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Legal Week newspaper reports that the firm is assembling a team of banking dispute and anti-corruption specialists for the job, with litigation partner Dorian Drew set to lead the London team.
That group had already been advising Mr Diamond – who is set to pocket a £2 million pay-out -- on his high-profile resignation from Barclays.
Norton Rose declined to comment.
The report also reveals that New York-headquartered Sullivan & Cromwell and London magic circle firm Clifford Chance advised Barclays on its £290m settlement with US and UK regulators.
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