The agency told Reuters: “The review has been prompted by the significant upheaval within Lloyds’ senior management.”
Finance director Tim Tookey, due to leave the bank in February, was appointed as interim group CEO in addition to his current role.
Tookey said Horta-Osório was still expected back at work before Christmas.
“Moody’s is concerned that the group may face a major challenge in ensuring continuity of leadership, given that the CEO has only been in place since March 2011; and there have been several high-level management changes since his arrival, including the announcement that the current CFO will leave in February 2012,” the agency said.
It added: “The situation is exacerbated by the fact that it comes at a time of turbulent conditions in the financial markets and the necessity for Lloyds to execute important tasks, including the EU-mandated sale of branches and the ongoing wind-down of non-core assets.”
