Thursday, 29 Jul 2010
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Barclays reorganises its legal function to make savings
09 February 2009
Barclays has overhauled its in-house legal function, appointing Sue Brooks to the newly-created role of chief of staff in an attempt to cut costs.
Brooks, formerly chief operating officer (COO) at Barclaycard Technology, will now be second-in-command to general counsel Mark Harding.
The new role is understood to combine the work of chief of staff with COO work and has been established following the departure of Barclays COO, Paul Idzik. Harding has had an increased role on Barclays' executive since the departure of Idzik last May.
The move begins an agenda of cost cutting at Barclays, starting with the bank’s biannual panel review expected to be completed this summer. Barclays currently has a number of panels which cover its principal legal areas, as well as a general advisory roster which includes magic circle firms Allen & Overy and Clifford Chance.
However, the overhaul, which comes in response to the current economic climate, is anticipated to alter Barclays’ current legal setup. Barclays’ follows in the footsteps of a number of other big banks, where there have been a series of in-house moves in recent months.
Brooks, formerly chief operating officer (COO) at Barclaycard Technology, will now be second-in-command to general counsel Mark Harding.
The new role is understood to combine the work of chief of staff with COO work and has been established following the departure of Barclays COO, Paul Idzik. Harding has had an increased role on Barclays' executive since the departure of Idzik last May.
The move begins an agenda of cost cutting at Barclays, starting with the bank’s biannual panel review expected to be completed this summer. Barclays currently has a number of panels which cover its principal legal areas, as well as a general advisory roster which includes magic circle firms Allen & Overy and Clifford Chance.
However, the overhaul, which comes in response to the current economic climate, is anticipated to alter Barclays’ current legal setup. Barclays’ follows in the footsteps of a number of other big banks, where there have been a series of in-house moves in recent months.
