Lloyds Banking Group has tried to keep a tight lid on its plans to outsource its retail and wealth and asset finance litigation teams. But that pan reached the boil this week, the lid shooting off and revealing that DWF, Irwin Mitchell and Shoosmiths are on the shortlist to take the departments over. The project, known internally as Project Canberra, is clearly heating up despite a four-month delay.
But this tale has more twists and turns than a bowl of spaghetti bolognaise. One of the in-house lawyers behind the project, the general counsel of retail and wealth Stuart Morgan, resigned from the business on Friday (25 April). His exit – understood to be for a GC role at a thread and zips manufacturer – is not expected to delay the process, although it will certainly raise a few questions.
As the pressure cooker starts to release steam, those on the bank’s new customer-pay panel can breath a sigh of relief after being left in limbo for a year.
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