President-elect Donald Trump will nominate Sullivan & Cromwell law partner Jay Clayton as Securities and Exchange Commission chairman, adding another figure with close Wall Street ties to Mr. Trump’s administration.

Trump spokesman Sean Spicer said Wednesday that Mr. Clayton is the pick to run the top U.S. markets regulator. Mr. Clayton, whose clients have included Goldman Sachs Group Inc. and Barclays Capital Inc., would succeed SEC Chairman Mary Jo White, another lawyer with a history of representing Wall Street banks before becoming a regulator.

“Jay Clayton is a highly talented expert on many aspects of financial and regulatory law, and he will ensure our financial institutions can thrive and create jobs while playing by the rules at the same time,” Trump saidin a written statement.

“We need to undo many regulations which have stifled investment in American businesses, and restore oversight of the financial industry in a way that does not harm American workers,” he said.

Clayton thanked Trump for the opportunity. His nomination is subject to confirmation by the Senate.

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