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Exec behind Lloyds’ mass affluent push quits days after launch

Exec behind Lloyds’ mass affluent push quits days after launch

A Lloyds exec behind the bank’s push to attract “mass affluent” customers has departed within days of the launch of its new service. Jo Harris, who has been with the FTSE 100 bank for more than a decade, would be leaving at the end of the month, according to an internal memo seen by the…

A Lloyds executive leading the mass affluent initiative departs. Jo Harris, who has been with the FTSE 100 bank for over a decade, is set to leave at the end of the month, as revealed in an internal memo seen by the Financial Times. Harris, formerly the chief executive of the mass affluent division, launched the new “premier” service last month, targeting clients with £100,000 to £1m in annual income or investible assets. The service includes a current account with exclusive benefits, financial coaching, and tailored lifestyle perks, as announced in a LinkedIn post by Harris. Harris expressed pride in unveiling the service, marking it as a significant step in supporting these customers.

The service is considered crucial to Lloyds’ modernisation strategy, competing with rivals for market share in wealth management and private banking. The UK has approximately 2.3 million households with a gross income exceeding £100,000, according to 2022 data from the Office for National Statistics, with about one in four based in London. Mass affluent customers seek a premium banking experience that aligns with their success and offers personalised rewards, according to the Lloyds Premier launch.

Harris is leaving after 11 successful years in various leadership roles, Lloyds stated. In a memo to employees, Harris described her tenure at the bank as an “epic journey” and the “premier” service as a “game-changer”. Before joining Lloyds, Harris was a private banking director at Royal Bank of Scotland and became a director of strategy and development in Lloyds Bank’s retail sector in August 2014.

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BQ

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