September 15th, 2012
09:08 AM GMT
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London (CNN) – Can you successfully lead, influence and manage?

Do you inspire confidence and credibility?

Are you a person of undisputed integrity and standing?

If so, there's a job just for you: Governor of the Bank of England.

All you have to do now is apply and survive the daunting interview.

The current governor Mervyn King won’t be throwing his hat in the ring. He retires in June next year after two five-year terms in office.

Many doubt King would pass the test this time around given his recent hiccups and the almost super-human criteria.

Britain's economy slumps

Here’s my interpretation of some of the requirements for the role:

Formally advertised for the first time, the role calls for “an advanced understanding of financial markets and good economic knowledge.” In other words: A PhD would be ideal but you don’t have to be a world-class macroeconomist.

“Experience at working in, or with, a central bank is also required.” Read: Senior bankers or former bankers may be considered but if you’re from Barclays or HSBC - just forget it.

The death of Bob Diamond's dream for Barclays

“Demonstrate strong leadership, management and policy skills.” This means: Prepare to take on a bigger role. You need to be a financial superhuman.

Because as of next year, the new governor of the Bank of England will be given sweeping powers over financial stability. The role will include overseeing the bank’s rate-setting monetary policy as well as banking reform.

“Be a strong communicator, have good interpersonal skills.” A top tip: Do not lack character or the media will pounce on you. If you speak in riddles, even better.

"Be a person of undisputed integrity and standing.” Well, that pretty much rules out everyone. Remember the Libor and money-laundering scandals?

So where does that leave us in terms of candidates?

There have been plenty of suggestions as to who might fill the post.

But looking closely at the criteria, many of the favorites have at least some flaws in their resumes.

Lord Turner, head of the Financial Services Authority, is one of the front-runners. He has questioned the social values of the banks - no doubt the public will like this. I don't think the Conservative party will warm to his appointment though.

Lord Green is a well known face in the House of Commons but he is the former head of HSBC, which was accused of money laundering.

Lord O’Donnell is considered by many a talented economist but as a former cabinet secretary he may be too far removed from the workings of the City.

Paul Tucker may be the favorite internal candidate but his CV now looks a little smudged. Despite his thirty years with the Bank of England and his detailed knowledge of the economy, markets and regulation, he was recently grilled during parliament's inquiry into the Libor scandal.

Jim O’Neill of Goldman Sachs could be the dark horse of the race. Perhaps he has what it takes? However, he may be a tricky choice given the public’s hostility towards investment bankers.

The person to beat may be a cross between Batman and the Incredible Hulk.

Not sure he or she is available, though.

Applications need to be in by the 8th of October. So get cracking.

Post selection, the new governor will appear before the Treasury Select Committee for some light grilling. No doubt, the first of many major tests.



soundoff (20 Responses)
  1. jbwebdesigner

    Sounds like a tall order for one man.

    September 15, 2012 at 12:58 pm |
  2. Vohbo

    It's not about the money, it's about sending a message

    September 15, 2012 at 5:26 pm |
  3. sebastjan

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    September 15, 2012 at 5:43 pm |
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    Reblogged this on ruddkrudcloth.

    September 15, 2012 at 7:39 pm |
  5. Colen

    Poor Bob Diamond's been looking for a job...

    September 16, 2012 at 3:52 am |
  6. Tayab

    Where does batman fit into this.

    September 16, 2012 at 4:48 pm |
  7. abrahambenjudea

    Not too tall an order...1, Make all Savings accounts up to $500K tax free, 2,Stop all foreigh Aid except in case of catastropy, use that money to fix and create infrastructure jobs, 3, Implement a single income tax rate across the board at 12.5% no tax havens or deductions allowed except mortgage deductions. 4 Eliminate all property taxes and make mandatory 15% sales tax across the nation. 5, Government to pay for college to students who graduate with 3.75 average grade or above.

    September 16, 2012 at 11:41 pm |
  8. Chris

    "Needed: Batman to save the economy" it will take more than a Batman and printing press to save the economy.

    September 17, 2012 at 5:24 am |
  9. Jasper Lawrence

    I nominate Bob Diamond

    September 17, 2012 at 9:31 am |
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    September 17, 2012 at 2:59 pm |
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