Lloyds CEO Scandal: Ultimately it is “Pay the army, Damn the rest”

Mike Ingram, Strategist at BGC Partners and Tip TV’s Zak Mir discuss Lloyd’s bank COE Antonio Horta-Osorio’s juicy scandal. Osorio apologized to his 75,000 staff after being caught 'having an affair on a business trip' but added: 'We all make mistakes'.

Ingram and Mir discuss whether such personal scandals damage the reputation of the firm. The conclusion is that such scandals are met with moral outrage, however, at the end of the day Osorio did not fiddle his expenses and hence there is little reason for him to quit unless there is evidence of deterioration in bank’s business. This whole things looks like Roman Emperor’s case who advised his sons – “pay the army, damn the rest’.