Firms to take on Lloyds litigation unit
28th April 2014
British retail bank Lloyds has shortlisted DWF, Irwin Mitchell and Shoosmiths for acting on the bank’s retail and asset finance litigation teams. The news follows that of Stuart Morgan, retail and wealth general counsel for the bank, announcing his resignation.
Morgan’s resignation from the banking giant is particularly significant alongside this recent news of firms tendering for the role, as the lawyer was the leading figure driving the project forward. The project, being called Project Canberra internally, will see the bank outsource its retail and asset finance litigation teams to a panel firm, rather than recruiting for London in house legal jobs.
While staff are said to only have been told about Morgan’s move last week, it is thought that this will have little impact on Project Canberra. It is thought that, should a deal go ahead with one of the firms shortlisted, that the firm in question will take on the group of 70, but a final decision is still thought to be some months off according to the latest article on the subject.
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