"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."
The appointment is effective from 1 March and for a renewable term of five years.
In addition to taking on the role of Deputy Governor, Charlotte will continue in her current role as Chief Operating Officer.
As the Bank’s Deputy Governor for Markets and Banking, Charlotte will have specific responsibility for managing the balance sheet of the Bank and will look after the execution of financial stability and monetary policy decisions. Charlotte will also be a member of the Monetary Policy Committee, the Financial Policy Committee, the Prudential Regulation Committee and the Court of the Bank of England.
The Bank of England has also announced that Kristin Forbes will be stepping down at the end of her three year term as an external member of the Monetary Policy Committee. The Treasury says it will begin the process of recruiting her replacement shortly.
Chancellor of the Exchequer, Philip Hammond, said: "I’m delighted to appoint Charlotte Hogg as the next Deputy Governor for Markets and Banking. I’m confident that her exceptional leadership skills and wide-ranging experience make her the right person to take on the position.
"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.
"I would like to thank Minouche Shafik for all her valuable work at the Bank, particularly on fair and effective markets. I wish her the best as she moves into her new role as Director of the London School of Economics.”
Governor of the Bank of England, Mark Carney, said: "I am delighted that 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."
