Cravath’s New York Office Moves to Two Manhattan West
Will C. Giles focuses his practice on advising international and domestic banking organizations and other financial institutions on transactional, regulatory, supervisory, enforcement and governance matters.
Mr. Giles has significant experience advising both large financial companies and government agencies regarding bank regulation. From 2010 to 2018, he was an attorney in the Legal Division at the Board of Governors of the Federal Reserve System, rising to the level of Special Counsel. During his time at the Federal Reserve, he advised its principals and senior staff on a host of issues regarding merger and acquisition proposals, change in control matters, implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and other high priorities for the agency, including rulemakings and other agency efforts regarding resolution planning, qualified financial contracts, total loss absorbing capacity, physical commodities and merchant banking. He also served as a member on the Governance and Controls steering committee of the Large Institution Supervision Coordinating Committee and led the review of a range of novel and complex proposals under the Bank Holding Company Act, Change in Bank Control Act, and Federal Reserve Act.
Mr. Giles’s practice after leaving the Federal Reserve has focused on advising financial companies and trade organizations regarding a broad range of financial reform, regulatory policy and other regulatory advocacy and compliance matters.
Mr. Giles has been recognized for his work in financial services regulation by The Legal 500 US.
Mr. Giles received a B.S.B.A. from the University of Arkansas in 2004, a J.D. from the University of Virginia School of Law in 2007 and an LL.M. in Banking and Financial Law from the Boston University School of Law in 2010.
Mr. Giles joined Cravath in 2021 and was elected of counsel in 2022.
Mr. Giles has significant experience advising both large financial companies and government agencies regarding bank regulation. From 2010 to 2018, he was an attorney in the Legal Division at the Board of Governors of the Federal Reserve System, rising to the level of Special Counsel. During his time at the Federal Reserve, he advised its principals and senior staff on a host of issues regarding merger and acquisition proposals, change in control matters, implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and other high priorities for the agency, including rulemakings and other agency efforts regarding resolution planning, qualified financial contracts, total loss absorbing capacity, physical commodities and merchant banking. He also served as a member on the Governance and Controls steering committee of the Large Institution Supervision Coordinating Committee and led the review of a range of novel and complex proposals under the Bank Holding Company Act, Change in Bank Control Act, and Federal Reserve Act.
Mr. Giles’s practice after leaving the Federal Reserve has focused on advising financial companies and trade organizations regarding a broad range of financial reform, regulatory policy and other regulatory advocacy and compliance matters.
Mr. Giles has been recognized for his work in financial services regulation by The Legal 500 US.
Mr. Giles received a B.S.B.A. from the University of Arkansas in 2004, a J.D. from the University of Virginia School of Law in 2007 and an LL.M. in Banking and Financial Law from the Boston University School of Law in 2010.
Mr. Giles joined Cravath in 2021 and was elected of counsel in 2022.
The Legal 500 US
Deals & Cases
September 26, 2024
On September 26, 2024, Citigroup Inc. (“Citi”) and Apollo announced they have entered into an exclusive agreement for a subsidiary of Citi and certain affiliates of Apollo to form a landmark $25 billion private credit, direct lending program initially in North America, with the potential to expand to additional geographies. The program will include participation from Mubadala Investment Company as Apollo’s strategic partner as well as Apollo’s subsidiary, Athene, both of which will have the opportunity to join commitments appropriate for their respective mandates. The firms anticipate the program will finance approximately $25 billion of debt opportunities over the next several years, encompassing both corporate and financial sponsor transactions, and maintain the flexibility to significantly expand the size of the program beyond the initial $25 billion. Cravath is representing Citi in connection with the agreement.
Deals & Cases
August 07, 2024
Cravath represented the underwriters in connection with the $850 million offering of depositary shares representing preferred stock of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on July 24, 2024.
Deals & Cases
July 09, 2024
On July 1, 2024, Silvergate announced it has agreed to settlements with the Board of Governors of the Federal Reserve System (“Federal Reserve”), the California Department of Financial Protection and Innovation (“DFPI”) and the Securities and Exchange Commission (“SEC”). In a statement, Silvergate noted its decision to liquidate voluntarily and without government assistance in March 2023, and that, as of November 2023, all deposits had been repaid to banking customers, soon after which Silvergate ceased banking operations. The announced settlements, which facilitate the surrender of Silvergate’s bank charter, are part of the Bank’s continued orderly wind down and conclude investigations by the Federal Reserve, DFPI, and SEC. Cravath represented Silvergate in connection with the investigations, resulting settlements, and voluntary liquidation.
