UK Edition
Charlotte Hogg named BoE deputy as Kristin Forbes announces departure
Charlotte Hogg the Bank of England’s chief operating officer, has been appointed by the Treasury as the next deputy governor for markets and banking.
Ms Hogg, 46, will replace Minouche Shafik when she leaves at the end of this month to become director of the London School of Economics.
It came as Kristin Forbes, an external member of the Monetary Policy Committee (MPC) that sets interest rates, announced she would leave the Bank at the end of an initial three year term this summer.
Ms Hogg beat 35 other candidates to secure the job, where she will be responsible for the Bank’s quantitative easing programme as well as the management of the Government’s foreign exchange reserves.
She will continue her current role managing the day-to-day running of the central bank.
The former Santander and Morgan Stanley executive will sit on the MPC, as well as the Financial Policy Committee, which monitors UK financial stability, the Prudential Regulation Committee and the Bank of England’s Court, which oversees the Bank’s performance.
Ms Hogg has been appointed for an initial five year term and will start on March 1. Ms Hogg’s broad responsibilities means some international duties that are currently undertaken by Dame Minouche will be managed by Sir Jon Cunliffe, deputy governor for financial stability.
Responsibility for financial technologies such as payments networks will move to Andrew Hauser, executive director for banking, payments and financial resilience.
Mark Carney, the Bank’s Governor, hand-picked Ms Hogg to be his “eyes and ears” at the Bank in 2013 amid a drive to get more women into senior positions at the Bank.
Speaking on Thursday, Mr Carney stressed that diversity targets were critical to “reduce misperceptions that we are experts making esoteric decisions in an ivory tower for the benefit of others”.
The Bank aims to triple the proportion of women in senior roles to 35pc by the end of the decade. Ms Hogg described her new role as an “opportunity” to serve the Bank’s mission to deliver monetary and financial stability for the UK.
Philip Hammond, the Chancellor, who appointed Ms Hogg, praised her “exceptional leadership skills”. He added: “She will take over this new role at a key time for the City”.
Ms Forbes will leave the Bank on June 30 and return full-time to her previous role as a professor at MIT, which she retained on a part-time basis while at the Bank.
Described internally as one of the most vocal MPC members during policy debates, Ms Forbes voted against the expansion of QE in August to £435bn as well as £10bn of corporate bond purchases.
She described the “often intense” debates as “insightful”, praising Bank staff for their “superb analysis”.
Mr Carney said Ms Forbes had brought “fresh thinking and academic rigour” to the Bank, with “a fresh and engaging approach to communications”.