LONDON, (Reuters) – Charlie Nunn, Chief Executive Officer of Lloyds Banking Group has initiated a shakeup in the top team and structure at Lloyds Banking Group as he seeks to implement a revised strategy that was revealed last month.

According to an internal memo, the bank would split into five units to provide investment plans.

Nunn – a former HSBC executive who took over at Lloyds (LON:) in August – is planning to invest 4 billion pounds over the next five years, targeted at digitising the bank and boosting fee income in areas including wealth management.

The memo stated that two of the top bank executives plan to quit the bank as a result of management changes.

Vim Maru, the Group Director for Retail, will step down following a transfer of responsibility. David Oldfield is also planning to retire next year as Commercial Banking boss.

Lloyds has split its retail division in two. One will focus on consumer loans, the other current accounts and savings.

Russell Galley, Jo Harris and Jas Singh will lead the first unit. Jas Singh will head the second. All internal promotions.

Commercial business will also split, with one focus on small businesses and the second on large clients.

The bank will search for qualified candidates to head both of its two units while Lloyds’ Olfield manages the company’s restructuring.

The memo stated that the group would report its financial results as three distinct divisions.