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Home > Careers > Areas of the Bank
 

Areas of the Bank


As the country's central bank, we play a fundamental role in the UK's economy and financial system.
 
Whether it's setting interest rates, issuing banknotes or devising economic policy, our work touches the lives of everyone in the country. Joining the Bank of England means getting involved in complex, high profile and truly fascinating projects.
 
From responding to the global financial crisis to supporting the UK recovery, we're not driven by profit, but by delivering solutions that maintain the monetary and financial stability of the UK economy.


Banking

The Banking Directorate supports the Bank of England’s mission by undertaking a wide range of policy and operational responsibilities that are vital to the smooth functioning of the economy. 

We operate the UK Real Time Gross Settlement (RTGS) system which is used to settle payments on behalf of CHAPS, the UK high value payments system; CREST, the UK central securities depository; and other retail payments schemes. RTGS processes around £500-£600bn of transactions every day with a c. 100% availability rate. We are banker to the UK Government and other central banks, and provide custodial services for their gold reserves. It is also the role of the Banking Directorate to respond to unpredictable and exceptional events in the financial system.

Notes Directorate 

BanknotesThe Notes Directorate offers a unique insight into one of the key roles of a central bank – issuing banknotes.  It is an important and highly visible role aimed to ensure public confidence in the availability, quality and security of the currency.

Combining policy, operations and science we play a part in everyone’s lives.  There are currently around 3 billion banknotes in circulation worth over £58 billion and last year alone we issued 760 million banknotes and destroyed 845 million banknotes.  We work closely with a wide range of stakeholders including financial institutions, the cash industry, retailers, the police, and other central banks to stay at the forefront of development in research and technology, such as our decision to introduce polymer notes in the second half of 2016. 

Central Services

The Central Services directorate includes a range of functions that underpin the Bank’s activities and help to maintain our reputation. These include IT, HR, business continuity, the Governors’ private offices, and legal services.

Business Continuity Unit (BCU)
The specialist area that manages the Bank’s business continuity arrangements, and its ability to respond to a major operational disruption. We oversee the Bank’s standby facilities and recovery sites, enhancing resilience wherever possible. We also oversee the resilience of the financial sector, which involves close liaison with the other Tripartite Authorities (HM Treasury and the Financial Services Authority).

Human Resources

Human Resources works to ensure that the Bank benefits from its human capital - from recruiting talented people to giving them an environment in which they can succeed. Join us for a role with plenty of variety and autonomy.Mosiac

Although HR is focused on the recruitment, development and retention of Bank's people, our priorities reflect the wider strategic issues within the Bank Everything we do underpins the Bank's work and its reputation for high standards, accuracy, creativity and professionalism. We seek to provide an inclusive work environment that supports our people in developing to their full potential. The Bank’s Legal Department advises and supports the Bank on a wide range of UK and international issues. The Department is engaged in advisory and transactional work covering areas such as current and prospective UK and EC legislation, financial stability issues, financial market operations, payment systems, banknotes, legal risk management and issues arising from the Bank’s public role.

Communications
The Communications Directorate manages the Bank’s public and media communications and its work to build public understanding of the Bank’s role and functions. Communications encompasses a number of teams each focusing on a specific aspect of the Directorate’s role: press office, the Bank’s website and social media, public enquiries (including Freedom of Information and Data Protection), educational initiatives for schools and colleges, and the Bank’s museum. The Directorate is responsible for the Bank’s internal news communication to staff.

Security Division
The Bank of England’s reputation for excellence and good governance is of great importance to us. Security is one aspect of our activities that can have a very positive impact on our standing in the world.

Whether it is the security of our people, our assets, our buildings, our IT infrastructure, our information or our processes and procedures, it is essential that we adopt best practice. Increasingly, this is shaped by a comprehensive understanding of potential threats, careful analysis of the attendant risks and clearly defined protective policies. 

