New York Banking Regulator Lawsky to Step Down

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 [e-mail]

Access Investor Kit for Barclays Plc

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=GB0031348658

Access Investor Kit for Barclays Plc

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US06738E2046

Subscribe to WSJ: http://online.wsj.com?mod=djnwires