Top Credit Lyonnais lawyer Jennifer Goodwin has defected to City bank competitor UBS, where she starts work this week.
Goodwin was legal department head at Credit Lyonnais, where she oversaw both transactional and general head office legal matters.
Goodwin is reporting in her new role as director to Gerald Thorburn, the UBS legal and transactional group head.
"It's exactly the same line of work I was doing at Credit Lyonnais," says Goodwin.
Explaining the move, she says: "UBS is a strong triple A-rated institution. There's enormous scope for me to expand my expertise."
Thorburn says: "Her overall banking experience as an in-house lawyer recommends her to us. She has an excellent knowledge of the City bank and its activities."
Credit Lyonnais is seeking to replace Goodwin immediately, says Matthew Rich, acting head of department.
He says: "She's leaving on good terms with the bank."
In-house City banking lawyers usually work closely with their outside legal advisers, particularly on transactional matters.
A top City banking lawyer who has worked with Goodwin says she is "extremely competent." Goodwin's job change comes after seven years at Credit Lyonnais.
Commenting on the move, a top five firm partner in charge of banking says: "The credibility of an in-house lawyer depends on the credibility of the institution. UBS is clearly more dynamic in a number of markets including corporate finance and underwriting equity issues."
Denton Hall is calling for the Government to be "more proactive and imaginative" in its initiatives to prevent money laundering.
Partner Robert Finney claims implementation of EC money laundering legislation imposes an unfair burden on the City and financial businesses.
At a seminar last week, he said that money laundering provisions extend the duty to report suspicions of wrongdoing without extending protection for breach of client confidentiality. Also, an institution cannot cease acting once it has reported a suspicion, yet if it continues to act and transfer funds it may be exposed to third party claims to these funds.