GIB UK’s legal chief departs for CMC Markets

General counsel of GIB UK Dominic Bacon is leaving to join online retail spreadbetting company CMC Markets.

CMC, which specialises in foreign exchange and contracts for difference, was established in 1989 and has 10 offices worldwide.

Bacon said: “CMC is in growth mode and the business area it’s in is a growth area.”

CMC is understood to use CMS Cameron McKenna, among other firms. As general counsel Bacon will inherit a legal capability that includes three UK lawyers, four compliance officers and three overseas lawyers in Canada and Germany.

Bacon spent five years at GIB UK, a subsidiary of Bahrain-based Gulf International Bank. Benefiting from the bank’s legal spend of more than £1.2m were Ashurst, Barlow Lyde & Gilbert, Berwin Leighton Paisner, Norton Rose, Richards Butler (now Reed Smith) and Slaughter and May.

Prior to joining GIB UK in 2002, Bacon spent nine years at Standard Chartered Bank.