Piero Grandi, managing director of Lloyds International Private Banking in Switzerland, is stepping down from the role, to be replaced by Russell Galley, this publication can exclusively report.

Galley was previously managing director of savings, investment and protection within the group's retail bank, according to an emailed statement sent to WealthBriefing.

Under the change, Grandi “will continue to play an important role supporting the transition, particularly with regard to supporting our relationships with clients and regulators, and working with Russell”, the bank said.

It is unclear what Grandi’s longer term plans will be – Lloyds declined to elaborate.

The changes follow several recent defections and redundancies at the Geneva office of Lloyds International Private Banking, as reported here. Most recently the bank lost a team of five bankers who moved to Barclays Wealth.

Rumours of a planned move of the back office to the outskirts of the town of Nyon along the shores of Lake Geneva have not been well received by many of the staff, it is said. Lloyds has a new management team in head office following the retirement of Eric Daniels as chief executive.