Barclays Bank has modified its panel structure and has appointed 10 new firms in response to its rapidly expanding global business.
As well as combining the panels its uses for fiduciary, trust and establishment work, Barclays has introduced a commercial panel.
Richard Daniel, the bank’s chief operating officer for legal and compliance, told The Lawyer: “Commercial was a part of the general advisory panel, but the level of work generated in this area made it necessary for us to create an entirely separate panel that could be dedicated to this work.”
The process, which was led by Daniel and group general counsel Mark Harding, began in January, with requests for proposals being sent to firms at the beginning of April.
Daniel said: “One thing we did was send back the previous submissions the firms had provided us with. This was to help them gather the information needed for the new proposal.”
Barclays carries out a panel review every two years. It analyses a range of issues, including billing, rates, terms and conditions and the firms’ diversity policies.