London Daily

Focus on the big picture.
Monday, Jun 22, 2026

António Horta-Osório: The banker who can't stay out of the headlines

António Horta-Osório: The banker who can't stay out of the headlines

Sir António Horta-Osório is used to the spotlight.

As one of the UK's most high-profile bankers "AHO", as he is known in some circles, is credited with dragging Lloyds Banking Group back from the precipice following the financial crisis.

Most recently, however, Sir António has attracted rather more negative headlines.

After moving to Credit Suisse last April, it emerged that he had twice broken Covid quarantine rules in the UK and Switzerland.

Just nine months into his chairmanship of Switzerland's second largest bank, he was out.

It is understood that some at Credit Suisse have been astonished at the attention his resignation has received.

But in the UK, Sir António has always been a colourful character.

He was a relative unknown when, in 2011, he was encouraged by the then Chancellor George Osborne to become the chief executive of Lloyds.

Prior to that, the Portuguese banker - he would later become a dual British citizen - was the boss of Spanish giant Santander's UK arm.

When Sir António took the job at Lloyds, he was a comparatively youthful 47 years-old.

The charming, suave executive stood out in the staid world of banking at the time.

Sir António was also known to be driven, detail-orientated and utterly relentless.

A keen tennis player - one of his quarantine breaches was to attend last year's men's final at Wimbledon - he also counts chess among his hobbies. He once told The Times: "As a strategy game, it applies very well to business."

He's also fond of scuba diving - and swimming with sharks.

Mental health


But it is perhaps these characteristics that led him to the first major crisis of his career when, after just eight months as Lloyds' chief executive, he suddenly took two months of medical leave.

It was shocking at the time, rattling Lloyds' board and its shareholders with many questioning if he would ever return at all.

Sir António later explained that he had discovered that Lloyds was in "a very weak position".

He told the BBC that the state of the bank was something he had to keep to himself, saying that if he spoke about it "obviously that would not generate confidence in the bank".

Lloyds had disastrously decided to rescue HBOS at the height of the financial crisis in 2008. It was then bailed out by the government to the tune of £20.3bn, leaving taxpayers with a 43% stake in the bank.

By the time Sir António joined in 2011, Lloyds was operating within a struggling UK economy while the eurozone crisis raged.

A few months into his job, severe insomnia led to five consecutive nights of no sleep at all which he described "a form of torture".

Sir António did come back but only after a spell in the Priory, where he slept for 16-hour stretches, and a great deal of recuperation at his home in Chelsea.

Once back at Lloyds, he was mentored by psychiatrist Dr Stephen Pereira who, he told the Times, advised him to be "more like a palm tree, so when the storm comes the palm tree bends but then comes back up, instead of being like an oak tree and trying to resist the storm, in which case it can break".

Sir António was advised to "be more like a palm tree" following his medical leave for exhaustion


While surprising at the time - especially in the take-no-prisoners corporate world - the episode ended up as a positive. Lloyds introduced a mental health programme at the bank including training up thousands of mental health first aiders.

And when Sir António was knighted in 2020, it was for his services to mental healthcare as well as the financial services industry.

'Regret'


But it wasn't all plain-sailing at Lloyds.

In 2016, the married father of three was exposed by The Sun for an alleged extra-marital affair - headline "Lloyds bonk".

It prompted an embarrassing memo from the boss to Lloyds staff where Sir António spoke of his regret at the "adverse publicity and damage" caused by the coverage.

The situation wasn't helped by the fact that just three years earlier, Sir António had launched a "Code of Responsibility" at the bank.

In it, Lloyds staff employees were urged to "do the right thing" and ask themselves questions such as: "Would I be happy to tell my colleagues, family and friends about my actions?"

He has mostly kept quiet about the whole episode, though once, when asked about it, the Jesuit-educated Sir António quoted a bible story about Mary Magdalene to the Financial Times, saying: "Those of you that never sinned, throw the first stones."

And while Sir António has done much for mental health in the workplace, tens of thousands of people lost their jobs at Lloyds. Also, after a decade at the top of the bank, it is understood Sir Antonio earned, in aggregate, around £60m.

During that time, however, he did return the bank to profitability and the government sold its final remaining stake in the bank in 2017.

When the bank fully returned to the private sector, Sir António told the BBC: "It was a moment of huge pride for all the colleagues at Lloyds bank [and] for our customers."

There is not, perhaps, much pride at his slightly ignominious exit from Credit Suisse. But Sir António, who turns 58 years-old on 28 January, will undoubtedly be back.

