Lott held the Olympic role for five years – a job in which he led the strategy, activation and communication of the bank's Olympic sponsorship.
It is understood that Stuart Beaver, director of group partnership marketing at the bank, has taken on the bulk of Lott's responsibilities.
Lott has left with no job to go to.
He joined Lloyds in 2004 and has held a number of roles, including head of sales and marketing for its internet channel.
Prior to his time at Lloyds, Lott was a senior strategy and marketing executive at Egg, the internet bank, which now trades as Yorkshire Building Society.