soon-to-be vacant position with a high-profile candidate has also drawn a blank. Royal Bank of Scotland's
Lloyds must be hoping for its charismatic leader to return soon and save it from sinking further. To follow Lloyds' progress as its sails on without a captain, add the stock to My Watchlist.
Fool contributor Shubh Datta doesn't own any shares in the companies listed above. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.