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HSBC Holdings has hired a Cleary Gottlieb Steen & Hamilton partner to lead the global litigation and regulatory affairs group alongside litigation global banking and markets head Guy Nielson following the exit of incumbent Preeta Bansal.
Washington-based Cleary partner Shawn Chen joined the bank yesterday (10 February) and will head the group with Nielson, who has been at the bank since 2009.
Dansal is understood to have left HSBC at the end of last year after being appointed to the top legal position in October 2012. Prior to joining the bank in London Bansal had been a senior official in the Obama administration. She is currently a visiting scholar at Harvard Law School.
Chen and Nielson will report into chief legal officer Stuart Levey, who replaced the bank’s stalwart general counsel Richard Bennett, who retired in January 2012 (16 January 2012). Before joining HSBC in 2009, Levey was the first under-secretary for terrorism and financial intelligence in the US Department of the Treasury between 2004 and 2011.
Chen is also a US lawyer, joining HSBC from the Washington DC office of Cleary, which he joined in 2004, where he focused on white-collar crime, securities and government investigations.
He was previously a federal prosecutor with the US Attorney General’s Office for the District of Connecticut and was an associate at Wachtell, Lipton, Rosen & Katz in 1997 until 1999.
Nielson is a civil litigation lawyer based in HSBC’s London headquarters and will take up the role after five years at the bank.
Lawyers at the group report to the group chief executive Stuart Gulliver, also the chairman of the Hong Kong and Shanghai Banking Corporation Ltd.