CIT Group in Livingston, N.J., has named HSBC executive Stuart Alderoty as its new general counsel.
Alderoty is currently general counsel for the North American division of HSBC, a position he has held since 2010. His official start date at CIT has not yet been announced, but will take place after he completes his "garden leave" with the London-based company. An HSBC spokesman declined to comment on Alderoty’s contract.
In his new role, Alderoty will report directly to Ellen Alemany, CIT's chief executive, and will also serve as corporate secretary. He will succeed Robert Ingato, who resigned last month but will serve as an adviser to the $65 billion-asset company until the end of this year.
Alemany praised Alderoty in a press release Tuesday, noting that he has "vast experience in managing complex legal matters."
CIT faces regulatory and legal challenges on multiple fronts. The company's reverse-mortgage unit is under investigation by the Department of Housing and Urban Development. And earlier this year the Federal Reserve Board raised a qualitative objection to its capital plan.
Separately, HSBC has named Mark Steffensen as a successor to Alderoty. Since joining HSBC in 2006, Steffensen has held a number of roles, most recently serving as head of the U.S. legal team for global and commercial banking.
Alderoty will work with HSBC to ensure a "smooth transition," a company spokesperson said in an email.