London Daily

Focus on the big picture.
Thursday, Jan 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
Prince William to Make Official Visit to Saudi Arabia in February
Prince Harry Breaks Down in London Court, Says UK Tabloids Have Made Meghan Markle’s Life ‘Absolute Misery’
Malin + Goetz UK Business Enters Administration, All Stores Close
EU and UK Reject Trump’s Greenland-Linked Tariff Threats and Pledge Unified Response
UK Deepfake Crackdown Puts Intense Pressure on Musk’s Grok AI After Surge in Non-Consensual Explicit Images
Prince Harry Becomes Emotional in London Court, Invokes Memory of Princess Diana in Testimony Against UK Tabloids
UK Inflation Rises Unexpectedly but Interest Rate Cuts Still Seen as Likely
AI vs Work: The Battle Over Who Controls the Future of Labor
Buying an Ally’s Territory: Strategic Genius or Geopolitical Breakdown?
AI Everywhere: Power, Money, War, and the Race to Control the Future
Trump vs the World Order: Disruption Genius or Global Arsonist?
Trump vs the World Order: Disruption Genius or Global Arsonist?
Trump vs the World Order: Disruption Genius or Global Arsonist?
Trump vs the World Order: Disruption Genius or Global Arsonist?
Arctic Power Grab: Security Chessboard or Climate Crime Scene?
Starmer Steps Back from Trump’s ‘Board of Peace’ Amid Strained US–UK Relations
Prince Harry’s Lawyer Tells UK Court Daily Mail Was Complicit in Unlawful Privacy Invasions
UK Government Approves China’s ‘Mega Embassy’ in London Amid Debate Over Security and Diplomacy
Trump Cites UK’s Chagos Islands Sovereignty Shift as Justification for Pursuing Greenland Acquisition
UK Government Weighs Australia-Style Social Media Ban for Under-Sixteens Amid Rising Concern Over Online Harm
Trump Aides Say U.S. Has Discussed Offering Asylum to British Jews Amid Growing Antisemitism Concerns
UK Seeks Diplomatic De-escalation with Trump Over Greenland Tariff Threat
Prince Harry Returns to London as High Court Trial Begins Over Alleged Illegal Tabloid Snooping
High-Speed Train Collision in Southern Spain Kills at Least Twenty-One and Injures Scores
Meghan Markle May Return to the U.K. This Summer as Security Review Advances
Trump’s Greenland Tariff Threat Sparks EU Response and Risks Deep Transatlantic Rift
Prince Harry’s High Court Battle With Daily Mail Publisher Begins in London
Trump’s Tariff Escalation Presents Complex Challenges for the UK Economy
UK Prime Minister Starmer Rebukes Trump’s Greenland Tariff Strategy as Transatlantic Tensions Rise
Prince Harry’s Last Press Case in UK Court Signals Potential Turning Point in Media and Royal Relations
OpenAI to Begin Advertising in ChatGPT in Strategic Shift to New Revenue Model
GDP Growth Remains the Most Telling Barometer of Britain’s Economic Health
Prince William and Kate Middleton Stay Away as Prince Harry Visits London Amid Lingering Rift
Britain Braces for Colder Weather and Snow Risk as Temperatures Set to Plunge
Mass Protests Erupt as UK Nears Decision on China’s ‘Mega Embassy’ in London
Prince Harry to Return to UK to Testify in High-Profile Media Trial Against Associated Newspapers
Keir Starmer Rejects Trump’s Greenland Tariff Threat as ‘Completely Wrong’
Trump to hit Europe with 10% tariffs until Greenland deal is agreed
Prince Harry Returns to UK High Court as Final Privacy Trial Against Daily Mail Publisher Begins
Britain Confronts a Billion-Pound Wind Energy Paradox Amid Grid Constraints
The graduate 'jobpocalypse': Entry-level jobs are not shrinking. They are disappearing.
Cybercrime, Inc.: When Crime Becomes an Economy. How the World Accidentally Built a Twenty-Trillion-Dollar Criminal Economy
The Return of the Hands: Why the AI Age Is Rewriting the Meaning of “Real Work”
UK PM Kier Scammer Ridicules Tories With "Kamasutra"
Strategic Restraint, Credible Force, and the Discipline of Power
United Kingdom and Norway Endorse NATO’s ‘Arctic Sentry’ Mission Including Greenland
Woman Claiming to Be Freddie Mercury’s Secret Daughter Dies at Forty-Eight After Rare Cancer Battle
UK Launches First-Ever ‘Town of Culture’ Competition to Celebrate Local Stories and Boost Communities
Planned Sale of Shell and Exxon’s UK Gas Assets to Viaro Energy Collapses Amid Regulatory and Market Hurdles
UK Intensifies Arctic Security Engagement as Trump’s Greenland Rhetoric Fuels Allied Concern
×