Technology

Technology is at the heart of everything we do at the Bank. We draw on both technical and business skills to deliver our services.
Sitting within the Chief Operating Office, the Technology Division  manages and supports all aspects of technology delivery across the Bank, including:
  • Supporting systems like the Real-Time Gross Settlement (RTGS), enabling the UK financial services sector to transfer trillions of pounds in payment transactions every year;
  • In addition to the systems that manage all the central banking ledgers and accounts it is also keeping track of all bank notes in circulation, managed like an inventory; in a similar way we keep track of our goldbars (the Bank has 400,000 gold bars stored in its vaults);
  • Enabling some of the smartest analytical minds to set the UK’s monthly interest rate and supervise c. 1,700 banks, building societies, credit unions, insurers & major investment firms.

Finance

Working in Finance puts you at the heart of the Bank. Finance plays a critical role in protecting the Bank’s financial position and reputation, promoting effective controls and driving timely decision making and resource management.

GraphFinance operates the financial governance and control framework, including statutory financial reporting. We undertake analysis of the Bank’s financial performance, and provide a forward-looking view; that helps shape and drive key decisions across the Bank.

Finance partners with all areas of the organisation to facilitate delivery of their financial and strategic objectives. We manage the overall budget process, ensuring that resources are allocated effectively and efficiently, as well as assessing the overall efficiency of the Bank on an ongoing basis. We make recommendations for improvement where necessary.

The Division assists in the prioritisation and strategic alignment of the investment portfolio to ensure optimisation of investment by assessing and reporting on operational risk, making recommendations for mitigation. We also provide accounting policy and technical accounting guidance that stimulate discussions as to the financial implications of decisions. The Division acts as the central point of contact for all taxation matters enabling effective implementation of the Bank’s tax strategy and policy.

Financial Stability

Financial Stability encompasses a number of different roles. For example working in Financial Stability Strategy & Risk gives you the opportunity to contribute to high-profile policy questions during a period of major reform in financial systems. We are at the forefront of international moves to identify and tackle systemic risk. Financial Stability Strategy & Risk is responsible for assessing risks to financial stability from across the financial system and defining the Bank’s strategy for responding to them. Key elements of this are: conducting financial stability risk assessment and research across all sectors and markets, to inform decision-making by FPC, Prudential Regulation Committee and MPC; providing support to microprudential supervisors; identifying appropriate policy responses including what macroprudential instruments the Bank needs, and designing the Bank’s strategy for their use; delivering and developing the Bank’s stress-testing framework; and developing public understanding and awareness of the FPC and establishing and delivering its framework for operation.

Working in Financial Market Infrastructure Directorate gives you the opportunity to contribute to the continued resilience of the market infrastructure that underpins both the real economy (eg payment systems used to process millions of transactions daily) and the UK and global financial system (eg central counterparties supporting markets around the world).  The Financial Market Infrastructure Directorate is responsible for the supervision of UK payment systems, settlement systems and central counterparties as well as the development of UK, EU and international policy on regulatory standards for market infrastructures.  This involves working with international colleagues to develop and negotiate new standards; investigating and addressing risks at supervised systems; and publishing research to help shape future standards and establish the Bank as a thought-leader on infrastructure-related issues.


Internal Audit

Get a clear view of the entire organisation as you help to protect the Bank's reputation and financial assets through internal audit activities.
 
The Internal Audit team independently evaluates the effectiveness of the Bank's internal controls, risk management and governance processes. We then report our findings to the Bank's top management (the Court of Directors and the Executive Team). We also help to drive positive change throughout the organisation by identifying opportunities for improvement and guiding their implementation.


Legal Directorate


The Legal Directorate performs a wide-ranging legal advisory and support role for the Bank, including the PRA.  It works closely with business areas across the Bank and PRA on a wide range of key UK and international issues, covering areas such as current and prospective UK and EU legislation, banking and market operations, financial stability, prudential regulation, financial market infrastructure and resolution-related issues, legal risk management and issues arising from the Bank’s and PRA’s public status. 


Markets

MarketsMake a real impact in Markets. As well as being involved in the monetary policy and financial policy decision-making processes, we manage the Bank's balance sheet and undertake risk management, both financial and operational.

