Lloyds’ outsourcing u-turn

The path to outsourcing is not a smooth one for banking giant Lloyds. In July The Lawyer revealed that the bank was looking to outsource its retail & wealth and asset finance litigation teams to a panel firm, a bombshell that saw the project hastily put on hold.

But the review, known internally as Project Canberra, is back on. A memo sent to staff last week revealed that the bank is pressing ahead with the review, and its litigation and contentious regulatory teams would also be brought together.

With plenty of change ahead, it’s good to see Lloyds Banking Group finally being transparent with staff. Could the shift be something to do with new disputes chief Philippa Simmons, who joined from UBS on Friday? Or is the bank trying to impress any potential TSB GCs?

Whatever the reasons, there’s more twists and turns than an episode of EastEnders under that roof.

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