It’s nearly a year since Barclays named the former general counsel of Pittsburgh-headquartered PNC Financial Services Group, Bob Hoyt, as general counsel and there is plenty of change in the air.
Hoyt has reorganised the legal team, resulting in the creation of a global financial crime team headed by former litigation and investigations director Jonathan Peddie. Senior lawyer Stephanie Pagni has stepped up as litigation head and the bank is on the hunt for a regional head of litigation for EMEA.
All this change took place while an extensive panel review was underway. Not only were its advisers told that there would be a reorganisation, but they were asked to work more closely for the good of the client.
The result? Yesterday the bank revealed it had cut its panel by 30 per cent.
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