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.


There’s too much news out there

May 2, 2013

Overwhelmed with newsI’ve been distracted from my customary scan of news sources recently. Now that normal service is being resumed, I have noticed how many leadership stories that are reported every day

This week I would have liked to have followed-up on at least six stories:

The Bangladesh factory tragedy

Hundreds of workers died in a factory building collapse and subsequent fire. The over-simple treatment in the UK focuses on the poor pay and wage conditions of those in the Bangladeshi ‘sweat shops’. [Primark is said to be offering hardship aid to its supplier]. The globalising drive for cheap sources of supply is also being scrutinized. One dilemma to be addressed is the economic benefits of international trade as a country develops.

Krugman and Keynes

Paul Krugman continues to express the neo-Keynesian view that austerity programmes are inadequate for dealing with the exceptional social hardships of a severe recession. He believes the majority of economic commentators are missing the point. Ironically, Keynes was himself frustrated that conventional wisdom of the time seemed unable to appreciate his arguments. Krugman feels pretty much the same, offering this rebuttal of one counter argument. Economies, he says, are not like families. Income and spending are inter-dependent. If we all cut spending our incomes will fall too. He also rejects the idea that this is a leftist spending-spree mentality, but necessary a short-term measure for exceptional economic times.

Alfredo Saenz

Then there was the surprise retirement of Santander chief Alfredo Saenz who is expected to collect a goodbye present of around $100,000,000 rather than cop an investigation into his activities by the Supreme Court .

UKIP

Back in the UK, local elections this week [Thursday May 4th 2012] are seen as a measure of protest votes away from the traditional political parties. The anti-immigration and (even more anti – European Union) party UKIP is tipped to poll well under the leadership of its somewhat unconventional and ebullient Nigel Farage, who is also standing for Parliament in a by-election.

Larry David and his mother

An article by American humourist Larry David looked at how his mother would have reacted to his being arrested for terrorist offenses. It provoked a storm of protests. When told he had confessed she replied “well he probably didn’t want anyone else to suffer.” The article saves me from going any further with an idea I had for a blog which was going to be entitled “every mother is a potential terrorist”.

Reginald D Hunter

Anti-racist comedian Reginald D Hunter is in trouble for using racist language at a Football Association dinner. Or at least I thought it was humour with a political intent, in the tradition of Lenny Bruce.

Coping with overload

This ‘six for the price of one’ blog post is my attempt to cope with information overload. Hope you liked it. Normal service, as they say, may be resumed shortly…