Search is on for a chief operating officer

The Bank of England in Threadneedle Street in the City of London.
The Bank of England in Threadneedle Street in the City of London.
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THE Bank of England is on the hunt for a chief operating officer to share the new governor’s workload.

The central bank, currently searching for a replacement to governor Sir Mervyn King, yesterday revealed the creation of the new role, which will be responsible for the day-to-day management of the Bank.

An appointment will be made next year after a replacement to Sir Mervyn – who will retire at the end of June 2013 – has been found. It will be made in “close consultation” with the new governor.

Responsibilities will include running finance, IT and human resources, and the COO will work alongside the deputy governors.

“This will allow the governor and deputy governors more time to focus on their policy responsibilities,” said the BoE.

“Under the Financial Services Bill being debated in Parliament, those responsibilities will expand significantly, to include macro and micro prudential regulation.”

The BoE also revealed finance director Warwick Jones is standing down at the same time as Sir Mervyn. Mr Jones has been FD of the central bank since 2006.

Chancellor George Osborne is expected to announce his choice for the governor role in his autumn budget statement on December 5.

Deputy governor Paul Tucker is seen as the front-runner to land the job. Adair Turner, chairman of the Financial Services Authority, and former Bank chief economist John Vickers, are also contend-ers.

Executive search company Odgers Berndtson will conduct the first phase of the recruitment of a COO, the BoE added. The successful candidate will then lead the search for a new FD.

The BoE will become Britain’s main financial regulator in a sweeping overhaul of Britain’s regulatory framework, aimed at preventing a repeat of the financial crisis when a number of banks collapsed and had to be bailed out.

Mr Jones said: “It has been a fascinating and rewarding experience working at the Bank, if a little more exciting than I anticipated when I joined in 2006.

“I have enjoyed the support of exceptionally talented colleagues, and I now look forward to spending more time at the Oval and, of course, with my family.”