Sullivan & Cromwell partner Jay Clayton is President-elect Donald Trump's choice to head up the Securities and Exchange Commission.
The report came from Reuters, which attributed the news to a pair of sources it did not identify.
Trump met with Clayton a few days before Christmas, according to other reports in the media.
Clayton, one of about 875 attorneys at the law firm, has a wide range of experience dealing with complex legal issues involving M&A, private equity, capital formation, regulatory issues and corporate governance.
Clayton graduated from the University of Pennsylvania with a bachelor's degree in 1988, obtained a second bachelor's from University of Cambridge in 1990 and graduated from University of Pennsylvania Law School in 1993. He subsequently clerked for two years for Judge Marvin Katz in the U.S. District Court for the Eastern District of Pennsylvania.
In the M&A department, Clayton has advised on deals such as Ally Financial's (ALLY) - Get Report sale of over $8 billion in assets, Barclays Capital's acquisition of Lehman Brothers assets and a variety of Goldman Sachs Group (GS) - Get Report transactions.
Clayton advises high-net-worth families on their investments.
He has also been involved in advising on IPOs, such as Och-Ziff Capital Management Group's (OZM) $1.2 billion IPO, $1.5 billion in AMBAC Financial Group (AMBC) - Get Report securities offerings and a $1 billion Rule 144A offering from Oaktree Capital Group (OAK) - Get Report .
Clayton has handled regulatory reviews for large institutions and advised on matters including mortgage settlement claims and Foreign Corrupt Practices Act issues.