As someone who knows him told the BBC: "We don't need to worry about him too much."

Newsletter

Related Articles

0:00
0:00
Close
UK Expands Alcohol Ban Enforcement Using Tagging Technology Ahead of World Cup
UK Invests £50 Million in Critical Minerals Supply Chain Security
UK Appoints Special Envoy on Preventing Sexual Violence in Conflict
UK Introduces Fines for Landlords of Unsafe Rental Properties
Reform UK Leads Opinion Polls as Immigration Debate Reshapes UK Politics
Police Investigate Edinburgh Attacks as Potential Hate Crimes
King Charles to Publish Personal Tax and Royal Household Financial Records
Nottingham University Hospitals Maternity Inquiry Report Set for Publication
Heat-Health Alerts Issued Across London and Southern England Amid Rising Temperatures
UK Economy Shows Pressure From Middle East Conflict Despite Modest Growth
Brexit Anniversary Reignites Debate Over UK Economic and Political Direction
UK Parliament Continues Legislative Work Amid Leadership Transition
Financial Markets Hold Steady After UK Leadership Shake-Up
Andy Burnham Enters Labour Leadership Race With Strong Parliamentary Backing
Keir Starmer Resigns as UK Prime Minister After Two Years in Office
Reform UK MP Lee Anderson to Raise Pension Concerns Over British Coal Staff Superannuation Scheme
UK Parliament to Debate Newborn Screening for Spinal Muscular Atrophy Following Public Petition
Met Office Warns of Water Safety Risks During Heatwave as Temperatures Peak in England
Treasury Increases Mileage Allowance Payments for 2026–27 Tax Year to 55 Pence Per Mile
UK Government Raises Electricity Generator Levy to 55 Percent in New Revenue Measure
House of Lords Moves Financial Services and Markets Bill to Committee Stage Amid Regulatory Scrutiny
Westminster Hall to Debate Petition on Pro-Israel Influence in UK Politics
UK Parliament Prepares for Estimates Days Debates as Backbench Business Schedule Approved
Armed Forces Bill Nears Final Stages in UK House of Commons With Military Justice Reforms
Donald Trump Comments on UK Political Situation, Citing Immigration and Energy Policy Concerns
Andy Burnham By-Election Victory Fuels Speculation Over Potential Labour Leadership Contest
UK Economy Shows Resilience but Faces Headwinds from Middle East Tensions, UK Finance Says
UK Parliament Opens Week of Debates on Net Zero, Security and Armed Forces Reform
Met Office Issues Amber Extreme Heat Warning as Temperatures Expected to Reach 35C Across England and Wales
Prime Minister Keir Starmer Faces Mounting Leadership Pressure After Makerfield By-Election Defeat
London Hotel Wins World’s Best Afternoon Tea Award at International Hospitality Guide La Liste
Court of Appeal Rules in Favour of Competition and Markets Authority in Phenytoin Drug Case
Chichester Waste Site Suspended After Environment Agency Finds Serious Fire and Pollution Risks
UK Appoints Chris Elmore as Special Envoy on Preventing Sexual Violence in Conflict
Environment Agency Fines Yorkshire Firms Nearly £470,000 for Environmental Permit Breaches
British Chambers of Commerce Says Post-Brexit Trade Deals Have Limited Economic Impact
Resident Doctors to Vote on Government Pay Offer in Ongoing NHS Dispute
UK Public Borrowing Reaches £46.3 Billion in Early Fiscal Year, Driven by Debt Interest Costs
UK Government Unveils £100 Million Package to Strengthen Fire and Rescue Response Capacity
Bank of England Holds Interest Rates at 3.75 Percent Despite Easing Inflation
Met Office Extends Amber Heat Warning as Temperatures Forecast to Reach 38C Across Southern England
Prime Minister Keir Starmer Expected to Resign Amid Mounting Labour Party Pressure
UK Government Tightens Procurement Rules to Prioritise National Security and Supply Chain Resilience
National Drought Group Reviews Water Supply Risks After Dry Spring and Ongoing Heatwave
Andy Burnham Faces Leadership Speculation After Weak Local Election Results for Labour
Charity Commission Appoints Interim Managers to Barnabas Aid Amid Financial Investigation
Government Awards £27 Million Leonardo UK Contract to Maintain Military Aircraft Fleet
Environment Agency Suspends Chichester Waste Site Permit Over Fire and Pollution Risks
Border Force Seizes Record Cannabis Shipment in Major UK Criminal Network Disruption
Lloyds Banking Group to Hire 300 Artificial Intelligence Specialists in Digital Expansion Push
×