Broadbent Beat 20 Rivals for BOE Deputy Governor Role

Ben Broadbent defeated 20 candidates to become the Bank of England’s deputy governor for monetary policy, an appointment that became part of a management revamp by Governor Mark Carney.

Twenty-one people sought to replace Charlie Bean and eight were interviewed, the Treasury in London said in response to a Freedom of Information request by Bloomberg News on the hiring process. Fewer than five of the applicants were women, according to the Treasury, which said data-protection restrictions prevent it from revealing the exact number.

Chancellor of the Exchequer George Osborne last month named Broadbent, an external member of the Monetary Policy Committee, as Bean’s successor. The appointment was part of the biggest management overhaul of the institution since it gained independence in setting monetary policy in 1997, with a fourth deputy governor post added and executives including Chief Economist Spencer Dale moving jobs.

One of the candidates for Bean’s job was International Monetary Fund official Nemat Shafik. While she didn’t get that role, she was offered the new position of deputy governor for markets and banking.

The last time the Treasury appointed a deputy governor was in the middle of last year, when it sought a replacement for Paul Tucker. Of 27 candidates for that job, fewer than five were women. Carney has said the lack of women in senior policy-making roles at the central bank is a concern.

The Treasury said it didn’t hold information on the number of applicants that were asked to apply for role of deputy governor for monetary policy. It also said candidates completed a diversity questionnaire, which showed that “fewer than five candidates were black and minority ethnic.”

The BOE is now sifting through applications for eight senior roles, including director of monetary analysis. It’s also looking for a part-time member of the MPC to replace Broadbent.

Before it's here, it's on the Bloomberg Terminal.