The Treasury will split Charlotte Hogg's role in two when it seeks to replace her, City A.M. understands.
Hogg, who had just taken on the job of the Bank of England's deputy governor on top of her role as its chief operating officer, resigned today after it emerged she had failed to disclose her brother's job at Barclays when she was appointed, a potential conflict of interest.
However, a source suggested when the Treasury replaces her, it will seek two candidates to serve as chief operating officer and deputy governor for markets and banking.
"She was probably the only person who could do [the combined role]," said the source. A Treasury spokesperson did not comment.
Hogg's resignation last night came after a report published today by the Treasury Select Committee called into question her competence.
"In its Report on 2 March, the Committee concluded that Ms Hogg had the professional competence necessary to fulfil the role of Deputy Governor for Markets and Banking. Had it known then what has since been disclosed, it would have taken a different view," it said.
"Professional competence for this role includes an ability to follow the rules, particularly those that one has had a hand in writing and enforcing; an understanding of why those rules are important; and an awareness of the risks arising from actual and potential conflicts of interest, and the perceptions of conflict."