Barclays in-house exits mount as corporate banking and litigation heads depart
Sources suggest restructuring programme at bank is behind numerous departures this year as it streamlines its legal team
May 11, 2015 at 07:03 PM
2 minute read
Three more senior in-house legal staff have left Barclays amid a raft of exits from its legal team, it has emerged.
The bank's global head of legal for corporate banking, its head of litigation for personal banking and its general counsel for wealth and investment management have all left.
The departures took place over the last six months but have only now come to light.
Legal Week understands that Joanna Carver, Barclays' global head of legal for corporate banking, left the bank in around March, roughly the same time as managing director of litigation and investigations Jonathan Peddie stepped down from his role.
Dave Hart, the bank's former head of litigation, also left in March, and took up a new role as head of litigation at BT last month.
Rick Vassell, Barclays' global general counsel for wealth and investment management, is understood to have left the bank late last year.
The departures have come amid a string of other high-profile exits from Barclays' legal team and a wider drive to cut 19,000 jobs across the bank by 2016.
Barclays Investment Bank's EMEA general counsel, Erica Handling, left her post at the end of March, while global general counsel for corporate and investment banking Judith Shepherd announced in January she would step down in the first half of 2015.
Sources suggest that the number of exits is down to a restructuring programme at the bank, which is trying to streamline its legal function across its departments.
"People moving out has happened organically as part of that, but the bank has also taken the opportunity to clear out some of the old guard," said a partner in a firm that works for Barclays.
It is also understood that an alternative billing scheme, which guaranteed a minimum spend for some preferred legal suppliers, trialled by the bank last year, is unlikely to continue in the wake of Peddie's exit.
Barclays declined to comment on the departures.
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