Allen & Overy (A&O) has added another O'Melveny & Myers partner to its recently-launched Washington DC base, as the firm moves to beef up its banking regulatory capabilities in the office.

The magic circle firm has recruited US financial services regulatory partner Bill Satchell for the new DC base, where he will join his former O'Melveny colleagues Barbara Stettner, Chris Salter and Charles Borden.

The partner trio were hired by A&O to launch the office in July this year.

A&O now has around ten lawyers in the new office, which focuses around general banking regulatory and compliance, broker-dealer regulation, investment adviser regulation, and the intersection of political law and financial regulatory issues.

The firm said that the hire of Satchell would also add capability in the areas of consumer finance and enforcement, including in relation to controversial residential mortgage-related documentation.

US financial services regulatory head Doug Landy said: "The financial services industry is becoming an increasingly global one – significant players in the market need a top international law firm that can advise them wherever they operate.

"We are one of the only financial services regulatory practices that offers the combination of a top-tier US team with extensive top-tier capability in Europe and Asia."

While the office will initially focus on regulatory advice, in the longer term A&O plans to add capacity in securities enforcement, banking, derivatives, project finance, anti-bribery and corruption, international arbitration, antitrust and intellectual property. The firm also has a 175-lawyer office in New York.

The hire comes as O'Melveny & Myers confirms that it is cutting 75 staff positions across the US, according to The Recorder.

The job cuts will not affect lawyers. In a statement, the firm said: "We continue to evaluate and restructure our staff functions to reflect technology-driven efficiencies and practice model changes."