Charlotte Hogg appointed hew Chief Operating Officer at the Bank of England

June 21, 2013

Charlotte Hogg, new COO of the Bank of EnglandMark Carney, the incoming governor, has appointed Charlotte Hogg as Chief Operating Officer of The Bank of England running all day-to-day management functions.

The news this week [June 19th 2013] suggests evidence of changes accompanying the arrival of the new governor of the Bank of England.

Whenever a banker is appointed or leaves, the public is avid for further evidence of the cupidity our financial leaders. In this case, the figures speak for themselves. She will work for the same salary, £260,000 salary p.a. and benefits as the Bank’s three deputy governors. Last year she is reported to have earned, with bonuses, £2.5m in her senior post in Santander

According to the BBC

Charlotte Hogg, who like Carney studied at Oxford and Harvard, started her career at the Bank before moving to McKinsey in Washington. She has also worked at Morgan Stanley, before joining Experian as head of its operations in the UK and Ireland.
Hogg is descended from one of Britain’s most high profile political families. Her mother is Baroness (Sarah) Hogg, a senior adviser to Sir John Major when he was prime minister. Her father is Viscount Hailsham, the former Tory cabinet minister Douglas Hogg, who gained notoriety when he stepped down as an MP after claiming £2,200 expenses for cleaning the moat at his 13th-century country estate. Her paternal grandfather was Lord Hailsham, a former lord chancellor. “You can have too much of a good thing in one family,” Hogg once told her local newspaper.

Paul Tucker, the Bank’s deputy governor for financial stability who lost out on the top job to Carney, announced his intention to leave the Bank last week. Prior to Charlotte Hogg, the most senior woman at the Bank was Rachel Lomax, who served as a deputy governor from 2003 to 2008.

One small step for Charlotte …?

November 2014

The move to redress inequality in top financial posts is likely to be of limited impact. The proportion of women entering the Economics profession remains low.


Occupy movement helped shift thinking about the ethics of banking

November 30, 2012

Posted by Tudor Rickards

Andrew HaldaneAndrew Haldane, [image supplied] an executive director of The Bank of England, recently told a meeting organised by Occupy, that the protesters had touched a “moral nerve” for the financial sector. He might also have been referring to the Church of England

A year ago, the direct action group Occupy had targeted the London Stock Exchange [15 October 2011] then formed a protest camp at nearby St Paul’s Cathedral, until their eviction by police.

In his speech on socially useful banking as reported by the Bank of England, Mr Haldane said:

“Occupy has been successful in its efforts to popularise the problems of the global financial system for one very simple reason: they are right …
There is the quiet, but unmistakable, sound of a leaf being turned. If I am right and a new leaf is being turned, then Occupy will have played a key role in this fledgling financial reformation. You have put the arguments. You have helped win the debate. And policymakers, like me, will need your continuing support in delivering that radical change.”

An independent voice

Haldane has been speaking up in an independent fashion for a Bank of England director for some years. In 2009 at the hight of the credit crisis he challenged the argument that measures to restrict banking bonuses would lead to an exodus of talent from the UK.

His independent views have been aired from his position as executive director for financial stability of the Bank of England. He is known to oppose high velocity trading [HVT} practices which involve a form of computer-aided trades in micro-seconds. [A brief insight into the mind-boggling nature of HVT illustrates the arguments for a small financial transaction levy. This remains a controversial issue favoured by many European bankers but anathema to the City of London where it is seen as another potentially damaging Euro-scam]

Meanwhile, a new leader emerges

Now Andrew Haldane pepares for a new chief, Mark Carney, appointed this week [Nov 26th 2012] by the Chancellor George Osborne. Mr Carney is the governor of the Canadian central bank and will have new powers as Bank of England governor by the time Sir Mervyn King steps down [in June 2012].

Carney a former Goldman Sachs banker had previously ruled himself out. This, and his non-English status, made him an outsider for the post.
Sir Mervyn said Mr Carney represented “a new generation of leadership for the Bank of England, and is an outstanding choice to succeed me”

Carney is widely seen as a brilliant and independent minded figure, who will have his own ideas about a range of issues on which Andrew Handane has commented, maybe including the moral high ground held by the Occupy movement.

For students of leadership

For students of leadership, this transition of institutional power from one leader to another will make an interesting and living case study.