HSBC Holdings plc has appointed Stuart Levey as its chief legal officer.

He will report to Stuart Gulliver, group chief executive.

Richard Bennett, group managing director and group general counsel, will work with Levey during a transition period and retire from HSBC after over 33 years of service at the end of 2012. He will continue as a part-time adviser to the group chief executive after he retires.

Levey served as the first under secretary for terrorism and financial intelligence in the US Department of the Treasury from July 2004 to February 2011 under Presidents Bush and Obama.

Prior to his Treasury appointment, he was the principal associate deputy attorney general at the U.S. Department of Justice (DoJ). Prior to joining the DoJ in 2001, He spent 11 years in private practice in Washington.

Stuart Gulliver said: “I am delighted Stuart is joining HSBC after a distinguished career in private practice and government service. His experience dealing with international financial and legal issues is highly relevant to a global bank such as HSBC.