Bank of England announces three senior appointments
Threadneedle sees biggest shake-up in years with three senior appointments
Tuesday 18 March 2014
Governor Mark Carney has unveiled a major overhaul with the announcement of three senior appointments at the Bank of England.
The blizzard of announcements saw the appointment of the Bank's first woman deputy governor in more than five years with the appointment of Egyptian-born IMF deputy managing director Nemat Shafik in the newly created role of Deputy Governor for markets and banking.
She will plot an exit from the Bank's money-printing programme, improve its market intelligence capabilities and represent the Bank at international bodies including the IMF.
External member Ben Broadbent also becomes Deputy Governor for monetary policy, replacing Charlie Bean who retires in the summer. Broadbent - highly rated by the Treasury where he used to work - has had a meteoric rise since joining the Bank from Goldman Sachs in 2011. Deputy governors earn £260,000 plus pension.
The changes come as Carney looks to break down "silos" between different departments and include more cross-departmental roles, as the Bank takes on new powers to supervise financial institutions as well as controlling inflation.
Other senior changes involve chief economist Spencer Dale swapping jobs with the Bank's executive director for financial stability Andy Haldane; Haldane will now sit on the Bank's rate-setting monetary policy committee. Anthony Habgood was confirmed as the new chairman of the Bank's Court, replacing Sir David Lees.
The biggest loser is current director for markets, Paul Fisher, who loses his spot on the MPC to Shafik. Fisher came under heavy fire last week as the Bank was dragged into the foreign exchange fixing scandal, drawing criticism when he said "it isn't our job to go hunting" for market wrongdoing.
The manoeuvring heralds a huge turnaround on the MPC since Lord King retired as Governor.
BNP Paribas economist David Tinsley said: "It certainly adds a degree of raised uncertainty as to how the debate on the MPC will go from the second half of this year, when most of the changes occur. In Paul Fisher's departure the MPC is clearly losing a 'dove'. But in Spencer Dale's move off the MPC it is also losing a 'hawk'."
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...