Cravath’s London Office Moves to 100 Cheapside
Financial Institutions Group (FIG)
Cravath represents leading financial institutions in connection with domestic and cross‑border transactional, regulatory, supervisory, enforcement and governance matters. Our lawyers also advise fintech companies and non‑bank firms in evaluating charter options, bank partnerships and acquisitions of banks. Cravath is uniquely positioned among leading U.S. firms by our deep bench of regulatory attorneys and legal knowledge at the intersection of law and policy. The strength of this practice is grounded in our attorneys’ collective regulatory and legislative expertise, comprehensive knowledge of the financial services and fintech sectors and solutions‑oriented practical judgment.
Our integrated Financial Institutions Group (FIG) Practice draws upon the experience of our seasoned attorneys, most of whom were formerly with government organizations, regulatory agencies and legislative bodies, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the U.S. Department of the Treasury, the U.S. Department of Justice, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and various U.S. Attorneys’ Offices. These varied regulatory, enforcement and policymaking experiences have allowed our attorneys to understand not only legal issues at hand but why the law was written the way it was written and what policy objectives the law intended to accomplish. We are able to leverage this knowledge as we negotiate complex regulatory and enforcement matters with governmental agencies on behalf of clients.
Our clients, which include many of the world’s leading financial institutions, fintechs and other financial services providers, rely on our lawyers’ strategic advice to navigate the changing regulatory environment and the increasingly complex challenges it presents. Cravath’s position at the forefront of regulatory developments enables us to provide invaluable insight when advising our financial services clients across a broad array of issues, including:
- Transactions with or involving regulated institutions
- Regulatory strategies for fintech companies
- The full range of regulatory matters under federal and state bank regulatory frameworks
- Cryptoasset-related matters
- Volcker Rule matters
- Enhanced prudential standards and other Dodd-Frank Act issues
- Basel III capital and liquidity requirements
- Investigations, examination and enforcement matters involving federal and state banking agencies
Cravath is consistently recognized in the areas of financial services litigation, financial services regulatory, fintech, investigations and securities regulation by numerous third‑party publications. Cravath has been named Fintech Law Firm of the Year by The Deal and a Fintech Practice Group of the Year by Law360. The Firm is also a four-time winner of Law360’s Banking Practice Group of the Year award.
Our integrated Financial Institutions Group (FIG) Practice draws upon the experience of our seasoned attorneys, most of whom were formerly with government organizations, regulatory agencies and legislative bodies, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the U.S. Department of the Treasury, the U.S. Department of Justice, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and various U.S. Attorneys’ Offices. These varied regulatory, enforcement and policymaking experiences have allowed our attorneys to understand not only legal issues at hand but why the law was written the way it was written and what policy objectives the law intended to accomplish. We are able to leverage this knowledge as we negotiate complex regulatory and enforcement matters with governmental agencies on behalf of clients.
Our clients, which include many of the world’s leading financial institutions, fintechs and other financial services providers, rely on our lawyers’ strategic advice to navigate the changing regulatory environment and the increasingly complex challenges it presents. Cravath’s position at the forefront of regulatory developments enables us to provide invaluable insight when advising our financial services clients across a broad array of issues, including:
- Transactions with or involving regulated institutions
- Regulatory strategies for fintech companies
- The full range of regulatory matters under federal and state bank regulatory frameworks
- Cryptoasset-related matters
- Volcker Rule matters
- Enhanced prudential standards and other Dodd-Frank Act issues
- Basel III capital and liquidity requirements
- Investigations, examination and enforcement matters involving federal and state banking agencies
Cravath is consistently recognized in the areas of financial services litigation, financial services regulatory, fintech, investigations and securities regulation by numerous third‑party publications. Cravath has been named Fintech Law Firm of the Year by The Deal and a Fintech Practice Group of the Year by Law360. The Firm is also a four-time winner of Law360’s Banking Practice Group of the Year award.
Deals & Cases
September 25, 2025
Webster Financial Corporation’s Fixed Rate Reset Subordinated Notes Offering
Cravath represented the underwriters in connection with the $350 million fixed rate reset subordinated notes offering of Webster Financial Corporation, a bank holding company of Webster Bank, a commercial bank with a national bank charter focused on providing financial products and services to businesses, individuals and families. The transaction closed on September 11, 2025.
