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Hornby set to get HBOS back on track

Andy Hornby’s move to the HBOS hot seat is expected to stem the flow of high-profile departures.

Chief operating officer Hornby takes over as chief executive on July 31 replacing current incumbent James Crosby and it is hoped that he can inject some exuberance into the role.

HBOS has been rocked over recent months by a number of senior figures quitting subsidiaries of the financial serv- ices giant.

Most notably, Michael Bolton jumped ship from BM Solutions in October to join private equ- ity group Oakwood to launch a new lender this year.

Bolton took four senior staff with him and another eight left BM for Oakwood at the end of last year. In September, four directors of The Mortgage Business quit to join Deutsche Bank. He says: “He is young and dynamic and I think it is what HBOS need. It is a large com- pany and a good lender and perhaps they need a new broom to sweep through because people have not left the company for a laugh and they have realised that it is time to fight back a little bit.”

Fitzgerald, who predicts that HBOS will raid its rivals to replace the key staff lost, also claims that IFAs will welcome the change.

In addition to Hornby’s appointment, Royal Bank of Scotland head of retail banking Benny Higgins has been lined up to join the HBOS board and lead its retail businesses.

Hornby, who will work alongside Crosby over the next few months to ensure a smooth handover, says: “HBOS is in great shape and has exciting prospects.”

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