The man tipped by many to be among frontrunners for the role of chief executive at Lloyds Banking Group has this morning been appointed to the new role of chief executive of Lazard International. The appointment came as it emerged separately that Lazard International chairman Ken Costa has set up his own advisory firm.

Lazard said in a statement today that Naguib Kheraj, a former Barclays finance director, will serve as a senior member of the global financial advisory management team and will take a leadership role in advising large corporates, financial institutions and sovereign funds in Europe, the Middle East and Africa.