Following the establishment of the Financial Policy Committee (FPC), we play an important role in the Bank's new responsibilities for financial stability policy. In sterling markets, we design and manage the Bank's money market operations, implementing Bank Rate and providing sterling liquidity to the banking system. We also manage the UK's foreign exchange reserves, on behalf of HM Treasury. In addition, we have delegated responsibility for managing the Bank's balance sheet, which stood at around £400 billion at the end of April 2014.

Monetary Analysis

Join Monetary Analysis and you could be involved in a range of exciting roles that support one of the Bank's most high-profile activities - the monthly monetary policy decision by the Monetary Policy Committee (MPC).

Our work enables the Bank to achieve monetary stability by meeting the inflation target. Achieving the target is important because high and volatile inflation can lead to economic instability. We provide expert advice to the MPC and help explain its decisions to the wider world. Our work also involves conducting and publishing a wide array of policy-related economic research.

Prudential Policy

The Prudential Policy Directorate contributes to maintaining financial stability in the United Kingdom by designing, negotiating internationally and implementing effective prudential regulation in order to remove or reduce systemic risks, promote the safety and soundness of PRA-regulated firms and ensure appropriate protection for insurance policyholders.
 
Working in Prudential Policy will expose you to international negotiations over rules and regulations that affect the global financial industry, and to all aspects of the policy-making cycle.
 
Serving both the FPC and Prudential Regulation Committee, we have a significant responsibility to ensure the lessons learnt from the financial crisis are embedded in future regulation, and to develop policy solutions to new risks. We work with domestic, European and international organisations - including industry, political and regulatory bodies - to develop a strong, coherent and clear prudential framework. We also provide support on the interpretation and implementation of resulting policies to ensure they achieve the intended outcomes and contribute to the good of the people of the UK by maintaining financial stability.

 
Prudential Supervision

Prudential Supervision has responsibility for promoting the safety and soundness of all deposit-takers and designated investment firms to ensure the stability of the financial sector and health of the UK economy. We use evidence, informed by keen judgement to manage risks across the financial system.
 
Directly regulating all the most significant UK financial firms, our work spans everything from challenging business models to setting capital and liquidity requirements. We're leading new ways of thinking and pioneering new techniques. Our Banking Supervision team regulates around 1000 firms, from large, complex UK banks and international investment banks, to branches of overseas banks, UK building societies and credit unions. Insurance Supervision teams have responsibility for a range of authorised life and general insurance firms.

Resolution Directorate

Crucial to maintaining financial stability, the Resolution Directorate (RD) plans and implements resolutions of failing UK banks and building societies, whilst working to improve the framework for resolutions. You could be part of this multidisciplinary team.
 
The RD coordinates the Bank's response to failing financial organisations and determines how best to maintain financial stability and public confidence. Tools include a special insolvency procedure for rapid payment of compensation to depositors. We can also transfer of all or part of the bank to a purchaser or a 'bridge bank'' owned by the Bank of England. As a last resort, the Treasury can take the firm into temporary public ownership.
 
The RD is also responsible for identifying, and seeking to implement, possible improvements to the resolution arrangements for financial institutions. This involves working with counterparts in other national and European authorities – including the European Banking Authority – to help shape the global and European Union frameworks for resolution, and working closely with HM Treasury, and others to ensure that the frameworks are implemented effectively in the UK.

Data and Statistics Division

StatisticsAs part of the Data and Statistics Division you'll help to collect, compile and analyse the monetary and financial statistics that are used to inform important decisions, both inside and outside the Bank.

The information gathered by the Data and Statistics Division reveals patterns and trends in the economy and financial systems, as well as individual firms. Accuracy and reliability are  paramount as our data supports key decisions made by the Bank's Monetary Policy Committee (MPC), Financial Policy Committee (FPC) and Prudential Regulation Authority (PRA), along with UK government departments and international organisations. We also play an important role in the financial sector by helping the press and others interpret the data we publish.