Bloomberg News

BOE Overhauls Communications Unit as It Prepares for New Powers

November 01, 2012

The Bank of England overhauled its communications operations in preparation for an increased workload as it is handed unprecedented powers over bank regulation and financial stability.

The revamp splits the unit into external and internal communication divisions, according to the website of the central bank in London. The latter, headed up by Chris Shadforth, will also be responsible for parliamentary affairs and inquiries from the public.

The changes come as the central bank prepares to absorb bank oversight from the Financial Services Authority, boosting its headcount to about 3,300. It began a search last month for a chief operating officer who will take over day-to-day management of the institution, freeing up the governor and deputy governors to focus on policy.

Mark Cornelius, who ran the bank’s previous communications and information unit, will be in charge of the new Media and Publications division. Shadforth’s Public and Internal Communications division will also have responsibility over education and the Bank of England Museum. Both will report to Executive Director for Communications Nils Blythe. The central bank declined to comment on the changes.

Other changes at the central bank saw personnel moves at the finance department. Jaspreet Kaur will be in charge of Financial Reporting and Control, while Tim Porter has become head of Projects and Risk Oversight.

To contact the reporter on this story: Scott Hamilton in London at shamilton8@bloomberg.net

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


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