Deals & Cases
April 27, 2023
On April 27, 2023, Jefferies Financial Group, Inc. (“Jefferies”) and Sumitomo Mitsui Banking Corporation (“SMBC”) announced that they have expanded their strategic alliance to collaborate on future corporate and investment banking business opportunities, as well as in equity sales, trading, and research. The expanded alliance also includes joint coverage of designated investment grade clients that have banking relationships with SMBC and will now have dedicated Jefferies investment banking coverage. SMBC will be responsible for credit products and debt capital markets, while Jefferies will be responsible for M&A and equity capital markets. Additionally, SMBC intends to increase its economic ownership of Jefferies to up to 15% on an as converted and fully diluted basis and upon the investment reaching or passing 10%, SMBC will be entitled to designate a new member to Jefferies’ Board of Directors. Cravath is representing Jefferies in connection with the transaction.
Publications
February 07, 2024
On February 2, 2024, Cravath published a memo for its clients entitled “Potential FSOC Scrutiny of ‘Big Tech’ Firms.”
Publications
November 22, 2023
On November 20, 2023, Cravath published an executive summary‑style alert for its clients, with insights and reflections on the procedural guidance that the Financial Stability Oversight Council (“FSOC”) recently finalized for designating nonbank financial companies as “systemically important financial institutions” (“SIFIs”).
Publications
July 21, 2023
Cravath of counsel Will C. Giles authored an article entitled “NY Banking Brief: All The Notable Compliance Updates In Q2,” which was published to the website of Law360 on July 13, 2023. The article outlines the most significant legislative and regulatory developments in New York financial services law in the second quarter of 2023, including those related to bank closures, the release of a proposed bill to regulate digital asset activities and the passage of legislation that would empower the New York State Department of Financial Services to regulate fees related to consumer bank accounts.
Publications
May 02, 2023
On May 1, 2023, Cravath prepared a memo for its clients entitled “FSOC Proposes New Guidance on Nonbank ‘SIFI’ Designation Process.” The memo examines the Financial Stability Oversight Council’s recent proposals concerning its procedures for designating nonbank financial companies as “systemically important financial institutions” and its framework for assessing financial stability risks.
Publications
January 31, 2023
On January 30, 2023, Cravath distributed a memo for its clients entitled “Summary of Federal Reserve Board Policy Statement on Section 9(13) of the Federal Reserve Act and Related Developments.” The memo examines key takeaways from recent policy pronouncements regarding cryptoassets made by the Federal Reserve Board (“FRB”) and the White House. In that regard, the memo outlines the FRB’s recent policy statement, which effectively prohibits FRB‑regulated banks from engaging in most cryptoasset activities as principal. Please click here to read the memo.
Will C. Giles focuses his practice on advising international and domestic banking organizations and other financial institutions on transactional, regulatory, supervisory, enforcement and governance matters.
Mr. Giles has significant experience advising both large financial companies and government agencies regarding bank regulation. From 2010 to 2018, he was an attorney in the Legal Division at the Board of Governors of the Federal Reserve System, rising to the level of Special Counsel. During his time at the Federal Reserve, he advised its principals and senior staff on a host of issues regarding merger and acquisition proposals, change in control matters, implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and other high priorities for the agency, including rulemakings and other agency efforts regarding resolution planning, qualified financial contracts, total loss absorbing capacity, physical commodities and merchant banking. He also served as a member on the Governance and Controls steering committee of the Large Institution Supervision Coordinating Committee and led the review of a range of novel and complex proposals under the Bank Holding Company Act, Change in Bank Control Act, and Federal Reserve Act.
Mr. Giles’s practice after leaving the Federal Reserve has focused on advising financial companies and trade organizations regarding a broad range of financial reform, regulatory policy and other regulatory advocacy and compliance matters.
Mr. Giles has been recognized for his work in financial services regulation by The Legal 500 US.
Mr. Giles received a B.S.B.A. from the University of Arkansas in 2004, a J.D. from the University of Virginia School of Law in 2007 and an LL.M. in Banking and Financial Law from the Boston University School of Law in 2010.
Mr. Giles joined Cravath in 2021 and was elected of counsel in 2022.
Mr. Giles has significant experience advising both large financial companies and government agencies regarding bank regulation. From 2010 to 2018, he was an attorney in the Legal Division at the Board of Governors of the Federal Reserve System, rising to the level of Special Counsel. During his time at the Federal Reserve, he advised its principals and senior staff on a host of issues regarding merger and acquisition proposals, change in control matters, implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and other high priorities for the agency, including rulemakings and other agency efforts regarding resolution planning, qualified financial contracts, total loss absorbing capacity, physical commodities and merchant banking. He also served as a member on the Governance and Controls steering committee of the Large Institution Supervision Coordinating Committee and led the review of a range of novel and complex proposals under the Bank Holding Company Act, Change in Bank Control Act, and Federal Reserve Act.
Mr. Giles’s practice after leaving the Federal Reserve has focused on advising financial companies and trade organizations regarding a broad range of financial reform, regulatory policy and other regulatory advocacy and compliance matters.
