Eric Daniels, the former chief executive of Lloyds Banking Group, is to advise clients on restructuring balance sheet exposure in his first new role since leaving the part-nationalised UK bank.

Daniels, who was at the helm of Lloyds TSB when it carried out the £12.2bn takeover of HBOS before it was then bailed out by the UK government, has joined StormHarbour Securities, an independent advisory firm that specialises in debt sales and trading, structuring and advisory work.