THE chief executive of Lloyd’s Banking Group is reportedly preparing to apologise after allegations about his private life caused embarrassment to the high street giant.

Antonio Horta-Osorio is expected to release a memo to the bank’s employees voicing “deep regret” over any damage to the bank's reputation in the wake of claims he had had an extra-marital affair with Wendy Piatt, the director general of the Russell Group of universities.

The allegations about his private life surfaced two weeks ago and led to speculation that he may step down, claims which he is also tipped to rebuff in the memo to staff.

He will reportedly reassure employees of his determination to stay on and steer the taxpayer-backed group, which includes the Bank of Scotland, through the uncertainty of the Brexit period.

Lloyds announced in July that it would be cutting 3,000 jobs and closing 200 branches despite doubling its pre-tax profits.