Bloomberg News

Goldman Sachs’ O’Neill Says He Didn’t Apply to Be BOE Chief

October 08, 2012

Goldman Sachs Asset Management Chairman Jim O'Neill

Jim O'Neill, chairman of Goldman Sachs Asset Management. Photographer: Simon Dawson/Bloomberg

Goldman Sachs Asset Management Chairman Jim O’Neill said he did not apply to become the next governor of the Bank of England.

“I have not applied,” O’Neill said in an e-mail today. “I don’t think it was appropriate for me to apply. I have an important job.”

Candidates to replace Mervyn King as chief of the U.K. central bank have until 8.30 a.m. in London to express their interest to the Treasury after it advertised the position in the Economist magazine. King is scheduled to leave the bank in June 2013.

O’Neill took up his current position in 2010 after serving as Goldman Sachs Group Inc.’s (GS:US) chief economist, during which time he created the BRICs acronym to describe the growing power of key emerging markets Brazil, Russia, India and China.

As of Sept. 11, bookmaker Paddy Power Plc (PAP) listed O’Neill as fourth favorite to replace King with odds of 10/3, meaning a successful 3-pound ($4.80) bet would win a 10-pound profit.

O’Neill told Bloomberg Television in June that he would consider the Bank of England position “if I was approached.”

Goldman Sachs has historically been a breeding ground for central bank chiefs. Bank of Canada Governor Mark Carney, European Central Bank President Mario Draghi and Federal Reserve Bank of New York President William Dudley worked there. Bank of England policy maker Ben Broadbent was also employed by the bank.

To contact the reporters on this story: Simon Kennedy in Tokyo at skennedy4@bloomberg.net

To contact the editor responsible for this story: Craig Stirling in London at cstirling1@bloomberg.net


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