Lloyds Banking Group has appointed a new CIO to replace the departing Darryl West.
David Oldfield, previously managing director of SME and mid-markets banking, is stepping up to join the group’s operations board tomorrow as group chief information officer and deputy director of group operations.
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Oldfield joined Lloyds Bank in 1984 on a graduate entry scheme and has held a number of leadership roles in the company. His CV shows no sign of specific IT management experience, suggesting his promotion reflects the trend for some firms to seek more business experience in their senior IT leadership roles.
He replaces Darryl West who has left Lloyds and, according to reports, become group CIO at rival Barclays.
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Oldfield’s appointment comes at a time when Lloyds’ IT is under particular scrutiny. The bank recently rebranded 632 branches as TSB, having previously intended to sell off those branches to the Co-operative Bank. The sale fell through in April.
TSB continues to operate on Lloyds’ IT systems, leading the Office of Fair Trading (OFT) to express concerns over TSB’s ability to compete in the retail banking market.
In a September letter to chancellor George Osborne, OFT CEO Clive Maxwell said the OFT was concerned that the “business and IT services agreements with Lloyds Banking Group may impair [TSB’s] ability to compete independently in the market”.
The letter noted that Lloyds Banking Group (LBG) and TSB were negotiating an IT services agreement to cover the arrangement.
“We recognise LBG’s assurances about [TSB's] ability to modify and innovate and the efforts made to reduce the overall cost base for the IT platform and the overall benefit that a transitional arrangement can provide stability for [TSB] in its early years," wrote Maxwell.
"However, there remain concerns about the impact on competition arising from any [TSB] dependence on LBG, the influence that LBG will retain over the operational flexibility of [TSB], including its ability to innovate and differentiate its product offering, as well as any information flows between the parties.”