March 11, 2014 / 1:55 PM / in 4 years

BoE to create deputy governor position for markets and banking

LONDON, March 11 (Reuters) - The Bank of England will create a new deputy governor position responsible for markets and banking as part of a strategic plan to be launched in a week, its governor Mark Carney said on Tuesday.

“In the markets area we’re going to create a new position, a deputy governor position responsible for markets and banking,” said Carney in comments to a committee of lawmakers.

“We have a 400 billion (pounds) plus balance sheet ... and a series of issues that need to be addressed - and we will benefit from senior executive responsibility there.”

Carney said one of the new deputy governor’s first tasks would be to conduct a “root and branch review” of how the Bank handles its market intelligence.

The strategic plan will be launched on March 18, Carney added.

The Bank said in October it had hired consultants McKinsey to advise on a strategic review and Deloitte to advise on potential cost savings.

A Bank spokesman said he could not add more detail about the new role beyond what Carney told the Treasury Committee.

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