November 1, 2017 / 12:22 PM / 10 months ago

Bank of England staff turnover could be "a little bit higher" - deputy governor

LONDON, Nov 1 (Reuters) - Staff turnover at the Bank of England could be slightly higher, and would not benefit from being reduced, Deputy Governor Sam Woods said on Wednesday.

“Our turnover rate across the Bank is running at about 7-8 percent. That’s fine. I probably wouldn’t want it to be a lot lower. It could be a little bit higher,” Woods told a parliament committee studying the effect of Brexit on financial regulation.

Woods added that his division of the BoE was increasing staff numbers to handle extra regulatory authorisation of foreign banks required by Brexit.

“We have got I think about two thirds of the staff that we need. I think we will be okay,” he said. (Reporting by David Milliken, editing by Andy Bruce)

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