Alliance & Leicester looks set to convert the role of its former head of intermediary mortgages Mehrdad Yousefi into a sales-facing position.
The lender has yet to reveal who will replace Yousefi, having announced his departure after 18 years at A&L in March. He joins Merrill Lynch subsidiary Wave as director of distribution and sales on August 13.
An A&L spokesman says it has split Yousefi’s role and director of mortgage distribution Raj Uppal is currently overseeing the sales position.
With margins tightening for lenders, sources suggest A&L is looking closely at its cost basis.
Robert Sterling Kevin Duffy says it is critical that A&L makes a leading appointment.
Alexander Hall chief executive Andy Pratt says Yousefi has done a lot to raise the profile of A&L, which four years ago had a weak presence in the intermediary market. He says: “His role was not just sales-focused and to directly replace someone like him will be difficult for A&L. Its primary focus will be to find someone to replace the sales role and later it can develop its face in the industry.”