The executive leading Lloyds Banking Group's push into the "mass affluent" market has left the bank just days after launching a new premium service she described as a "game-changer".

Jo Harris, chief executive officer of the bank's mass affluent division, departed at the end of June after more than 11 years with the FTSE 100 lender. Her exit comes less than two weeks after the launch of Lloyds Premier, a service targeting customers with £100,000 to £1 million of investible assets or annual income.

Harris, who sits on the group's executive committee, joined Lloyds in 2014 as director of strategy and development in the retail arm after working as a private banking director at Royal Bank of Scotland. She was later selected by group chief executive officer Charlie Nunn to create the new mass affluent service as part of his strategy to modernise the bank.

The timing of her departure has raised eyebrows given the recent launch of the premier service, which Harris had championed on LinkedIn as "an exciting new step in how we support these customers". The service offers a current account with exclusive benefits, financial coaching and tailored lifestyle perks designed to appeal to affluent clients.

In an internal memo to employees on Tuesday seen by the Financial Times, Harris described her time at the bank as an "epic journey" and called the premier service a "game-changer". She said she was "so proud" to have unveiled the launch of the service.

The mass affluent segment has become increasingly competitive as banks and asset managers vie for market share in wealth management and private banking. Major lenders are particularly keen to develop fee-generating businesses to offset lower net interest income in the current rate environment.

Some 2.3 million households have a gross income over £100,000 in the UK, according to 2022 figures from the Office for National Statistics, with around one in four based in London. These customers "expect a premium banking experience that matches their success, one that's tailored to their own personal goals and offers relevant, tangible rewards," according to the Lloyds Premier launch material.

Lloyds said Harris, who reported to Jayne Opperman, head of consumer relationships, was leaving after "11 successful years across a range of leadership roles". The bank has previously outlined plans to target wealthier clients, including through a joint venture with Schroders called Schroders Personal Wealth, launched in 2019 to combine investment expertise with the bank's large customer base.

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