Mark Carney, the new Governor of the Bank of England, is pushing ahead with a strategic review of the institution's resources and priorities, just three months in to the job.
Following an overrun of costs as a result of the integration of the Financial Services Authority into the BoE this year, Charlotte Hogg, the bank's new chief operating officer, is now tasked with cutting costs. Carney has regularly stated his desire to modernise the BoE's operations, and this new drive will enable that to happen. According to Bloomberg, the review will initially be focused on finding duplication in work across different teams and an effort to break down divisions in the BoE's organisational culture.
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