Norton Rose banking chief announces group overhaul

Norton Rose‘s new global head of banking Stephen Parish is planning a wholesale restructure of the firm’s banking practice in an effort to put its recent troubles behind it.

The restructure will examine how the department manages workloads and the way it works for its banking clients, which include HSBC and Lloyds TSB.

Parish said: “The motivation is to provide more focus, more critical mass and a better utilisation of resources. It will enable us to give the market a more positive impression about our size in these areas.”

The plans include splitting the banking practice into three groups: projects, transport and structured finance.

Norton Rose’s finance team has suffered a number of departures in recent months, including the loss of a four-partner team to Baker & McKenzie, which finally left the firm last December after six months’ notice.

Parish, appointed to his role in January, has affirmed his intention to rebuild the practice with a recruitment drive, particularly in capital markets and securitisation.