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2/15/2019, 12:41 PM (Source: TeleTrader)
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Lloyds snatches Chalmers from Morgan Stanley

William Chalmers is becoming the chief of finance in Lloyds Banking Group Plc. The British mortgage lending giant announced on Friday that it agreed with Morgan Stanley's co-head of the global financial institutions sector to replace George Culmer, who would retire in the third quarter. The new CFO should take charge in June pending regulatory clearance, the statement adds.

His fixed share award over five years is worth £504,000, the same as for his predecessor. Lloyds approved a slightly higher salary excluding bonuses – £795,000.

Chalmers has worked for the employer based in the United States since 2000. He is entitled to deferred cash and share awards, which make up for lost income there, of £4.4 million. The banker highlighted the "impressive transformation" Lloyds is going through.

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