Lloyds Banking Group Legal

This review was conducted by Andrew Whittaker, then Group GC, with Cheetham, who held the position of Deputy General Counsel at the time. LBG Group reportedly shared the news with GC Kate Cheetham during a conference call today (March 22). The call was routed through Cheetham, and according to an internal source, the bank`s chief executive, Simon Davies, who is in charge of legal and strategy, was not involved. In January 2019, the group was criticized by the chairman of the Business, Energy and Industrial Strategy Committee for changes to its overdraft policy. MP Rachel Reeves said of the changes that “while they may be legal, they are not in line with the FCA`s recommendations [to abolish overdraft fees and replace them with a single interest rate] and would `raise fees for the vast majority of customers`. [103] The job cuts are part of the Bank`s strategic review announced in October 2014, but for the legal function, the overall goal is to rethink the legal function so that people can work on large projects and cut red tape. In middle management positions, six internal candidates recently applied for three places. Successful managers include Jon Alexander, Chief Legal Officer for Loan Support; Greg McEneny, Head of Legal Services for Wholesale Markets; and Lucy Purkiss, Head, Structured Capital Markets. Lloyds Banking Group is moving forward with an incentive scheme for its lawyers to attract new employees to legal management positions following a series of resignations. The move comes after the bank made several redundancies as part of an ongoing restructuring. Lloyds Banking Group (LBG) will cut a further 22 legal positions as part of a further restructuring of the bank`s legal team.

In addition, a total of approximately 5.5 full-time equivalents (FTEs) will be created. “People are really upset. One of the most important things that stand out is that many people are so full that they themselves think about raising their hand to just leave. Last year`s restructuring was one such failure. Last year`s dust has not settled. A number of people share this view. Morale is quite low. People are so worried about Brexit in particular, and they don`t know where the bank is going.

This is an uncertain time for us in the legal function. However, it is assumed that the exact details of the employee survey were not discussed. In addition, a source close to the bank said LBG will make appointments to the legal team in due course after the recruitment drive. Kate Cheetham, GC Lloyds Group, said: “I am delighted to welcome Tom on board – I know he will play a key role in helping us support the Group on its journey to continue to be the best bank for customers.” This division provides banking and related services to small and medium-sized enterprises (SMEs), medium-sized enterprises, large UK and multinational corporations and financial institutions. [77] “They let a lot of people go and laid off a lot of people, but then they did a hiring drive, and the outside market is very nervous about joining the bank. You may not attract enough candidates for certain positions, especially in the commercial banking sector. 12. In February 2009, Eric Daniels, CEO of the Group, was asked about the banking crisis at a meeting of the House of Commons Treasury Select Committee. One of the main topics was the acquisition of HBOS by Lloyds and the extent of due diligence carried out prior to the acquisition. Daniels said one company would always like to do more due diligence for another company, but there are legal limits to what is possible before an actual acquisition. The losses amounted to slightly more than the £10 billion initially identified by due diligence due to impairments on home loans due to falling property prices and lack of demand. Lloyds chairman at the time, Sir Victor Blank, said in August 2009 that the losses were “at the worst end of expectations” and that Lloyds` board of directors had been surprised by how quickly the losses – caused by the unexpected sharp decline in the global economy in late 2008 and early 2009 – were occurring.

[29] This position was confirmed by Archie Kane, a senior Lloyds executive in Scotland, before the Scottish Parliament`s Economic Affairs Committee in December 2009. [30] The UK government`s acquisition of a 43,4 % stake in the group in 2009 was considered to be state aid. Under European Commission competition law, the group would be obliged to sell part of its business. [59] The group`s divestment plan, codenamed “Verde”, provided for the transfer of 632 branches to a new company.