Lloyds new chief executive Ant�nio Horta-Os�rio pledges to keep existing brands and speeds up branch sell-off
Bailed-out Lloyds Banking Group, which received nearly 2,000 formal complaints a day in the second half of 2010, is aiming to cut the number of complaints by 20%.
The bonuses of the top executives are also tied to financial and non-financial measures such as consumer service although the bank was unable to say what proportion of bonuses was linked to customer service.
New chief executive Ant�nio Horta-Os�rio has also told staff that he intends to continue to use the bank's existing brands - Lloyds TSB, Bank of Scotland and Halifax ? and not repeat the strategy he deployed at Santander to unite Abbey National, Bradford & Bingley and Alliance & Leicester under the Spanish "We have some great brands with their own unique histories and different customer bases. Our multi-brand approach recognises those differences and we will build compelling propositions according to those customers," Horta-Os�rio said.
He is accelerating the sale of 600 branches that the bank must offload to meet EU regulations on state aid and on Monday named JP Morgan and Citigroup to oversee ? and help fund ? the sale. City sources believe he is aiming to prove to the independent banking commission, which publishes an interim report on 11 April, that the bank is reducing its grip on the high street.
Lloyds received 329,761 complaints in the second half of last year compared with 288,717 in the first half ? largely because of a surge of complaints about mis-sold payment protection insurance (PPI). The new targets exclude PPI complaints.
Even before he took the helm on 1 March, Lloyds had set up a "phone a friend" department staffed by 200 workers to take control of complaints.
The targets are based on a reduction per 1,000 accounts. So the bank is aiming to cut the current complaint ratio from 2.1 to 1.9 in the first half of 2011 and 1.7 in the second half. Its 2.1 starting point is less than Barclays ? which has 5.5 complaints per 1,000 customers ? and the 5 per 1,000 customer that Santander suffers. NatWest, owned by Royal Bank of Scotland, as well as RBS in its own right and HSBC all have a greater of proportion of complaints per customer, according to Lloyds.
Horta-Os�rio said: "I am committed to improving the quality of the service we give to our customers. And to demonstrate that commitment we have announced a set of stretching targets to reduce our complaints. This ensures we are focused on getting things right for customers, and where we don't, putting it right quickly and efficiently."
Source: http://www.guardian.co.uk/business/2011/mar/28/lloyds-aims-cut-complaints
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