Barclays restructures legal team ahead of ringfencing reforms
The bank has restructured its legal team to prepare for split of retail and investment banking operations
May 18, 2016 at 06:37 AM
2 minute read
Barclays has begun a major restructuring of its legal team ahead of the introduction of ringfencing rules that will force banks to split their retail and investment arms.
The bank, which is currently reviewing its legal panel, will split its legal team into two divisions – Barclays UK and Barclays Corporate & International.
General counsel Bob Hoyt is set to take on the role of head of legal for Barclays Corporate & International, alongside his role as the group's legal head.
Corporate bank general counsel Anjali Chhania, Barclaycard general counsel Richard Hickson and general counsel for the investment bank and the Americas Mark Shelton, will report to Hoyt.
Meanwhile, Mark Chapman, the bank's general counsel for personal and corporate banking, has been appointed general counsel of Barclays UK, which will house the retail operations.
Head of legal for western Europe, Benjamin Frarin La Michellaz, has been appointed head of legal for Europe, while fellow senior Barclays lawyer Helen Oldfield has been named general counsel for the wealth, entrepreneurs and business banking group.
It is not known whether the restructuring will lead to job losses.
The reshuffle comes in advance of the introduction of rules mandating that banks must split their retail and investment arms by 2019.
The rules, recommended by economist John Vickers, are intended to protect the public by ensuring that if a bank were to crash, its retail banking operations would be unaffected by problems in its riskier investment banking business.
Barclays is understood to have turned to Slaughter and May and Addleshaw Goddard for advice on the process of splitting its retail and investment arms.
In March, the bank kicked off a review of its legal panel in a move that is expected to see firms cut from the roster.
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