Bank of England Hires Sapphire Partners to Find New UK Central Bank Head

Bank of England Hires Sapphire Partners to Find New UK Central Bank Head

TL;DR: In a surreal post, The Bank of England announced a “Vacancy Description” to fill the position of its Governor, enlisting help from private head-hunter outfit Sapphire Partners, a first for the institution. “As such the Governor plays a central role in setting monetary, macro-prudential and micro-prudential policy. She/he also has senior responsibility for resolution policy and the supervision of financial market infrastructure, and has senior responsibilities for the Bank’s culture, the production and integrity of the Bank’s financial information and the development of the Bank’s business model and strategy,” the description detailed.

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Bank of England Throws Up Help Wanted Sign

We live in interesting times, let it be written. Evidence? One of the world’s oldest central banks, The Bank of England, has taken to a head-hunting firm and job description post online in hopes of replacing outgoing head, Governor Mark Carney. Readers who’re interested need to take into account several factors. The next Governor will work in London, of course, on Threadneedle Street (sorry, remote is not an option), should set aside the next 8 years, clearing any other projects, and be able to manage their lifestyle at a salary of £480,000 per annum.

“The Governor of the Bank of England chairs the Bank’s three major policy committees – the Monetary Policy Committee, the Financial Policy Committee and the Prudential Regulation Committee,” the description reveals. Interviews will take place this summer, and candidates should assume manning or womaning the helm as of 31 January 2020. “The Governor is the Bank’s principal communicator on all policy matters,” and “will be expected to explain the Bank’s policy positions to diverse audiences in order to build and retain public confidence in the Bank’s functions, to provide assurance to domestic and international markets and to maintain the transparency of the Bank’s decision-making.”

Bank of England Hires Sapphire Partners to Find New UK Central Bank Head
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Among qualities The Bank of England desires include demonstrating “she/he can successfully lead, influence and manage a complex and powerful financial institution, inspiring confidence and credibility within the Bank, throughout financial markets, in the wider public arena and on the international stage.” Necessary experience means having worked “at the most senior level in a major bank or other financial institution or of working in, or involvement with, central banking (e.g. the Bank for International Settlements or the International Monetary Fund).”

All of that pretty much follows, as maintaining the status quo has to be top priority, so selecting someone to lead such a mission requires their full indoctrination in legacy financial ways. The 324 year old institution wants a Governor with experience “credible on both microeconomic and macroeconomic issues, domestically and internationally,” and critically the “ability to maintain global confidence in UK financial services through maintaining the resilience of the financial system and the safety and soundness of regulated firms.” Not a single, solitary word or phrase regarding distributed ledger technology, blockchain, digital currencies, virtual currencies, Bitcoin, were mentioned. Parties interested should read carefully the Bank of England’s’ Candidate Pack before applying. Good luck, Satoshi’s speed.

DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH. 

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