HBOS to miss out as jobs move south

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Banking giant Lloyds TSB has announced that nine of the top posts will go to its people.

This leaves only two of the most prestigious positions for HBOS executives.

The majority of staff will also be based in London, despite demands from First Minister Alex Salmond for key decision-making functions to be located in Scotland.

Lloyds TSB chief executive Eric Daniels told The Herald newspaper that Archie Kane, in line to become Group Executive Director of Insurance, would be the sole member of the senior executive team based in Edinburgh.

Mr Kane, who currently runs Lloyds TSB's Scottish Widows business, is already based in the Scottish capital, the paper said.

The only two HBOS executives to net top jobs are Harry Baines, set to become General Counsel and Company Secretary of the new entity, and Jo Dawson, who will become director of the newly-created Wealth and International division.

As previously announced, Sir Victor Blank will be chairman and Eric Daniels chief executive of the enlarged group.

Mr Salmond has repeatedly insisted the takeover should benefit Scotland. He previously told MSPs he would "strain every sinew" to maximise the benefits for Scotland.

Lloyds TSB announced its proposed £12.2 billion takeover of HBOS in September after the latter's share price plunged.