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Message: <blockquote data-quote="Jiraiya" data-source="post: 21936" data-attributes="member: 4295">Lloyds Banking Group Branch Closures By Alice MannersThe StoryLast week it was announced that Lloyds Banking Group, the UK’s largest banking network, will close 56 of its Lloyds, Halifax and Bank of Scotland branches across the country. Lloyds explained that the decision was due to “changing customer behaviours” and the closures do not just affect smaller towns - Bristol will lose two Lloyds banks and Edinburgh will see four Bank of Scotland branches go.Impact on Businesses and Law FirmsThe announcement highlights the deterioration of the high street and wider move to online services.As banking is increasingly conducted online and costs in the UK rise, including the minimum wage, banks may choose to move more functions abroad to save money. Law firms may utilise international offices to assist with the regulatory implications of this.Furthermore, as the convenience of high street branches is taken away, customers may see less incentive to remain with a traditional bank and move to a 'challenger' online only bank, such as Monzo or Starling, who have previously struggled to compete to acquire customers. This will increase work for law firms, advising these banks or companies investing into them.However, this work also reaffirms the need for law firms to provide technological solutions and drive innovation. With banks often having their own large in-house legal teams, a representative from Monzo has previously spoken out about the need for law firms to offer different models of legal services in order to survive and have their services utilised. Some law firms are already offering fintech support and banks may choose to partner with technology providers or law firms to utilise legal technology for functions such as e-billing.Airbus Corruption SettlementBy Ayah Reza   The StoryLast week, Airbus agreed to pay a record €3.6bn to settle allegations of bribery and corruption. The investigation spanning just under four years was itself was no easy feat. Prosecutors from the UK, France and US cooperated to obtain evidence from a vast number of jurisdictions.Under a Deferred Prosecution Agreement, the Serious Fraud Office (SFO) agreed to receive a €984 million fine, with the French prosecutors taking the majority share of €2.08 billion. To put the settlement sum into perspective, it amounts to three times the total criminal fines obtained by the SFO in 2018 in England and Wales.One of the allegations detailed in the prosecution documents relates to a £38 million bribe spent by Airbus on sponsoring a Formula 1 sports team owned by the executives of AirAsia, to secure a contract for plane orders. The investigation is not over yet, as the authorities are still considering whether they can pursue individuals.Impact on Businesses and Law FirmsAirAsia is just one of the airlines implicated in the corruption scandal. Tony Fernandes, the owner of AirAsia, stepped aside as Chief Executive for at least two months while the Malaysian Anti-Corruption Commission investigates the allegations of bribery. Shares in the low-cost Malaysian airline plunged by 11% on Tuesday.Although the share price is likely to recover, allegations of bribery at this level have the potential to seriously harm already struggling economies such as Malaysia. Many companies will reconsider conducting their business operations in areas where there is a chance they could miss out due to corruption.The Director of the SFO, Lisa Osofsky makes it clear that corruption is an endemic problem.The reputational damage will not be restricted to the airline industry but has wider ramifications for other industries prone to corruption scandals, such as oil and gas.</blockquote>

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