Bank of England staff felt the central bank was “slow-moving” and suffered from poor management under former governor Lord Mervyn King.
The Times reports Bank governor Mark Carney commissioned an internal review by consulting firm McKinsey when he took on the role in July 2013.
That report found staff felt the Bank was too reliant on “group-think”, with staff feeling unable to challenge the decisions of their seniors and that they “had insufficient authority to make decisions”.
Staff feedback also said the Bank needed to become “more nimble and agile as an organisation. The Bank could benefit from a more open, transparent and consultative style of leadership receptive to challenge.”
Just 11 per cent of staff responded “often” or “always” when asked if they approved of the Bank’s approach to financial incentives and bonuses.