The Bank of Canada promoted Lynn Patterson, an adviser to Governor Stephen Poloz and former Bank of America Merrill Lynch executive, to become a deputy on the panel that sets policy interest rates.
Patterson becomes deputy governor effective May 5, replacing the retiring John Murray, the Ottawa-based central bank said in a statement on its website today. She had served as an adviser specializing in financial markets and was based in Toronto, and will split her time between the two cities.
The appointment completes an overhaul of half of the six-person Governing Council that began last June, which will leave the rate-setting panel with three women and three men. Poloz replaced Governor Mark Carney, who left for the Bank of England, and Senior Deputy Governor Tiff Macklem is also leaving this week, to be replaced by Carolyn Wilkins.
“Re-enforcing two of the top jobs through internal hires, Carolyn and this new one, does help to provide Governor Poloz with a well-rounded team that really knows how the bank has operated,” said David Tulk, chief Canada macro strategist at Toronto-Dominion Bank’s TD Securities unit. Patterson’s financial-market ties also help with any experience lost after the departure of Carney, a former Goldman Sachs Group Inc. banker, Tulk said.
The council, led by Poloz, works to keep inflation at a 2 percent target by raising or lowering the overnight interest rate, which has been at 1 percent since September 2010. The bank’s next policy announcement date is June 4.
Patterson is a native of Chatham, Ontario, and has a degree in Business Administration from Western University in London, Ontario. She is also a Chartered Financial Analyst. Patterson, 53, was Country Head for Bank of America Merrill Lynch Canada before joining the central bank.
“Lynn’s extensive market experience and her understanding of financial sector issues make her a terrific addition to Governing Council,” Poloz said in the statement.