The move comes after the legal department cut its headcount and hired consultants to review its legal spend.  

All of the firms that sit on the existing legal panel have been invited to pitch for the new panel in the shake-up including Clifford Chance,  Freshfields Bruckhaus Deringer, Ashurst, Hogan Lovells, Linklaters, Gide Loyrette Nouel, Norton Rose and Baker & McKenzie. The review also includes Credit Agricole CIB, the group’s investment banking arm, which is also covered by the panel. The legal department,headed by David Sheldon, last reviewed its panel two years ago.