Deals & Cases
September 22, 2025
Jefferies and SMBC Group’s Significant Expansion of Global Strategic Alliance
On September 19, 2025, Jefferies Financial Group, Inc. (“Jefferies”) and Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities Inc. (collectively, “SMBC Group”) announced they are significantly expanding their Global Strategic Alliance. This will include a joint venture to combine their Japanese equities and ECM businesses. As part of this expansion, SMBC intends to increase its equity ownership in Jefferies to up to 20% in the open market. Cravath is representing Jefferies in connection with the transactions.
Deals & Cases
July 01, 2025
Circle’s Regulatory Clarity Amidst IPO Process
Cravath represented Circle Internet Financial, LLC on SEC regulatory matters concerning the non‑applicability of securities laws to payment stablecoins, concurrent with Circle Internet Group Inc.’s initial public offering.
Deals & Cases
February 10, 2025
FactSet’s Acquisition of LiquidityBook
On February 10, 2025, FactSet, a global financial digital platform and enterprise solutions provider, announced the acquisition of LiquidityBook, a leading provider of cloud‑native buy- and sell‑side trading solutions, for a gross purchase price of $246.5 million in cash. Cravath is representing FactSet in connection with the transaction.
Deals & Cases
January 22, 2025
CardWorks’s Acquisition of Ally’s Credit Card Business
On January 22, 2025, CardWorks, Inc. (“CardWorks”), a leader in credit and payments, and Ally Financial Inc. (“Ally”), a financial services company with the nation’s largest all‑digital bank and an industry‑leading auto financing business, announced that they have entered into a definitive agreement for CardWorks, and its wholly‑owned bank subsidiary, Merrick Bank, to acquire Ally’s credit card business, including a portfolio of $2.3 billion in credit card receivables with 1.3 million active cardholders as of December 31, 2024. Cravath is representing CardWorks in connection with the transaction.
Activities
September 22, 2025
Elad Roisman Moderates Panel at SEC’s Roundtable on Trade‑Through Prohibitions
On September 18, 2025, Cravath partner Elad Roisman participated in the SEC’s roundtable on the SEC’s trade‑through rule at the agency’s headquarters in Washington, D.C. The roundtable was meant to aid the SEC in understanding the role the rule has had in shaping today’s markets and inform the Commission in its future decisions including rulemakings. The panelists included representatives from the equity and options markets such as brokers, exchanges, asset managers as well as others. Elad moderated the panel entitled “Forward Thinking,” where panelists discussed what if any changes are needed to the rule and what would be the repercussions for any changes.
Publications
August 11, 2025
Cravath Publishes Finance & Capital Markets Quarterly Review for Q2 2025
On August 11, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the second quarter of 2025. Highlights from this edition include:
Publications
August 11, 2025
Cravath Venture Capital & Growth Equity Insights: 2025 Mid‑Year Market Update
On August 11, 2025, Cravath published the latest edition of its Venture Capital & Growth Equity Insights newsletter, which has been redesigned to provide greater insight into global venture capital and related activity during the first half of 2025 and outlook for the rest of the year. Key takeaways from this edition include:
Activities
June 30, 2025
Cravath Partners Named to Lawdragon’s 2025 List of Leading Global Bankruptcy and Restructuring Lawyers
On June 27, 2025, Cravath partners Michael A. Paskin, George E. Zobitz, Paul H. Zumbro, Jelena McWilliams, Lauren A. Moskowitz, Omid H. Nasab and Michael J. Zaken were named to Lawdragon’s 2025 list of “500 Leading Global Bankruptcy and Restructuring Lawyers” in recognition of their work advising clients during “crises that imperil their existence.” The list honors “lawyers who tune out the noise and find the path forward through tough negotiation, litigation, or complex financial arrangements,” and celebrates their ability to “help organizations move forward.”
Activities
June 11, 2025
Elad Roisman Testifies Before U.S. House Financial Services Committee on the Digital Asset Market Clarity Act of 2025
On June 4, 2025, Cravath partner and former Commissioner and Acting Chairman of the U.S. Securities and Exchange Commission Elad Roisman testified before the United States House Financial Services Committee. The hearing entitled “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework” examined the Digital Asset Market Clarity Act of 2025, which sets forth a proposed digital asset market structure framework.
Deals & Cases
September 25, 2025
Webster Financial Corporation’s Fixed Rate Reset Subordinated Notes Offering
Cravath represented the underwriters in connection with the $350 million fixed rate reset subordinated notes offering of Webster Financial Corporation, a bank holding company of Webster Bank, a commercial bank with a national bank charter focused on providing financial products and services to businesses, individuals and families. The transaction closed on September 11, 2025.
