Charlotte Hogg

Early life

The Hon Charlotte Hogg was born on 26 August 1970 in London, England. Both her parents hold peerages in their own right: her father is the 3rd Viscount Hailsham, a former Member of Parliament and hereditary peer as well as being a life peer, and her mother is the Baroness Hogg, a life peer. She was brought up on the family estate of Kettlethorpe Hall in Kettlethorpe, Lincolnshire.

She was educated at St Mary's School, an all-girls independent school in Ascot, Berkshire. She studied economics and history at Hertford College, Oxford and graduated from the University of Oxford with a Bachelor of Arts (BA) degree. From 1991 to 1992, having been selected as a Kennedy Scholar, she undertook further study at Harvard University.

Career

Hogg began her career at the Bank of England as a graduate trainee from 1992 to 1994. From 1994 to 2001, she worked for McKinsey & Company in Washington, D.C., United States. She then moved to Morgan Stanley where she was managing director for Strategy and Planning between 2001 and 2007. From 2007 to 2008, she worked for the Morgan Stanley spin-off, Discover Financial Services.

In 2008, she returned to the United Kingdom to join Experian and was appointed a managing director with responsibility for the UK and Ireland operations. She moved to Santander UK in September 2011 as head of high street operations. In 2012, she earned £2.5  million.

Bank of England

In June 2013, she was selected as the Bank of England's first chief operating officer (COO) by new Governor Mark Carney. She took up the appointment on 1 July 2013. This made her the most senior female employee in the bank's history, and effectively the deputy to the Governor of the Bank of England. In that role, she was responsible for the day-to-day management of the bank, including human resources, finance, property, IT, and security, as part of Carney's efforts to streamline the institution. However, she had no policy making decisions as that falls to the Governor and Deputy Governor. As COO, she had the same status and received the same remuneration as a Deputy Governor.

On 9 January 2017, it was announced that she had been appointed Deputy Governor (markets and banking) in succession to Minouche Shafik, while retaining her title as COO, making her a potential successor to Carney who planned to leave the Bank of England in 2019 after six years of his maximum possible statutory eight-year term. She took up the position on 1 March 2017.

Resignation

In March 2017, Hogg apologised for having previously breached the Bank of England's code of conduct and personal relationships policy. She had failed to declare a potential conflict of interest in that her brother worked in the strategy office of Barclays, subject to Bank of England regulation. Hogg gave incorrect oral evidence to the Treasury Select Committee,. She issued a letter of apology to the Committee.

Hogg resigned from her posts at the Bank of England on 14 March after the Select Committee criticised her failure to disclose the conflict, to recognise the seriousness of this and to realise the potential for conflict of interest in her new role. The Committee said her conduct "fell short of the very high standards" required and that the committee had "set aside" its previous approval of her appointment. The Bank of England will be conducting a search for two candidates to replace Hogg's vacated positions, one for the COO and the other for Deputy Governor (markets and banking).

Personal life

In 1999, Hogg married Steven Sacks the couple have two children.