Pitman spent 49 years at Lloyds, rising to the role of chief executive, and was behind the merger of Lloyds bank and TSB.
Pitman retired in 2001 but had since taken on a number of positions, the most recent of which was as chairman of Virgin Money. It was also understood that Pitman was being lined up to lead Northern Rock if Branson’s group succeeded in buying it.
Lloyds Banking Group chief executive Eric Daniels says: “Sir Brian was a truly inspirational leader, who contributed an enormous amount to Lloyds over many years.
“He was a towering figure in our industry and was involved in many of the major changes that have shaped the banking sector.”
Pitman was president of the British Bankers’ Association from 1996 to 1997. Chief Executive Angela Knight says: “Brian Pitman was a City giant. He was widely recognised for his knowledge and ability and also his willingness to get involved. He was a man of many interests but always had time to listen and was generous with his time and experience. I knew him personally and, like many, will miss his vibrant presence. “