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The exhausted boss of Lloyds Banking Group today admitted that he had overdone it in trying to speed up the turnaround of the bailed-out bank - and urged others suffering in the City to seek professional help.
In his first interview since stepping aside as chief executive of the bank at the end of October, Antonio Horta-Osorio told the Standard: "When I became chief executive in March I had a very clear idea of what had to be done. I threw myself into the job.
"There were very many issues to be tackled. With the benefit of hindsight I overdid it. I focused too much on too many details."
Last month Lloyds said Mr Horta-Osorio, 47, had stood aside as chief executive after being ordered to rest for six to eight weeks because he was suffering from extreme exhaustion.
Speculation grew in the City that he might never return to work and Lloyds announced two stand-ins.
Yesterday the bank gave him a clean bill of health and said he will return on January 9. That followed an independent medical assessment for the board and interviews with him by each of the other 16 directors.
Mr Horta-Osorio told how the condition, which he and the bank refuse to call stress, crept up on him. "At the beginning of September I started to have problems sleeping. I'd go to bed exhausted but could not sleep. I could not switch off. I was ending up with just two or three hours' sleep every night."
He added: "I understand now why they use sleep deprivation to torture prisoners."
Mr Horta-Osorio realised he needed help. "With my wife Ana, who had become worried about me, I sought medical advice and went to see a specialist.
"He told me my battery was in effect so run-down it was virtually on zero. I went to the Priory clinic for a week to rest. Then I went home and was immediately sleeping eight hours a day.
"By then I felt extremely well and told the chairman I wanted to come back to work. The treatment involved medicine to help me sleep. I'm still on mild doses of that, which I expect to come off in the next few weeks."
He added: "The official figures are that 30 per cent of the population suffers sleep deprivation at some time - but my specialist said it's more like 50 per cent."
Asked if his experience could teach others in the City anything, he said: "Anyone under extreme pressure and suffering should seek professional help fast."
He went on: "I don't believe I have been damaged by this. I'm not going to work any less - just differently, by detaching myself from Lloyds' day-to-day running and focusing on strategy."
Reader views (10)
Yeh - it's that frying pan...
- Chris, Brighton UK, 16/12/2011 19:18
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Tewwibly hot in the kitchen.
- Anglo, The Heart of England, 16/12/2011 11:06
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No wonder I have had no reply to my letter of April 11th from old Antonio - he's suffering from stress. Well join a few of us matey who have been subjected to the appalling lack of service and co-operation at the Bank of Scotland. I wish I could afford a few sessions at The Priory, but I'm having to deal with a property 'scam' that involves BoS and despite my letters to the beleaguered BoS, it won't join me in addressing the dire situation. I wonder if Antonio has lost as much sleep and money as I have over the last 4 years since I took out a mortgage with BoS?
- Chris, Brighton UK, 16/12/2011 10:29
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I feel so sorry for him, it must be tough doing his job, and the pitiful bonus and salary he is on.
Maybe we should have a whip round for him , wht do u say?
- Brian Wilts, wiltshire, 15/12/2011 17:38
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Perhaps we should have a compulsory whipround to give him a long all expenses paid holiday
- Patrick, Dalston, 15/12/2011 17:37
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Bet its the shock of doing some work...by the time you reach that level...you probably wouldnt have done much for a while....
- Old Carole, EUSSR, 15/12/2011 16:49
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Looking at the huge amount my Lloyds Banking Group shares lost lately, I think Señor Horta-Osorio should be given the sack.
Any chance of that?
- John Smith, London, EUSSR, 15/12/2011 16:45
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Bet he wasn't on statutory sick pay.
- Philip, London, 15/12/2011 14:59
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The big pay and bonuses would drive anyone into depression and exhaustion.
- Charly, London, 15/12/2011 13:58
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Good for him in being able to admit his problem and seek help! More men should do this.
- bleakhouse, Croydon, 15/12/2011 13:24
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