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Bank of England former chief economist leaves to join BP

Staff writer |
London, United Kingdom - August 5, 2014, London, United Kingdom - The Bank of England is announcing the departure of Spencer Dale, the bank’s executive director for financial stability strategy and risk.

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Mr. Dale has decided to pursue a new path in his career, as Chief Economist of BP plc. He will start his new position on 27 October 2014, after a post-employment cooling off period.

Mr. Dale has served as Executive Director for Financial Stability Strategy and Risk at the Bank of England since 1 June 2014. In addition to being a member of the Financial Policy Committee (FPC), his key responsibilities include facilitating the effective operation of the FPC, assessment of risks to UK financial stability and overseeing staff analysis of both stress testing and the strategy for the use of macro-prudential tools.

Mr. Dale previously served for 6 years on the Monetary Policy Committee (MPC), in his capacity as the Bank’s Chief Economist. Previous roles since he joined the Bank in 1989 have included working as Private Secretary to former Governor King, and a secondment as a visiting Senior Adviser in the Division of Monetary Affairs at the Board of Governors of the Federal Reserve System.

Until the appointment of Mr. Dale’s successor, his position on the FPC will remain vacant. Sam Woods, Director of Financial Stability Strategy and Risk, will oversee Mr. Dale’s directorate responsibilities during that time.

Also, the Court of Directors of the Bank, with the approval of the Chancellor of the Exchequer, has appointed the following independent members to the Board of the PRA:

Sandra Boss, previously a Director in the London Office of McKinsey & Company, specialising in Investment Banking and Risk; she will join with effect from 1 September.

Mark Yallop, currently UK CEO of UBS, formerly Group COO of ICAP and group COO of Deutsche Bank; he will join with effect from 1 December.

Ms. Boss was a partner at McKinsey & Company since 2000 and a Senior Partner (Director) since 2005. She was based in the US until 2008, when she moved to the UK. She has been a strategic advisor to senior executives and boards of UK, US and global financial institutions. She also has significant experience in the sales and trading, and transactions processing businesses of banks, broker dealers, exchanges and non-bank financial specialists.

She has worked closely with global and regional banks across the Americas, Europe and Asia on a wide range of strategy, organisation, marketing and operations issues. She was lead author for McKinsey & Company's 3rd annual review of the global banking industry. Ms. Boss received her MBA from Harvard Business School and her BA from Stanford University.

Mr. Yallop, as UK CEO of UBS, has been responsible for overseeing all UBS businesses and operations in the UK. He previously served as Group Chief Operating Officer of ICAP plc (2005-2011), where he was responsible for developing the firm’s strategy, building their electronic and post-trade businesses and managing the Group’s infrastructure.

Before that, Mr. Yallop spent 20 years at Deutsche Bank in a variety of roles, and served for three years (1996-98) on the board of the International Swaps and Derivatives Association (ISDA), the international industry body representing the global OTC derivatives market, as well as on numerous other industry bodies and working groups.

He is Chairman of the endowment campaign for University College Oxford, is a member of the Board of the Centre for Social Justice and of the Create the Change Development Board for the Francis Crick Institute. He is a graduate of Oxford University, where he read Chemistry.

In addition to these appointments, the Court of Directors has agreed to appoint Minouche Shafik and Paul Fisher to the Board of the Prudential Regulation Authority (PRA).

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