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New Lloyds bank chairman starts a cull

Sir Win Bischoff, the incoming chairman of Lloyds bank, has this week begun to re-organise the company's boardroom with two non-executives set to stand down. This is the first stage of a major reorganisation of the operation which will see new directors brought in and those from the "old board" jettisoned at some point. So what exactly is going on?

Lloyds bank is now 43% owned by the UK government and despite the board's reluctance to let the government have undue influence there is no doubt that plans are afoot. While not necessarily a witch-hunt against those who have been involved with Lloyds bank in the past, there is no doubt that the "old school" board of years gone by is set to be broken up. There is concern in some quarters that the government, and Lloyds bank, are throwing out the baby with the bathwater.

It is ironic that the UK government has essentially forced a major change in the boardroom setup of Lloyds bank at a time when the government is under pressure and facing legal action over the HBOS acquisition by Lloyds bank. Many believe that Gordon Brown was behind the move to merge the two operations as a means of rescuing the UK banking sector, something which the government has vehemently denied.

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