Mark Carney, the incoming Bank of England governor, has appointed Charlotte Hogg, a senior executive at Santander and the scion of one of Britain's most blue-blooded political dynasties, to become the Bank's first chief operating officer.
Hogg, who heads Santander's high street operations, will start at the Bank on 1 July – the day that Carney takes over from Sir Mervyn King. The 41-year-old will head all the day-to-day management functions of the Bank – from personnel to property, IT and security – and become the most senior female employee in its 319-year history.
Hogg, who has been at Santander since September 2011, will collect the same £260,000 salary and benefits as the Bank's three deputy governors. It is a significant pay cut from the £2.5m she earned from Santander last year, including buy-out awards from her previous employer, the credit checking agency Experian.
Carney, who is joining the Bank from Canada's central bank where he reorganised the management structure, said he was delighted to have been able to poach Hogg from Santander. "My tenure at the Bank will oversee a significant transition," he said. "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."
Hogg, who like Carney studied at Oxford and Harvard, started her career at the Bank before moving to McKinsey in Washington. She also worked at Morgan Stanley, before joining Experian as head of its operations in the UK and Ireland.
"I'm delighted to be returning to the Bank of England, where I started my career in 1992," she said on Tuesday. "I am looking forward to working closely with Mark Carney as he takes over the governorship."
Hogg is descended from one of Britain's most high profile political families – with both her mother and father holding life peerages. 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 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 of St Marylebone, a former lord chancellor. His father, her great-grandfather, was also a lord chancellor. Her maternal grandfather was Lord Boyd-Carpenter, a former chief secretary to the Treasury.
"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. Santander UK's chief executive Ana BotÃn said: "During her two years at Santander Charlotte has reshaped our retail distribution business. Her work has made us a more customer-centred organisation and has put us in a strong position for further development."
Hogg's responsibilities at Santander will be taken over by Martin Bischoff and Miguel Sard. Prior to Hogg, the most senior woman at the Bank was Rachel Lomax, who served as a deputy governor from 2003 to 2008.
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Representatives of the European Parliament, commission and EU member states Wednesday evening concluded negotiations on the 2014-2020 budget. The deal includes a binding revision clause in 2016 and a review of the sources of the EU budget. A Youth Employment Initiative is to get front-loaded funding in 2014 and 2015.
Americans are out of debt? Huh? Deleveraging is alive and well, and Americans are more than BURIED in debt, as is, the best example of how to bury oneself in debt that wont ever be paid back, the Good 'OL USA.
and the economy in America is very very broken. Just look at the economic reports since March, nearly all a complete mess. Keep printing, so the next melt-down will be enough to get the public mad enough to finally disband the Fed, who is largely responsible for the manias and busts we have seen. Where is Snowden's reports on Fed equity market manipulation? we are waiting for them. hope he has something on this.
It is an inevitable law of finance that attempts to stamp out one sort of risk end up creating another. So it is with the response to the last financial crisis the seeds have been sown for the next.
The Basel III capital rules that are currently being implemented by banks around the world are generally thought to be making the financial system safer.
Force lenders to hold more capital and penalise them for taking too much trading risk, so the thinking goes, and you will end up with a banks that are more resilient to financial shocks.
Royal Bank of Scotland, once the world’s largest lender in terms of assets, has reduced its balance sheet by more than £700bn since its taxpayer-funded rescue in 2008, is on course to cut its investment banking division to about a tenth of its pre-crisis size, and has more than four times as much capital on hand as it did six years ago.
Look also at investment banks’ trading inventories of credit products, which stand at a decade-low, according to research by Oliver Wyman and Morgan Stanley, and are continuing to fall.
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