Benjamin Lawsky, New York state's top banking regulator and a
consistent Wall Street antagonist, is stepping down from his top
post at the Department of Financial Services.
Mr. Lawsky had been interviewing for private sector positions
for months and was expected to leave this spring, as previously
reported by The Wall Street Journal. But, instead of heading to an
established law firm or financial consultancy, a common exit route
for financial regulators, Mr. Lawsky is striking out on his
own.
Mr. Lawsky will be starting his own consulting and legal firm,
according to a person familiar with the matter.
Mr. Lawsky was appointed in 2011 by New York Gov. Andrew Cuomo
to lead the newly formed Department of Financial Services. He has
carved out a robust bailiwick for the new agency, which regulates
state-licensed financial institutions and insurers.
Mr. Lawsky's office has managed to win big fines from some of
the biggest banks on Wall Street, including a $485 million penalty
extracted on Wednesday from Barclays over manipulation of foreign
exchange markets.
"I am deeply proud of the work our team has done building this
new agency and helping strengthen oversight of the financial
markets," Mr. Lawsky said in a statement announcing his
departure.
Write to Christopher M. Matthews at
christopher.matthews@wsj.com
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