Mr. Giles has been recognized for his work in financial services regulation by The Legal 500 US.
Mr. Giles received a B.S.B.A. from the University of Arkansas in 2004, a J.D. from the University of Virginia School of Law in 2007 and an LL.M. in Banking and Financial Law from the Boston University School of Law in 2010.
Mr. Giles joined Cravath in 2021 and was elected of counsel in 2022.
The Legal 500 US
Deals & Cases
September 26, 2024
On September 26, 2024, Citigroup Inc. (“Citi”) and Apollo announced they have entered into an exclusive agreement for a subsidiary of Citi and certain affiliates of Apollo to form a landmark $25 billion private credit, direct lending program initially in North America, with the potential to expand to additional geographies. The program will include participation from Mubadala Investment Company as Apollo’s strategic partner as well as Apollo’s subsidiary, Athene, both of which will have the opportunity to join commitments appropriate for their respective mandates. The firms anticipate the program will finance approximately $25 billion of debt opportunities over the next several years, encompassing both corporate and financial sponsor transactions, and maintain the flexibility to significantly expand the size of the program beyond the initial $25 billion. Cravath is representing Citi in connection with the agreement.
Deals & Cases
August 07, 2024
Cravath represented the underwriters in connection with the $850 million offering of depositary shares representing preferred stock of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on July 24, 2024.
Deals & Cases
July 09, 2024
On July 1, 2024, Silvergate announced it has agreed to settlements with the Board of Governors of the Federal Reserve System (“Federal Reserve”), the California Department of Financial Protection and Innovation (“DFPI”) and the Securities and Exchange Commission (“SEC”). In a statement, Silvergate noted its decision to liquidate voluntarily and without government assistance in March 2023, and that, as of November 2023, all deposits had been repaid to banking customers, soon after which Silvergate ceased banking operations. The announced settlements, which facilitate the surrender of Silvergate’s bank charter, are part of the Bank’s continued orderly wind down and conclude investigations by the Federal Reserve, DFPI, and SEC. Cravath represented Silvergate in connection with the investigations, resulting settlements, and voluntary liquidation.
Deals & Cases
April 27, 2023
On April 27, 2023, Jefferies Financial Group, Inc. (“Jefferies”) and Sumitomo Mitsui Banking Corporation (“SMBC”) announced that they have expanded their strategic alliance to collaborate on future corporate and investment banking business opportunities, as well as in equity sales, trading, and research. The expanded alliance also includes joint coverage of designated investment grade clients that have banking relationships with SMBC and will now have dedicated Jefferies investment banking coverage. SMBC will be responsible for credit products and debt capital markets, while Jefferies will be responsible for M&A and equity capital markets. Additionally, SMBC intends to increase its economic ownership of Jefferies to up to 15% on an as converted and fully diluted basis and upon the investment reaching or passing 10%, SMBC will be entitled to designate a new member to Jefferies’ Board of Directors. Cravath is representing Jefferies in connection with the transaction.
Publications
February 07, 2024
On February 2, 2024, Cravath published a memo for its clients entitled “Potential FSOC Scrutiny of ‘Big Tech’ Firms.”
Publications
November 22, 2023
On November 20, 2023, Cravath published an executive summary‑style alert for its clients, with insights and reflections on the procedural guidance that the Financial Stability Oversight Council (“FSOC”) recently finalized for designating nonbank financial companies as “systemically important financial institutions” (“SIFIs”).
Publications
July 21, 2023
Cravath of counsel Will C. Giles authored an article entitled “NY Banking Brief: All The Notable Compliance Updates In Q2,” which was published to the website of Law360 on July 13, 2023. The article outlines the most significant legislative and regulatory developments in New York financial services law in the second quarter of 2023, including those related to bank closures, the release of a proposed bill to regulate digital asset activities and the passage of legislation that would empower the New York State Department of Financial Services to regulate fees related to consumer bank accounts.
Publications
May 02, 2023
On May 1, 2023, Cravath prepared a memo for its clients entitled “FSOC Proposes New Guidance on Nonbank ‘SIFI’ Designation Process.” The memo examines the Financial Stability Oversight Council’s recent proposals concerning its procedures for designating nonbank financial companies as “systemically important financial institutions” and its framework for assessing financial stability risks.
Publications
January 31, 2023
On January 30, 2023, Cravath distributed a memo for its clients entitled “Summary of Federal Reserve Board Policy Statement on Section 9(13) of the Federal Reserve Act and Related Developments.” The memo examines key takeaways from recent policy pronouncements regarding cryptoassets made by the Federal Reserve Board (“FRB”) and the White House. In that regard, the memo outlines the FRB’s recent policy statement, which effectively prohibits FRB‑regulated banks from engaging in most cryptoasset activities as principal. Please click here to read the memo.
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