Broker snap: Tookey resignation a clean sweep for Lloyds, says Evolution

Evolution Securities has reiterated its buy recommendation on banking giant Lloyds, following the departure of its finance director Tim Tookey.It was announced on Monday that Tookey, who joined Lloyds in April 2006 and become a board member in 2008, will be joining insurance giant Resolution in February as chief financial officer of its UK Life Project (Friends Life Group). "Tim Tookey's departure represents a de facto clean sweep of the executive team inherited by new chief executive officer Antonio Horta Osorio when he arrived in January 2011," said Evolution analyst Ian Gordon.While Lloyds said that it will commence a search process for Tookey's successor, Gordon said that is unlikely to take a long time "given that the obvious candidate, Antonio Lorenzo, the former chief financial officer at Santander UK, is already in the building!" Lorenzo is currently the group director for the Wealth and International division.The broker keeps its positive stance on the stock, noting that its share price has more than halved over the past 12 months. Nevertheless, it predicts greater upside for peers RBS and Barclays.A 50p target price is retained.By 11:49, shares were 6.68% lower at 33.41p.BC