Path to outsourcing is not a smooth one for banking supergroup
Lloyds Banking Group (LBG) has seen more bombshells than an EastEnders Christmas special. In July The Lawyer revealed the bank was looking to outsource its retail & wealth and asset finance litigation teams to a panel firm, a leak that went down like a prickly pear in a heatwave among in-housers.
The review was hastily put on hold. Sources say panel firms were ticked off that Irwin Mitchell was said to be leading the pack, adding that news of the review complicated the hunt for a new disputes chief in the retail & wealth team.
Time for another prickly pear. Last week staff were informed the review was going ahead.
“…we are soon to issue a request for proposals externally,” reads an internal email announcement. “Given there was press speculation the last time we involved third parties, we wanted to ensure you heard about it straight from us.”
Good to see LBG finally being transparent with staff. Maybe this has something to do with the new disputes chief, UBS Wealth’s former head of disputes Philippa Simmons.
Staff have also been updated on another bombshell – that the litigation and contentious regulatory teams are merging, with an email stating the move will create a “centre of excellence”
and “development opportunities”.
Oh, and another one for retail & wealth and asset finance litigation – they’ll be moving into the new litigation and contentious regulatory team from January.
It’s not quite Kat Slater revealing she was her sister’s mum, but twists and turns all the same.