Lloyds hires former Santander chief risk officer

Lloyds Banking Group has appointed Javier Rodríguez de Colmenares as its new group chief risk officer, succeeding Stephen Shelley. The former Santander executive joins the British lender after three years overseeing corporate and investment banking risk.

Stephen Shelley announced his retirement following a 15-year stint at Lloyds. He began in 2011 as chief risk officer for commercial banking and expanded to lead the entire risk function in 2017.

Group CEO Charlie Nunn said, “He has overseen a fundamental reshaping of the group’s risk management function and culture amidst significant regulatory change and economic turbulence.” Nunn added the board owes Shelley a great debt of gratitude.

Before joining Lloyds, Shelley spent a decade at Barclays’ wholesale banking division, holding various coverage and risk positions. His 37-year financial-services career concludes with the retirement.

Rodríguez de Colmenares joins from Banco Santander, where he spent the past three years as global chief risk officer for Corporate and Investment Banking (CIB). His career at the Spanish banking group, split across two periods, includes a further ten years at its CIB unit in various senior roles, as well as a spell in Brazil heading up credit operations before serving as deputy chief risk officer.

His career began in 2001 at BBVA within its capital markets division. After leaving Santander in 2016, he joined IDB Invest as head of the infrastructure and energy division before returning to the bank in 2020.