A recent internal memo written by Lloyds GC for commercial banking Joanna Carver and seen by Legal Business has appealed to the bank’s 300-strong legal team to help find talented and qualified individuals to fill up to 15 senior positions across its in-house department. In exchange, the bank is reportedly offering referral fees as bonuses to those in-house lawyers who help fill the positions, preferably by recruiting from Lloyds existing panel of external advisers.
Senior walkouts
Lloyds has not yet confirmed which positions it is looking to fill. However, an ongoing restructure at the bank has resulted in a string of redundancies which, when coupled with several high-profile departures, has left significant gaps in the upper echelons of the bank’s legal team. In April, former Lloyds head of legal for wealth management and international retail John Pitt announce that he was joining rival HSBC. His exit followed in the footsteps of former Lloyds GC for group legal Hugh Pugsley, who also left for HSBC last year and is now serving as its UK general counsel. Philippa Simmons, formerly Lloyds’ head of disputes, also left the bank last April.
Low morale
The memo has surfaced alongside reports of low morale at Lloyds, where an ongoing internal restructure is weighing heavily on staff. One Lloyds staffer told Legal Business: ‘What was supposed to bring in structure has ruined the structure. People are so unhappy, morale is so low, and everyone wants to leave.’
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