From one state-owned bank to the next: Nathan Bostock joined Lloyds Banking Group today as its head of wholesale after resigning as head of restructuring and risk at Royal Bank of Scotland.

Bostock, 51, joined RBS two years back to oversee its sale of distressed assets. However, the bank's non-core unit has only sold half of its portfolio so far and still has more than £100bn in third-party assets on its books.