BoE appoints new deputy governor

Charlotte Hogg, chief operating officer (COO) at the Bank of England (BoE), has been appointed deputy governor for markets and banking.

The appointment of Hogg, who will also retain her current role, is effective from March 1, when deputy governor Minouche Shafik steps down to become the director of the London School of Economics.

In her new role, Hogg will be responsible for managing the balance sheet of the BoE. She will look after the execution of financial stability and monetary policy decisions via balance sheet operations, the management of the government's foreign exchange reserves, gold custody services, the operation of the real-time settlement system, the effective risk management of these operations and the gathering of market intelligence relevant to policy decisions.

Hogg will also become a member of the Monetary Policy Committee, the Financial Policy Committee, the Prudential Regulation Committee and the Court of the Bank of England.

"I'm delighted to appoint Charlotte Hogg as the next deputy governor for markets and banking. I'm confident her exceptional leadership skills and wide-ranging experience make her the right person to take on the position," said Philip Hammond, the chancellor of the Exchequer, in a statement. "Charlotte has done an excellent job as the bank's first chief operating officer. She will take over this new role at a key time for the City."

Charlotte's breadth of financial sector and operational experience will contribute valuable, broader perspectives to the bank's policy committees
Mark Carney, Bank of England

Hogg said: "I am grateful for the opportunity to serve the bank's mission in this broader role, and I am committed to doing so to the best of my ability. I feel privileged to be able to build off the great work Minouche has done and to work with such talented colleagues."

London-based Hogg became the first COO of the BoE in July 2013. Previously, she was head of retail distribution and intermediaries at Santander UK (2011–13).

Before that, Hogg was a managing director at Experian, with responsibility for the UK and Ireland operations, between 2008 and 2011. She was also a managing director of strategic planning at Morgan Stanley (2007–08) and a principal in financial services at McKinsey & Company (1994–2001).

Hogg began her career at the BoE as a graduate trainee between 1992 and 1994.

"I am delighted Charlotte has agreed to become deputy governor for markets and banking, and the bank's chief operating officer. Many of the top priorities in markets and banking currently coincide with those of the bank's central operational areas, meaning Charlotte is the ideal person to lead these efforts. Charlotte's breadth of financial sector and operational experience will contribute valuable, broader perspectives to the bank's policy committees. I look forward to working with her in her new role," said Mark Carney, governor of the BoE.