Mark Carney, The 'George Clooney Of Banking', Set To Take Over At The Bank Of England

Don't understand why he is called "the George Clooney of central banking"


Mark Carney, The 'George Clooney Of Banking', Set To Take Over At The Bank Of England

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New Bank of England governor Mark Carney will become one of the most powerful central bankers in the world on Monday when he takes the reins at a crucial time for the economy.

The Canadian arrives amid mounting expectation of a change in monetary policy as the Bank looks to keep the UK recovery on track.

Hailed as the "outstanding central banker of his generation", Carney arrives from the Bank of Canada, where he is credited with helping the Canadian economy recover faster from the downturn than any other developed major nation.

He takes office amid mounting signs of recovery in the economy but recent official figures revealed how far the UK has to go before returning to its pre-crisis conditions.

Widespread revisions by the Office for National Statistics meant that the double dip recession at the end of 2011 and first half of 2012 was erased from history.

However, revised data revealed the initial recession following the financial crisis was far worse than first feared, which means the economy is now even further behind its pre-crisis level.

GDP is now 3.9% lower than its peak in the first quarter of 2008 - previously it was estimated to be 2.6% below.

One of Carney's first tasks will be to chair the Monetary Policy Committee's monthly meeting as it gathers on Wednesday and Thursday to decide on interest rates.

While economists are not expecting any action in July, many believe the Bank will move to cement the recovery over the next few months.

Vicky Redwood, at consultancy Capital Economics, said: "Bold action by the new governor would help to cement any recovery, but he cannot afford to be timid."

Carney will be the first non-British citizen to govern the Bank of England in its 319-year history when he takes the helm.

Hand-picked by Chancellor George Osborne to head the Old Lady, the 48-year-old will lead an institution now
responsible for financial stability and keeping Britain's banks on an even keel - as well as its main task of monetary policy.

Carney, who will receive an £874,000 pay package - including a £5,000-a-week housing allowance - inherits a venerable institution which has expanded rapidly in recent years.

The Bank's workforce has almost doubled to 3,500 from about 1,800 in 2008.

He has already started shaking up the Bank, recently appointing a senior female banker to the new role of chief operating officer to help ''catalyse change''.

The ice hockey fan, born in Fort Smith in the Northwest Territories of Canada, describes himself as someone who knows "how to lead, when to delegate and how to forge consensus".

He studied at Harvard and Oxford universities, and had a 13-year career with Goldman Sachs before becoming deputy governor of Canada's central bank in 2003.

In 2008 he stepped up to governor, just as the financial crisis was erupting.

Whether Mr Carney - variously described as a "rock star" and the George Clooney of central banking - can sweep away the doubts of fellow policymakers remains to be seen.

I don't understand it either, no comparison in my mind.

 

Mazy, I don't believe they are comparing them in the looks department. As stated they call him a "rock star" and we have discussed the "Clooney effect" in another thread (sorry, I'm not going to look for it now). Many hold George in high regard for his talent, humanitarian deeds, etc., and I think they are comparing Mr. Carney in that light. And, both their names start with C and end in Y! hahaha

Thanks Melbert, it's just that everyone uses George's name. We now even have have a priest at the Vatican that they say is the George of the Vatican. The only likeness to me is the silver hair, but nice looking.
 

Yes, everybody wants their name attached to George in one way or another!

Yeah, any man who has grey hair and isn't actively repellent seems to get stuck with the 'George Clooney of' moniker.

My own boss thinks he looks like George (when he's not pretending to be James Bond, of course!).

If he's the George Clooney of Banking then I'm the Angelina Jolie of sitting on my ass surfing the internet.

LMAO Lorna you are one funny woman!

Ah LornaDoone so funny.

If anyone can do the techo stuff, there's a pic of Mr Carney in today's Telegraph at a cricket match with a Uk Government minister yesterday, and I can vaguely see what they're trying to get at.....

Sounds to me that like no one can top George in terms of popularity and good looks, no one can top this guy in his financial acumen.  George is synonymous with good looks and charm - he embodies the consummate alpha male.  So to be labeled the George Clooney of anything implies preeminence;  no one above you kind of thing. Just my take on it.

There you go PAN - this one?

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Oh thanks, Themi. What do you think? Something to do with the smile, maybe?

Yeah from that angle there is definitely a similarity, think it is the smile.