Bank of America’s CEO was appointed to the UK’s upper cabinet

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Chancellor Rachel Reeves intensifies politics’s commitment to economic growth by employing one of the best investment bankers in London, and filling a gap in the private sector experience in the best rows of the treasury.

Jim O’Neill, a senior investment banner in Bank of America, was named Wednesday as a second secretary in the Treasury, which focuses on growth.

The appointment of O’Neil comes at a time when the ministers end in an industrial strategy, the axis of the growth government of the labor government, scheduled for next month.

One of the government advisers said: “It should have been done soon.”

A person close to the appointment said that major employees have been talking to O’Neil since the before the July elections, but there was a lot of “escape”.

O’Neill is the first figure of the first city of London to hold the second permanent growth role since Sir Charles Roxsburg, head of the insurance market in Lloyd in London, the treasury in 2022.

This step represents a return to the public sector of ONAl, who won the quadruple in the United Kingdom’s financial investment management, was created after the financial crisis of managing government shares in the rescue banks.

The 58 -year -old investment banker, who runs the banking banks process for companies and investing in Bank of America in Europe, the Middle East and Africa over the past eight years, will start in the treasury in July.

“His extensive knowledge of the private sector will be vital in helping us to provide our first mission to develop the economy,” Reeves said.

The Treasury launched an official employment process for the role of the second permanent secretary in December 2024, as it provided a salary of up to 200,000 pounds.

O’Neill will replace the Cat Little store, who was the second permanent secretary, but he had various responsibilities that focused on public spending and international financing, with a jurisdiction to work with business to cancel barriers to growth.

New York Banquet, a naturalized British, agreed, and in 2014, Obe services for British banking services received a plan with the Treasury to sell his shares that are not invested in Bofa as soon as he was received.

The job advertisement said that the successful candidate “will be charged with involving the business community to continue to understand how the government and businesses can work together to provide enhanced growth and the broader priorities of the government.”

She also said that the Treasury was looking for a person with “financial, commercial, commercial and analytical experience” and that experience in the field of companies financing and companies financing was “necessary”.

O’Neill, who should not be confused with the former and economic treasury minister, Lord Jim O’Neil, has played a major role in public service.

He was charged with selling government shares in Royal Bank of Scotland and LLOYDS Banking Group as head of financial investments in the United Kingdom, a job of resignation in 2013 to join the Bank of America Merrill Lynch.

“We live in a time of great change in the world, and we need an economy of stability, flexibility and growth more important,” O’Neill said on Wednesday.