Carney revamps Bank of England management

Ben Broadbent and Nemat Shafik will become deputy governors at the Bank of England as Mark Carney leads the biggest management shakeup since the institution gained independence in 1997.

In addition, chief economist Spencer Dale and Andrew Haldane, executive director for financial stability, are to swap jobs, while markets director Paul Fisher will leave the monetary policy committee.

Mr Broadbent is currently an external member of the committee, while Ms Shafik is an official at the IMF in Washington.

Mr Carney is revamping the bank as it defends its forecasting record and is dragged into the currency-manipulation scandal while battling criticism of the lack of women in top jobs.

Mr Broadbent, 49, will replace Charlie Bean as deputy in charge of monetary policy July 1 and Ms Shafik will become deputy for markets and banking a month later. Anthony Habgood was named chairman of the bank’s board.

Ms Shafik will also join the nine-member monetary policy committee.

As part of the changes, Mr Dale will leave the committee and join the bank’s financial policy committee starting on June 1 as executive director for financial stability strategy and risk. Mr Haldane will take Mr Dale’s role and his seat on the monetary policy committee.

The departure of Mr Fisher and Mr Dale from the committee removes one dove and one hawk, according to David Tinsley, an economist at BNP Paribas.

Ms Shafik will become the first woman to serve on the monetary policy committee since Kate Barker left in 2010 and will also join the board of the Prudential Regulation Authority and sit on the financial policy committee. She will oversee the monetary policy committee’s eventual unwinding of its £375bn bond-buying programme.

She has a doctorate in economics from Oxford and worked at the World Bank and UK’s Department of International Development before joining the IMF in 2011.

Mr Broadbent, who will start his new role July 1, joined the bank in 2011. His elevation marks the latest promotion of a former Goldman Sachs official within policy-making circles.

Bloomberg

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