Deals & Cases
September 22, 2025
Jefferies and SMBC Group’s Significant Expansion of Global Strategic Alliance
On September 19, 2025, Jefferies Financial Group, Inc. (“Jefferies”) and Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities Inc. (collectively, “SMBC Group”) announced they are significantly expanding their Global Strategic Alliance. This will include a joint venture to combine their Japanese equities and ECM businesses. As part of this expansion, SMBC intends to increase its equity ownership in Jefferies to up to 20% in the open market. Cravath is representing Jefferies in connection with the transactions.
Deals & Cases
July 01, 2025
Circle’s Regulatory Clarity Amidst IPO Process
Cravath represented Circle Internet Financial, LLC on SEC regulatory matters concerning the non‑applicability of securities laws to payment stablecoins, concurrent with Circle Internet Group Inc.’s initial public offering.
Deals & Cases
February 10, 2025
FactSet’s Acquisition of LiquidityBook
On February 10, 2025, FactSet, a global financial digital platform and enterprise solutions provider, announced the acquisition of LiquidityBook, a leading provider of cloud‑native buy- and sell‑side trading solutions, for a gross purchase price of $246.5 million in cash. Cravath is representing FactSet in connection with the transaction.
Deals & Cases
January 22, 2025
CardWorks’s Acquisition of Ally’s Credit Card Business
On January 22, 2025, CardWorks, Inc. (“CardWorks”), a leader in credit and payments, and Ally Financial Inc. (“Ally”), a financial services company with the nation’s largest all‑digital bank and an industry‑leading auto financing business, announced that they have entered into a definitive agreement for CardWorks, and its wholly‑owned bank subsidiary, Merrick Bank, to acquire Ally’s credit card business, including a portfolio of $2.3 billion in credit card receivables with 1.3 million active cardholders as of December 31, 2024. Cravath is representing CardWorks in connection with the transaction.
Activities
September 22, 2025
Elad Roisman Moderates Panel at SEC’s Roundtable on Trade‑Through Prohibitions
On September 18, 2025, Cravath partner Elad Roisman participated in the SEC’s roundtable on the SEC’s trade‑through rule at the agency’s headquarters in Washington, D.C. The roundtable was meant to aid the SEC in understanding the role the rule has had in shaping today’s markets and inform the Commission in its future decisions including rulemakings. The panelists included representatives from the equity and options markets such as brokers, exchanges, asset managers as well as others. Elad moderated the panel entitled “Forward Thinking,” where panelists discussed what if any changes are needed to the rule and what would be the repercussions for any changes.
Publications
August 11, 2025
Cravath Publishes Finance & Capital Markets Quarterly Review for Q2 2025
On August 11, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the second quarter of 2025. Highlights from this edition include:
Publications
August 11, 2025
Cravath Venture Capital & Growth Equity Insights: 2025 Mid‑Year Market Update
On August 11, 2025, Cravath published the latest edition of its Venture Capital & Growth Equity Insights newsletter, which has been redesigned to provide greater insight into global venture capital and related activity during the first half of 2025 and outlook for the rest of the year. Key takeaways from this edition include:
Activities
June 30, 2025
Cravath Partners Named to Lawdragon’s 2025 List of Leading Global Bankruptcy and Restructuring Lawyers
On June 27, 2025, Cravath partners Michael A. Paskin, George E. Zobitz, Paul H. Zumbro, Jelena McWilliams, Lauren A. Moskowitz, Omid H. Nasab and Michael J. Zaken were named to Lawdragon’s 2025 list of “500 Leading Global Bankruptcy and Restructuring Lawyers” in recognition of their work advising clients during “crises that imperil their existence.” The list honors “lawyers who tune out the noise and find the path forward through tough negotiation, litigation, or complex financial arrangements,” and celebrates their ability to “help organizations move forward.”
Activities
June 11, 2025
Elad Roisman Testifies Before U.S. House Financial Services Committee on the Digital Asset Market Clarity Act of 2025
On June 4, 2025, Cravath partner and former Commissioner and Acting Chairman of the U.S. Securities and Exchange Commission Elad Roisman testified before the United States House Financial Services Committee. The hearing entitled “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework” examined the Digital Asset Market Clarity Act of 2025, which sets forth a proposed digital asset market structure framework.
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