Peter Cummings, banker to retail entrepreneurs such as Sir Philip Green, has been frozen out of the new management team unveiled by Lloyds TSB as it takes over HBOS.

Just two out of the top 11 jobs in the new bank will go to HBOS executives, with Lloyds TSB executives taking most of the top roles in a team headed by Eric Daniels, chief executive of Lloyds, and Sir Victor Blank, the bank’s chairman.