The head of the key clients segment at Lloyds TSB's private banking arm has relinquished this role but it is still an employee at the firm, the bank told WealthBriefing in response to media reports that he is taking up a post outside Lloyds.

“Malcolm [Glaister] is still an employee of Lloyds Banking Group,” a spokesperson told this publication on Friday, repeating a statement issued to this publication late on the previous day when reports speculated he is leaving Lloyds altogether.

According to one newspaper, the Scotsman, it is “understood that he [Glaister] will be taking up a position outside Lloyds”. The report did not elaborate on details.

The publication said Glaister has been based in the London office but reports to Philip Grant in Edinburgh.

Glaister was stripped of his position as head of key clients in November last year, but there were no indications that he would leave the bank. He was appointed to the position only two months earlier, when the bank announced a new senior management line-up. Mark Miles, head of UK high net worth, is now in charge of the key clients team.