Some of the UK’s biggest banks are seeking teams of up to 60 magic circle lawyers as they grapple with new ringfencing regulations that will force them to split their investment and retail banking operations.

Banks will have to ringfence their retail arms from riskier investment activities by 2019, following recommendations made in 2011 by John Vickers that are intended to protect the public in the event of a bank failing by ensuring retail operations are unaffected.

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