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What McKinsey Found at BOE as Carney Consulted Staff

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Bureaucratic, lumbering, dogged by internal politics. That’s the Bank of England Mark Carney inherited when he took charge in 2013, according to its staff.

A BOE survey by McKinsey & Co. obtained by Bloomberg News showed that key words employees used to describe the central bank included “hierarchical,” “internal politics” and “slow moving.” Pay and staff engagement were among factors that rankled workers most, issues that have plagued the institution for years and prompted an overhaul of its operations.