THE Bank of England has continued its shake-up by appointing a senior female banker to the new role of chief operating officer.
The central bank said Charlotte Hogg, head of retail at Spanish-owned lender Santander UK and the daughter of former Conservative minister Douglas Hogg, will join on July 1.
Hogg will take responsibility for all day-to-day management of the Bank in an appointment approved by incoming governor Mark Carney.
Carney, who takes over next month from Sir Mervyn King, said Hogg will help “catalyse change” at the Bank.
Her appointment comes just days after deputy governor Paul Tucker announced he is quitting the Bank in the autumn after losing out on the top job to Mr Carney, a Canadian.
Hogg is currently head of retail distribution and intermediaries at Santander UK, overseeing a network of almost 1,200 branches.
She started her career at the Bank of England as a graduate in 1992, and other previous roles include UK managing director of credit checking group Experian and senior posts at McKinsey and Morgan Stanley.
Her father, Viscount Hailsham, was a member of the Margaret Thatcher and John Major governments, but stood down as an MP in 2010 after reportedly claiming expenses to clean his moat.
Hogg’s mother Sarah, or Viscountess Hailsham, is the former economics editor of The Independent newspaper.
Her role will have the same status and pay – about £260,000 a year – as the Bank’s two deputy governors.
The Bank recently assumed responsibility for the stability of the financial system through the creation of its new arm, the Prudential Regulation Authority.
That has seen staff numbers almost double to 3,500 from about 1,800 in 2008. The Bank’s support functions currently employ 1,100 staff and have a budget of £120m.
Carney said: “My tenure at the Bank will oversee a significant transition.
“Charlotte brings an outstanding track record and breadth of experience that will help to catalyse that change and I look forward to working closely with her to realise the full potential of the new institutional structure of the Bank.”