The Bank of England reigns supreme. And, it is hiring
If there were a moment to be working for the Bank, this could be it. Bob Diamond's threat to "fight back" and expose the Bank of England's alleged willingness to sanction Libor manipulation may have been the final straw. "You just don't threaten the bank," says Paul Murphy, editor of Alphaville this morning.
"What persuaded Mr Diamond and his board colleagues that he should resign was an unambiguous message to the bank from Sir Mervyn and Lord Turner that they would be happy of he resigned," adds the omniscient Robert Peston.
Well, hey, guess what? The Bank of England is hiring! Now is the moment to join the undisputed matriarch of Threadneedle Street.
We know this because the Bank emitted its annual report for 2012 yesterday. The document is suffused with commitment to hiring and retaining staff. Hence, 'Strategic Priority Number 7' is to: "Ensure the Bank has the right people and processes to carry out its core purposes." And, "An inability to recruit and retain sufficiently experienced staff," is identified as a key risk to the Bank's ability to deliver its mandate.
Over the 12 months to February 2012, we are informed that the Bank of England hired 403 new people, of whom 206 were recruited on permanent contracts (up from 105 in 2011). While investment banks tell us they're focusing on hiring cheap, junior people who don't come with costly deferred bonuses, the Bank of England appears to be going all out for senior staff. Hence, of those 206 only 54 were new graduates. 81 were experienced hires appointed to "analytical and management roles," versus 38 the previous year.
The Bank still seems to be hiring. Among the roles currently advertised is that of policy analyst in its Special Resolutions Unit. More vacancies may yet transpire: "The Bank is continuing to take steps to address its staffing requirements, in particular in respect of its new responsibilities," it says.
Unfortunately, however....
And yet, much as people are its most valuable asset etc. etc, the Bank looks a little hamstrung when it comes to hiring and retaining them. Last year, staff turnover stood at around 11%. Although 403 new people were hired, 196 left.
This may have something to do with the fact that all jobs earning more than £20k at the Bank of England are subject to a 2 year pay freeze, expiring in 2013.
Meanwhile, senior Bank staff are paid well, but modestly by private sector standards. Average compensation per head last year was £79k for 2012, up slightly on £76k the year before. 68 people earned more than £100k last year; 172 earned more than £80k. However, the Bank employs 790 'managers and analysts' in total and most earned a lot less.
For the moment at least, employees at the BofE have the compensatory pleasure of reigning supreme at the top of the banking hierarchy - unless Bob stands up in the Treasury Select Committee tomorrow and blows their Schadenfreude out the water.
The distribution of pay at the Bank of England:
Source: BofE report.
