SoFi taps JPMorgan for GC hire as long-time legal head steps down

Stephen Simcock will replace Rob Lavet, who is retiring and moving to a director role

Experienced consumer banking GC Stephen Simcock will lead SoFi’s legal team Shutterstock

US digital financial services business SoFi Technologies has appointed Stephen Simcock as general counsel, replacing chief legal officer Rob Lavet who is retiring.

Simcock joins from US bank JPMorgan Chase & Co, where he was vice chairman of its legal department and GC of its retail banking business. At SoFi, he will oversee all legal matters, regulatory compliance and corporate governance.

San Francisco-based SoFi provides financial services to its 8.1 million members, including personal loans and savings.

Anthony Noto, SoFi CEO, said: “[Simcock’s] deep experience in financial services – along with demonstrated success as a culture and business leader – make him an excellent fit for SoFi as we pursue our path to becoming a top 10 financial institution.”

Simcock spent just under a decade at JPMorgan, having joined from rival bank Citigroup where he was also GC for its retail banking business, among other roles that included a stint in London as GC for its EMEA retail bank and its private banking unit.

He said: “I have spent my entire career in consumer banking and am thrilled to join a firm known for its focus on helping its members achieve financial independence through a strong suite of consumer-focused products. SoFi’s mission and values align perfectly with mine.”

Lavet, meantime, steps down as CLO after close to 12 years as the company’s legal head. He originally joined from national firm Powers Pyles Sutter & Verville, having spent 16 years at Sallie Mae before that, working his way up to GC. He will remain at SoFi as a director of SoFi Bank.

Noto added: “We could not be more grateful to Rob for all of his leadership, wisdom and support in building SoFi into the company it is today. Rob’s leadership has been critical in helping the company at every major milestone of its existence having joined as employee number 33. Throughout his tenure, Rob has been the gold standard of a SoFi culture carrier, demonstrating our core values in all he does. I will be eternally grateful to Rob as a colleague, a mentor and a friend.”

In other recent finance-related in-house moves, in April US fintech Broadridge hired New York Stock Exchange GC Hope Jarkowski to fill its vacant CLO seat. Also in April, US investment giant Vanguard lost its legal chief Anne Robinson, who is taking up the GC role at IBM.

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