Banking lobby group UK Finance has named former Barclays and Lloyds Banking Group executive David Postings as its new chief executive following the abrupt departure of his predecessor over derogatory comments he made about a female financier.

Postings, who has held a non-executive director position at UK Finance since 2018, will take the top job from January next year. He has previously held senior roles at Barclays in the 1990s until his departure for Lloyds Banking Group in 2004. For the past five years, he has been global chief executive of Bibby Financial Services, which provides funding to small and medium-sized enterprises.