Lloyds Bank (LON:LLOY) has announced former Morgan Stanley banker William Chalmers as its new Chief Financial Officer.

Chalmers is set to join the bank in June to take up his new role. Prior to his new position at Lloyds, Chalmers was co-head at Morgan Stanley’s Global Financial Institutions Group.

Lloyds is set to pay around £4.4 million in deferred cash and shares which he will lose out on once he leaves his current role. His fixed pay will be around £1.3m per year, plus benefits and performance-based bonuses.

António Horta-Osório, Lloyds Chief executive, commented: “William has a proven track record in financial services and will be a great addition to the executive team. We will be sad to see George go, but are pleased to have had him in the team for the past seven years and to be able to have George and William working together to ensure a smooth transition.”

Incoming Chief Financial Officer Chalmers also added: “I very much look forward to joining the executive team at Lloyds Banking Group. It is a tremendous company that is going through an impressive transformation. I look forward to getting started and making a contribution.”

Lloyds is set to announce its 2018 annual results next Wednesday.

Shares in Lloyds are currently +1.67% as of 13:50PM (GMT).