Former BMA CEO Eyed For Lloyds Banking Role
L
loyds Banking Group is reported to be in talks to hire Matthew Elderfield, the former Bermuda Monetary Authority CEO who last week announced he is to leave his role as the Irish Central Bank’s deputy governor.
According to a report on the Bloomberg news service on Thursday [Apr. 19], Mr. Elderfield could take up a senior position in compliance at that major British financial institution when he finishes with his role in Ireland in six months.
The news agency said that Mr. Elderfield, Lloyds and the Irish Central Bank all declined to comment on the story.
Mr. Elderfield took up his position in Ireland in January, 2010. Prior to that, he was the chief executive of the Bermuda Monetary Authority from June, 2007.
During his two years as head financial regulator in Bermuda, Mr. Elderfield introduced reforms to strengthen the island’s reputation for international insurance, banking and fund management.
He strengthened regulation in Bermuda by significantly increasing staff numbers, expanding the BMA’s learning and development programme and introducing a scoring system for management.
During his time as Ireland’s chief regulator, Mr. Elderfield introduced stiffer fines for financial irregularities and boosted staff numbers at the regulator.
He also called for a re-evaluation of financial crime laws, saying delays in prosecuting those involved in the collapse of Irish banks during that country’s recession-era economic contraction were undermining public confidence.
