The news this week [June 19th 2013] suggests evidence of changes accompanying the arrival of the new governor of the Bank of England.
Whenever a banker is appointed or leaves, the public is avid for further evidence of the cupidity our financial leaders. In this case, the figures speak for themselves. She will work for the same salary, £260,000 salary p.a. and benefits as the Bank’s three deputy governors. Last year she is reported to have earned, with bonuses, £2.5m in her senior post in Santander
Charlotte Hogg, who like Carney studied at Oxford and Harvard, started her career at the Bank before moving to McKinsey in Washington. She has also worked at Morgan Stanley, before joining Experian as head of its operations in the UK and Ireland.
Hogg is descended from one of Britain’s most high profile political families. 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 gained notoriety when he 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, a former lord chancellor. “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. Prior to Charlotte Hogg, the most senior woman at the Bank was Rachel Lomax, who served as a deputy governor from 2003 to 2008.
One small step for Charlotte …?
The move to redress inequality in top financial posts is likely to be of limited impact. The proportion of women entering the Economics profession remains low.