Soon to be imbued with new powers under Alistair Darling’s ‘Special Resolution Regime’, the Bank of England is endeavouring to hire people for its new Special Resolutions Authority Team.
Once the banking bill passes through Parliament, the Special Resolutions Regime will endow the Bank with new powers to, among other things, preempt the collapse of failing institutions by either
selling transferring them to a private-sector purchaser, or shifting them to temporary public-sector ownership.
Members of the new team will be responsible for preparing the legal groundwork for any ‘future resolutions’ and (we suspect) monitoring banks that might need to be resolved.
The Bank of England declined to comment on the new roles or the number of applicants it’s had for them so far, but in a reversal of conditions in June last year when it was struggling to retain staff, we expect the Old Lady to find no shortage of candidates eager to fill her vacancies.
Charles Goodhart, professor emeritus of banking and finance at the London School of Economics, and an economic advisor to the Bank of England, says the Bank is a very good place to work, particularly now that it’s expanding its financial stability remit. “An awful lot of people work there for five to 10 years, pick up some skills and then go into the City,” he says.
A senior economist at one European bank confirms the BofE’s appeal: “It teaches a thoroughly analytical approach and hands on experience in the conduct of monetary policy and economic analysis.
“It’s also probably all that’s on offer now that the market is drying up,” he adds.