Lloyds Banking Group has announced an overhaul of its management structure following chief executive Antonio Horta-Osorio’s return from leave.

The restructuring means that Horta-Osorio, who recently returned from two months off for fatigue, will now have ten executives reporting directly to him rather than the 14 he had previously.

The biggest casualty in the shake-up is wholesale banking chief Truett Tate, a close adviser to previous CEO Eric Daniels, who will step down at the annual general meeting (AGM) in May.

Tate’s role will temporarily fall to Andrew Géczy, CEO of wholesale banking and markets, until a permanent replacement is found.

Antonio Lorenzo will take on responsibility for the asset finance division and Alison Brittain will take up the newly created role of group director of retail, in charge of Lloyds’ retail banking business.

Horta-Osorio commented, ‘The changes to the group's senior management team ensure we have the right organisational structure to deliver on our strategy and move to the next phase of the group's transformation.

‘I would like to thank Truett for his contribution and commitment to the group over the last eight years.

‘He has played an important role with the management team in helping to steer the group through a challenging period and we wish him well for the future.’

Shares in Lloyds are currently trading up 3.27 per cent at 31.62p at 11.15am, outperforming the FTSE 100, which is up 1.5 per cent, but underperforming banking rivals Barclays and Royal Bank of Scotland (RBS).