The boss of Lloyds Banking Group is to take temporary leave due to fatigue, sources said, as the taxpayer-backed bank fights to lift itself out of a financial mire.

Antonio Horta-Osorio, who became Lloyds chief executive in March, is understood to have requested a leave of absence due to overwork and hopes to return before the end of the year.

Portuguese-born Mr Horta-Osorio is in the midst of implementing his strategic vision for the bank, which is 40.2% state-owned, including overseeing an EU-imposed sale of 632 branches, a revamp of its Halifax brand and around 15,000 job losses.

Lloyds, which is the UK’s biggest lender, declined to comment.