Canada's Carney set for new job as Bank of England governor

Mon Nov 26, 2012 12:31pm EST
 
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By Louise Egan

OTTAWA (Reuters) - Mark Carney, the surprise outsider choice to head the Bank of England is an overachiever with several big financial roles already notched into his belt, and is also a fan of rock band AC-DC whose lyrics can seem to mirror his life.

"Coming on like a hurricane" and "take no prisoners," the words of AC-DC's song "Hells Bells" pretty much sum Carney up as he prepares to leave the Bank of Canada and take on the job of Governor of the Bank of England from July 1 2013.

Aged just 47, the marathon runner and former investment banker will keep his position as head of the Financial Stability Board, the global body tasked with reforming a still creaking world financial system, after he moves to London.

"I'm not without ties to the United Kingdom," Carney told an Ottawa news conference minutes after the announcement. "My wife is a British and Canadian national, my children are both. I lived there for a decade...

"Obviously I think that I can play a constructive role as the next governor in relaunching this institution with its new responsibilities, contributing to price stability, to financial stability and to ensuring that the rebalancing of the UK economy -- which is underway -- is seen through over the course of the next five years."

The still-athletic Carney -- a sub-four-hour marathon runner -- was once described as "un-Canadian" by one Ottawa official because of his sometimes confrontational style.

Carney worked for Goldman Sachs as an investment banker for 13 years in London, Tokyo, New York and Toronto before moving to the Canadian finance ministry and then, at the age of 43, to the top job at the Bank of Canada.

He heads a well-respected central bank that helped make Canada's recession one of the weakest in the rich country group. No Canadian bank needed government help during the world financial crisis of 2008.   Continued...

 
Bank of Canada Governor Mark Carney arrives at a news conference in Ottawa November 26, 2012. REUTERS/Chris Wattie