Former Lloyds Banking Group boss and the chairman of Credit Suisse, Antonio Horta-Osorio, has resigned with immediate effect after breaking Coronavirus quarantine rules.

António Horta-Osório, group CEO and director of the Lloyds Banking Group, will step down in April after being proposed for election as the chairman of the board of Credit Suisse.

Lloyds Banking Group has cut the remuneration packages of its new CEO Charlie Nunn and new chairman Robin Budenberg by 20% compared to their predecessors, it revealed today.

Lloyds Banking Group is hunting for a new CEO to replace António Horta-Osório who will step down as chief executive in 2021 after nearly 10 years.