There are times when it seems that the City’s great and good inhabit a parallel universe.
This thought been prompted by an article, Bank of England bosses claim Charlotte Hogg’s resignation was ‘disproportionate’, in the Business section of this morning’s Telegraph, and, in particular, that
the outcome seemed to court members entirely disproportionate to the original offence,” said the directors of the Bank in a note recording topics discussed in a teleconference which took place on March 14, the day she resigned.
Any private sector boss making the same mistakes would not have had to quit, the board said.
To which one might respond, #Headinhands, “Up to a point Lord Copper.”
Most observers were surprised that Hogg took so long to resign.
There is no doubt that the Bank regretted her resignation. But ‘disproportionate’? Surely not.
A more considered view was that of the Treasury select committee, whose unanimous report concluded that Hogg’s “professional competence falls short of the very high standards required to fulfil the additional responsibilities of deputy governor for markets and banking” and whose chair Andrew Tyrie offered a much more considered view than it appears the Court held,
This is a regrettable business with no winners. Ms Hogg has acted in the best interest of the institution for which she has been working. This is welcome.