Lloyds Bank is starting off 2016 with some management changes. According to reports on Monday (Jan. 4), the financial institution has chosen a new global head of infrastructure, resources and energy for its commercial banking arm.
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Geoffrey Spence will join the bank in March, reports said, from his current position as CEO of infrastructure U.K. He will take the spot of David Boran, who is slated to retire from Lloyds after four decades at the bank.
The hire coincided with Lloyd’s appointing Guillaume Fleuti as managing director and head of corporate debt capital markets, reports added.
The commercial banking market in the U.S. is struggling comparatively, according to recent analysis from TheStreet published in September. Only two out of the nation’s largest FIs, U.S. Bancorp and Wells Fargo, reported a return on shareholder equity over 10 percent.
Corporate banks are “not performing that well, and their business model is facing an uncertain future,” analysts said.
Exacerbating the struggle is the declining number of commercial banks in operation. At the end of 1995, there were nearly 10,000 commercial banks; over the last two decades, however, that number has declined to about 5,400, with an average of 223 commercial banks exiting the market every year.