Lloyds Banking Group will activate a long-term succession plan in a fortnight unless its ailing chief executive shows signs of recovering from his stress-related illness.
António Horta-Osório was forced to step aside temporarily last week after suffering 'extreme fatigue', with finance chief Tim Tookey taking over while his boss recuperates.
Sources said that chairman Sir Win Bischoff will decide whether to begin looking for a successor within a 'couple of weeks'.
Ailing boss: Lloyds chief executive António Horta-Osório stepped aside temporarily last week after suffering 'extreme fatigue'
With Tookey set to quit the Black horse in February, the bank will also have to appoint another stand-in leader unless Horta-Osório makes a speedy recovery.
Non- executive directors Glen Moreno, a former chairman of UK Financial Investments, and ex- Barclays banker David Roberts have been named as possible short-term replacements. having temporarily run Wall Street giant Citigroup during-the financial crisis, Bischoff himself could take over the running of Lloyds.
However, it is thought that Bischoff would not want to combine the chairman and chief executives roles, which would be a breach of the UK's corporate rules.
Mark Fisher, who is overseeing the integration of HBOS and Lloyds, has also been named as a potential long-term replacement.
Most insiders still expect Horta-Osório to be back at work by Christmas, but some believe that the enforced leave will deal a heavy psychological blow to the 47-year-old Portuguese high-flyer.
It would also raise questions about Horta-Osório's ability to withstand pressure if there is a further deterioration in already febrile markets.
One source said: 'How can he come back after this? What if there's another financial crisis?'
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