THE BANK of England appointed Santander’s Charlotte Hogg as its first chief operating officer yesterday.
The newly created role is intended to help the Bank cope with its expansion to cover prudential regulation of the financial services industry.
Hogg comes from Santander where she is currently head of retail distribution and intermediaries.
The front-line role will see her head up the integration of those regulatory functions with the Bank, covering IT, human resources and finance roles.
The new position brings the same seniority and salary as the Bank’s three deputy governors. However Hogg does not have a place on any of the Bank’s monetary or financial policymaking committees.
Hogg joined Santander two years ago to streamline its retail operations after a series of takeovers, and begin the shift of focus from mortgages to small business lending.
She has an established family background in banking – her father is former Conservative minister Douglas Hogg. Her mother Baroness Hogg used to chair 3i and is currently heading the search for a new administrator of key interbank benchmark interest rate Libor.
Hogg studied at Oxford and Harvard, like incoming governor Mark Carney. However the pair were not at the universities at the same time as each other.
“I am delighted to be returning to the Bank of England, where I started my career in 1992,” she said. “I am looking forward to working closely with Mark Carney as he takes over the governorship.”