Executive Director – Markets Directorate

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation. Each of its 5,000-plus people are committed to public service and to our mission.

Directorate Overview

The Markets Directorate promotes monetary and financial stability by designing and executing the Bank's market operations, and by using our presence, expertise and influence in financial markets to inform and shape the Bank's policy decisions and priorities.

The Executive Director (ED), Markets is a high profile and influential role, with the opportunity to have a significant impact on the successful delivery of the Bank’s core objectives. The role-holder will be responsible for the leadership of the function, comprising c. 250 staff members. There are 5 divisions; Foreign Exchange Division, Financial Risk Management Division, Future Balance Sheet Unit, Sterling Markets Division and Market Intelligence & Analysis Division. We have a wide variety of skills within the directorate (economists, policy people, data analysts, risk managers, people who understand and trade markets), from a wide variety of private sector and public sector backgrounds.

As a member of the Bank’s Senior Leadership Team, the ED also contributes to the collective leadership of the organisation. Within the Bank’s management structure, the ED reports to the Deputy Governor of Markets, Banking, Payments and Resolution (MBP&R), Dave Ramsden.

Job Description

The ED will have responsibility and oversight for:

• The Bank’s balance sheet and our market operations, which are used to help deliver the Bank’s statutory objectives of monetary and financial stability. That includes readying the Bank’s policy toolkit and balance sheet for the future to ensure we can continue to meet our objectives (Strategic Priority 1); and leading the Bank’s engagement with HM Treasury on balance sheet and market operation issues.
• The Bank’s front line risk management function, minimising the risks of financial loss when implementing market operations, and ensuring we stay within HMT’s tolerance when managing the country’s foreign currency reserves.
• The Bank’s world-class Market Intelligence function, which uses the area’s operational expertise and diverse range of market contacts in the UK and overseas to ensure the Bank has its finger on the pulse of financial markets. The ED leads off the discussion on financial market issues at the Monetary Policy Committee’s (MPC’s) discussion meeting.
• The Bank’s foreign currency market operations in the service of monetary and financial stability and our official sector customers, including the UK Government (via management of the sizeable Exchange Equalisation Account) and peer central banks.

The role-holder will be a member of the MBP&R Senior Leadership Team and the Bank’s Senior Management Team. The role-holder will embody the Bank’s leadership values – human, humble, and in step with the changing world.

As a member of the Bank’s Executive team, the role-holder is expected to contribute to the development of the culture and practices of the Bank as a whole. The Bank is committed to diversity, and inclusion is at the heart of its values.

Role Requirements

Minimum/Essential Criteria

· Extensive Leadership experience: the jobholder is the accountable executive for the Markets directorate (c. 250 staff). They will embody the Bank’s vision for outstanding leadership – human, humble, and in step with the changing world.

· Ability to shape the directorate’s culture and staffing, including building an inclusive and empowering culture and developing a diverse and talented team, to ensure that staff are productive, engaged and motivated to deliver the area’s aims.

· Ability to set strategic vision across the range of policy functions, including responsibility for the development of the strategy for the future balance sheet and new central bank tools.

· Operational leadership capability, including the ability to exercise sound and timely judgment in making decisions affecting the Bank’s operations and risk profile.

· Analytical excellence and technical knowledge of financial markets and the Bank of England balance sheet: the jobholder is responsible for the outputs of the directorate to serve the MPC, the Financial Policy Committee (FPC), the Governors and other Bank of England policy committees.

· Excellent interpersonal and stakeholder management skills: The jobholder interacts with a very wide range of stakeholders:

o Financial market participants, to collect market intelligence and conduct operations;

o Bank Executive and statutory committees (including MPC and FPC members), to ensure all members are updated on financial market matters and balance sheet issues and promote effective co-ordination of the Bank’s policy responsibilities;

o HM Treasury and Debt Management Office (and other government departments), to discuss and agree balance sheet and policy issues;

o Across the Bank of England, to ensure effective collaboration with the wide range of business areas necessary to conduct analysis, inform decision making and implement policy. That includes acting as director and Chair of Bank of England Alternative Liquidity Facility Limited and Bank of England Asset Purchase Facility Fund Limited, two subsidiaries of the Bank; and

o International central banks and external stakeholders, for effective policy coordination. The ED will serve as the key Bank representative on several external committees, including the Bank for International Settlements Markets Committee, and chair of the Foreign Exchange Joint Standing Committee.

· Excellent external communication skills: the jobholder is expected to communicate the area’s work through speeches, interviews, panel discussions and briefings to the press.

• Demonstrable experience of driving the diversity and inclusion agenda in current or previous position(s).

Desirable Criteria

· Previous experience working with private sector financial market participants, in policy making, analytical and/or operational settings.

Our Approach to Inclusion

The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.

At the Bank of England we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.

We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.

For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

Salary and Benefits Information

This specific role offers a competitive base salary on a full-time basis. We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.

In addition, we also offer a comprehensive benefits package as detailed below:

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• An 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
• 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection.

National Security Vetting Process

Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 4 to 8 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice

The Application Process

Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.

The closing date for applications is Tuesday the 2nd January 2024

The assessment process will comprise of at least two formal interview stages. Successful candidates from the first stage will also be invited to complete an online leadership assessment profile.

Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.