Bank of Ireland (BOI) has embarked on a radical cost-cutting drive within its legal department in a move that will see it launch a review of its external advisers and cut its in-house department by 20%.
The banking giant will hold a review of its panel firms over the coming three months in a bid to significantly reduce its costs. The initiative will see the bank install a series of panels to handle legal and regulatory work, as well as finalising a roster of firms that will then tender for specific pieces of top end work.
