Bank of England brings in ex-Clifford Chance partner as general counsel
Director of the Competition and Markets Authority to replace Graham Nicholson as GC in May
March 19, 2015 at 12:16 PM
2 minute read
The Bank of England has hired ex-Clifford Chance (CC) competition partner Sonya Branch as its general counsel.
Competition and Markets Authority (CMA) director of enforcement Branch will replace outgoing GC Graham Nicholson, who is retiring.
Branch will assume the bank's top legal post in mid-May after nearly eight years split between the Office of Fair Trading and its successor, the CMA.
As GC at the bank, Branch will also be tasked with providing legal advice to its subsidiary, the Prudential Regulation Authority.
The governor of the Bank of England, Mark Carney, said Branch would bring "excellent judgement, versatility and a commitment to public service, as well as extensive private sector experience" to the role.
He added: "All of the bank's senior management team are looking forward to working closely with her."
Nicholson, who joined the bank in 2009 from Freshfields Bruckhaus Deringer, will formerly retire at the end of April.
Last financial year the bank's legal spend jumped to a total of £5m, its highest level since the height of the financial crisis in 2009.
Last month it was revealed that the bank spent more than £2.9m on legal fees over an investigation into what its officials knew about foreign exchange market manipulation.
More than £2m of that spend went to Travers Smith, which conducted the data review exercise for the inquiry.
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