ABN Amro seeks chief to guide restructuring

ABN Amro's UK operation is searching for a new head of legal to oversee the consolidation of its five in-house divisions.

The bank is restructuring after moving to new premises at 250 Bishopsgate.

The in-house legal department is split into five divisions: equities holdings, fixed income, equity derivatives, global derivatives and commercial banking. It houses 34 staff including qualified lawyers and paralegals across all the areas.

Jenny Stevenson, head of legal and company secretary at ABN Amro Equities Holdings, says the bank has created a role for overall head of legal who will oversee the unified department.

She says: “It is slightly complicated because investment banking is separate from commercial banking but they will want to have a lawyer who will want to look after all of it.”

Stevenson says the reorganisation will cause no job losses. “We have all got budgets for increases,” she says. “We see this as a positive move. There had been too much separation and this whole move has been a push towards a network of banks.”

Although Stevenson does not anticipate a full review of the bank's panel of firms, she says the new head of legal will take the final decision.

“It depends on who takes over,” she says.

In the equities holdings divisions, work is outsourced to Linklaters & Alliance, Clifford Chance, Freshfields and Slaughter and May.

Stevenson adds: “It is purely a coming together of factors. It is very much a question of integration in support services within the new building. It is a sensible way of reorganising the move.”

see client file page 10