Executive of Bank of America designated for the Treasury Role of the United Kingdom

Unlock Free

Roula Khalaf, publisher of the FT, selects her favorite stories in this weekly newsletter.

Chancellor Rachel Reeves increases a political commitment to economic growth by hiring one of the main investment bankers in the city of London, filling a gap in the experience of the private sector in the treasure treasures.

Jim O’Neil, a senior investment banker at Bank of America, was appointed on Wednesday as the second permanent secretary of the growth -focused treasure.

The designation of O’Neil comes when the ministers end an industrial strategy, the central axis of the growth strategy of the labor government, which will be published next month.

“It should have been done before,” said a government advisor.

A person close to the appointment said that the higher work figures had been talking to O’Neil since last July election, but there had been a lot of “Faffing”.

O’Neil is the first senior figure in the city of London to celebrate the second role of growth of the permanent secretary since Sir Charles Roxburgh, now President of the Lloyd’s of London Insurance Market, left the treasure in 2022.

The movement marks a return to the public sector for O’Neil, which gained plauded for financial investments in the United Kingdom, the body was established after the financial crisis to manage government stakes in banks without problems.

The 58 -year -old investment banker, which has directed the corporate and investment banking operation of the Bank of America in Europe, the Middle East and Africa for the last eight years, will begin in the treasury in July.

“Its extensive knowledge of the private sector will be vital to help us to deliver our number one to grow the economy,” said Reeves.

The treasure launched a formal contracting process for the second role of permanent secretary in December 2024, offering a salary of up to 200,000 £.

O’Neil will replace Cat Little, who was the second permanent secretary, but had different responsibilities focused on public spending and international finances, with a test to work with businesses to unlock growth barriers.

The New York banker, which is a naturalized British, and in 2014 received a British banking service obe, has agreed with a treasure plan to sell his shares not invested in Bofa as soon as he receives them.

Labor advertising said that the successful candidate would be in charge of involving the business community to continue understanding how the government and business can work together to offer improved growth and the broader priorities of the government. “

He also said that the treasure was looking for someone with “financial, commercial, commercial and analytical experience” and that the private sector and corporate finance experience were “essential”.

O’Neil, not to be confused with the ex -minister and economist of the treasure, Lord Jim O’Neill, has previously played a key role in the public service.

He was accused of selling government stakes at Royal Bank of Scotland and Lloyds Banking Group as head of the financial investments in the United Kingdom, a job he left in 2013 to join -SE at the Bank of America Merrill Lynch.

“We are experiencing a moment of great change worldwide, making the need for an economy of stability, resilience and growth even more important,” said O’Neil on Wednesday.