(Adds further details on Allen, background)
By Lawrence White and Olivia Oran
LONDON Dec 1 Standard Chartered has
hired Barclays' top regulatory lawyer Chris Allen as
its new general counsel, clients and products, sources with
direct knowledge of the matter said on Thursday.
Allen will join StanChart on Jan. 16 and oversee legal
matters across all the company's main business units including
corporate and investment banking, commercial banking, private
banking and wealth management, one of the sources said.
He will be based in Singapore and report to the bank's most
senior lawyer, general counsel David Fein, the same source said.
Barclays and Standard Chartered declined to comment.
Allen is serving out a notice period at Barclays, where he
is the bank's Group regulatory counsel, and will leave the bank
soon, another of the sources said.
Standard Chartered faces a number of legal issues, most
notably in the U.S. where it remains under supervision over
lapses in controls over transactions involving Iran and other
The bank has also referred to U.S. authorities alleged
impropriety at an Indonesian power plant company that the bank's
private equity arm invested in.
Allen's hire comes amid broader job cuts at Standard
Chartered as Chief Executive Bill Winters attempts to cut costs.
Reuters reported on Nov.29 the lender would slash around 10
percent of staff in its investment banking unit.
Allen joined Barclays in 2004 from law firm Baker &
McKenzie, and in his current role at the lender oversees its
(Reporting By Lawrence White and Olivia Oran; Editing by Susan
Fenton and Susan Thomas)