Struggling high street retailer Marks & Spencer has appointed Laurel Powers-Freeling, the former head of British banking group Lloyds TSB's wealth management division, as chief executive of its financial services division.

Marks & Spencer chairman and chief executive Luc Vandevelde said Powers-Freeling would be "a huge asset to us as we shape our plans for the development of our financial services business".

The appointment will take effect from November 6.

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