Egg legal chief made redundant

Egg has made its chief legal officer and company secretary, Marcus Ezekiel, redundant as part of a cost restructuring exercise.

The online banking and investment provider has recently seen a fall in profits from £15.7 million to £9.9 million in the first quarter of 2005, partly due to a fall in lending income under European accounting rules.

The legal team will merge with the compliance and risk group, reporting to chief risk officer, Paul de Hoest. Ezekial will not be replaced, but assistant company secretary, Sue Windridge, will become company secretary.

Executive vice-chairman Mike Harris and finance director David Doyle have also been made redundant. Doyle implemented Egg’s withdrawal from the French market and concentratation on its core UK business.

Egg's key external legal advisers are Lovells, Clifford Chance, Olswang and Slaughter and May.