Bank of London has appointed its fourth CEO in just over a year as it looks to stabilise operations and rebuild its executive team.
A new CEO is one of the most exciting and yet challenging transitions for a company.
It brings new ideas, new priorities, and often huge operational changes; this is then normally followed by a period of change as employees gradually swap one philosophy for another.
So when the Bank of London named its fourth chief executive in just over a year, it’s no surprise people are starting to ask what exactly is going wrong.
Earlier this week, the bank confirmed to The Banker that Christopher Horne, who joined in January 2025 from Credit Suisse UK, has stepped down after just nine months in charge. He is being replaced by Tony Bullman, the bank’s chief financial officer, who arrived from UBS earlier this year.
Bullman’s promotion offers some internal continuity, but it also highlights the significant leadership turnover at one of Britain’s newest clearing banks.
Horne had been hired to steady the ship after a rough spell and his M&A and investment banking experience was expected to help strengthen its governance and operational discipline.
Payment Expert has approached Horne to comment on his departure.
A challenging phase
Since the Bank of London’s launch in 2021 under founder Anthony Watson, the bank has seen a lot of executives come and go. Watson stepped down in September 2024, shortly before high-profile board departures from figures including Peter Mandelson and Harvey Schwartz.
Stephen Bell then became CEO straight after Watson’s departure though his tenure was short lived, being replaced when Mangrove Capital Partners seized control of the bank.
Operational and regulatory problems have continued to add pressure on the bank and have made the last year even harder to manage. After Watson left, HM Revenue and Customs issued a winding-up order linked to an unpaid tax bill, which was later withdrawn but still raised concerns about how the bank was being run.
A few months later, in May 2025, the Prudential Regulation Authority (PRA) began an investigation into what it called “certain historical matters,” and this review is still ongoing. The financial results have also been difficult, as in June the parent company reported its third year of losses, bringing total deficits since the bank launched to almost £110m.
One step forwards, two steps back
The bank has not always been on a downward path; when it first entered the market, the Bank of London presented itself as a fast growing fintech with strong potential and even reached a short lived unicorn valuation soon after receiving its UK banking licence in 2021.
Bullman now steps into the role of CEO at a time when the bank is trying to return to the ambition it showed in its earliest years. He is taking over as part of a wider reshaping of the senior team which began several months ago, as the bank attempted to stabilise operations and improve internal controls.
In July, the bank appointed Hana Rolles as chief commercial officer. She joined from Paynetics UK, where she had led the company through a period of expansion and worked closely with a number of well known fintech and retail brands.
In August, the bank added Aris Asimakis as chief risk and compliance officer, who previously worked at Zempler Bank and held earlier roles at Vanquis Bank, Tesco Bank and the PRA.
These appointments formed part of a wider rebuild of the executive team which also included new hires in marketing and transformation. However, they were made under the leadership of Horne.
