The Bank of England on Tuesday said it had appointed Nemat Shafik, a deputy to IMF chief Christine Lagarde, to a new role providing oversight of financial markets and banking.
The appointment came as Governor Mark Carney looks to strengthen the BoE's structure following a review of its processes triggered by a probe into suspected rigging of foreign exchange markets, which recently caused the central bank to suspend a worker.
The BoE has previously stressed however that it had found no evidence that staff colluded in the alleged manipulation of the trades, 40 percent of which are conducted in London.
Also Tuesday, the BoE said that Ben Broadbent, a former Goldman Sachs economist who already sits on the bank's rate-setting Monetary Policy Committee (MPC), will become deputy governor for monetary policy -- replacing Charles Bean who is retiring.
Meanwhile Anthony Habgood, chairman of publisher Reed Elsevier, will succeed David Lees as chairman of the BoE's board of directors.
Habgood and Broadbent begin their new roles on July 1, one month before Shafik -- who joins also the MPC -- starts at the bank.
Canadian national Carney, who became governor last year, said that the "appointments result in a well-rounded senior management team at the Bank -- one that will set the direction for an ambitious agenda of transformation for the institution and enable it to meet the challenges and opportunities it faces in maintaining monetary and financial stability".
A Bank of England statement said that Carney and British Finance Minister George Osborne had "agreed to appoint Dr Nemat Shafik as Deputy Governor of the Bank of England responsible for Markets and Banking", beginning in August.
Shafik, the BoE's first female deputy governor since 2008, said she was "excited to be joining the Bank at such a critical time of institutional change".
She added that she looked forward to taking on what she called a "challenging new role" as the Bank seeks to "reform financial markets for the post-crisis world."
In a separate statement, Lagarde said: "The fact that she is leaving us to take up such an important post is testimony to her broad command of policy issues, her superb leadership and communications skills, and her global reputation."
Shafik, a national of Egypt, Britain and the United States, has overseen the Fund's work on countries in Europe and the Middle East, including on financially bailed-out eurozone members Greece and Portugal.
The Bank of England on Tuesday said it had appointed Nemat Shafik, a deputy to IMF chief Christine Lagarde, to a new role providing oversight of financial markets and banking.
The appointment came as Governor Mark Carney looks to strengthen the BoE’s structure following a review of its processes triggered by a probe into suspected rigging of foreign exchange markets, which recently caused the central bank to suspend a worker.
The BoE has previously stressed however that it had found no evidence that staff colluded in the alleged manipulation of the trades, 40 percent of which are conducted in London.
Also Tuesday, the BoE said that Ben Broadbent, a former Goldman Sachs economist who already sits on the bank’s rate-setting Monetary Policy Committee (MPC), will become deputy governor for monetary policy — replacing Charles Bean who is retiring.
Meanwhile Anthony Habgood, chairman of publisher Reed Elsevier, will succeed David Lees as chairman of the BoE’s board of directors.
Habgood and Broadbent begin their new roles on July 1, one month before Shafik — who joins also the MPC — starts at the bank.
Canadian national Carney, who became governor last year, said that the “appointments result in a well-rounded senior management team at the Bank — one that will set the direction for an ambitious agenda of transformation for the institution and enable it to meet the challenges and opportunities it faces in maintaining monetary and financial stability”.
A Bank of England statement said that Carney and British Finance Minister George Osborne had “agreed to appoint Dr Nemat Shafik as Deputy Governor of the Bank of England responsible for Markets and Banking”, beginning in August.
Shafik, the BoE’s first female deputy governor since 2008, said she was “excited to be joining the Bank at such a critical time of institutional change”.
She added that she looked forward to taking on what she called a “challenging new role” as the Bank seeks to “reform financial markets for the post-crisis world.”
In a separate statement, Lagarde said: “The fact that she is leaving us to take up such an important post is testimony to her broad command of policy issues, her superb leadership and communications skills, and her global reputation.”
Shafik, a national of Egypt, Britain and the United States, has overseen the Fund’s work on countries in Europe and the Middle East, including on financially bailed-out eurozone members Greece and Portugal.
