Lloyds chief must reapply for own job

Lloyds Banking Group's chief executive António Horta-Osório is having to reapply for his own job as doctors prepare to give him the go-ahead to return to work from sick leave.

The bank is set to hold a board meeting next Thursday at which it will decide whether Horta-Osório, who went on medical leave on grounds of stress in early November, can credibly return to work, according to the Financial Times.

Two people close to the situation said the chief executive was going through such a thorough vetting process that he was in effect having to reapply for his own job.

"Investors are sceptical about his ability to return," said one. "To go with António would be a pretty brave decision."

Shareholders have expressed serious doubt about whether the Portuguese banker, whose stress is said to have been triggered in part by his micromanagement style, should be allowed to return.

The Lloyds' board has appointed its own medical adviser who has been liaising with Horta-Osório and with his doctors. The adviser is expected to report on Horta-Osório's state of health ahead of next week's board meeting.