Exec behind Lloyds mass affluent push quits within days of 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 Financial Times.
Harris, who was chief executive of the mass affluent division, which focuses on customers with £100,000 to £1m of annual income or investible assets, last month launched its new “premier” service which includes a “current account with exclusive benefits and offers, financial coaching and tailored lifestyle perks”, according to a LinkedIn post by Harris announcing its launch.
Harris said she was “so proud” to unveil the launch of the service, which marked “an exciting new step in how we support these customers.”
Race to attract mass affluent
The service was seen as vital to the bank’s modernisation efforts as it jostles with rivals to claw market share in wealth management and private banking.
Some 2.3m households have a gross income over £100,000 in the UK, according to 2022 figures compiled by the Office for National Statistics, of which around one in four are based in London.
Mass affluent customers “expect a premium banking experience that matches their success, one that’s tailored to their own personal goals and offers relevant, tangible rewards,” according to the launch of Lloyds Premier.
Harris was leaving after “11 successful years across a range of leadership roles”, Lloyds said in a statement.
In a memo to employees on Tuesday, Harris called her time at the bank an “epic journey” and the “premier” service a “game-changer”.
Harris was a private banking director at Royal Bank of Scotland before being tapped to become a director of strategy and development in the retail arm of Lloyds Bank in August 2014.