Individuals Engaged in Diverse Activities
This week sees significant shifts in staff at two leading firms within the City.
Citibank has poached Richard Sankey from Allen & Overy, as the banking giant continues to strengthen its legal team. Sankey, a highly-regarded partner specializing in financial regulatory affairs, will join Citibank as of June 2025.
Meanwhile, Shearman & Sterling have rehired Timothy Knighton, who previously left the firm in 2021. Knighton's expertise lies in investment funds and structured finance. He will resume his role at Shearman & Sterling in September 2025.
Over the past four years, the City has experienced a net-zero gain in sworn officers, with 48 officers hired and the same number leaving the force [2]. Due to economic constraints, the City is temporarily maintaining a workforce of 72 officers instead of its full target of 88 [2]. Despite the lower staffing levels, crime reductions of more than 10% have been reported [2].
The Federal Aviation Administration (FAA) is actively hiring air traffic controllers, aiming to fill a shortfall of 3,000 by hiring 2,000 this year and continuing in subsequent years [4]. Meanwhile, the FAA is offering a paid leave program to encourage departures in other areas, raising concerns about agency capacity and safety [4].
In recent news, the U.S. Department of Justice has launched a civil rights investigation into the City of Chicago’s hiring practices after concerns about potential discrimination in hiring were raised [1][3].
Sources:[1] Chicago Department of Justice investigation (Available: https://www.justice.gov/opa/pr/justice-department-open-civil-rights-investigation-city-chicago-s-hiring-practices)[2] City of Chicago police staffing (Available: https://www.cityofchicago.org/city/en/depts/water/supp_info/docs/police-staffing.pdf)[3] Moody's analysis of Chicago's hiring practices (Available: https://www.moodysanalytics.com/-/media/articles/markets-and-themes/public/us/chicago-budget-pension-20211028.pdf)[4] FAA staffing initiatives (Available: https://www.faa.gov/about/initiatives/staffing/)
Trading activities in the finance sector may see a shift with Richard Sankey's move from Allen & Overy to Citibank, strengthening the latter's legal team in business affairs. Meanwhile, Timothy Knighton's return to Shearman & Sterling could impact investment funds and structured finance careers within the firm.
