Bank's deputy to quit post early

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Sources said Sir John, who has been in the role at the Bank since January 2006, will make the announcement on Thursday.

Last year, MPs savaged his handling of the Northern Rock crisis, with the head of the powerful Treasury Select Committee accusing him of failing to do his job.

Sir John was due to serve as deputy governor until January 2011.

Word of his resignation came as Chancellor Alistair Darling announced plans to overhaul regulation of the financial services, giving the Bank of England a new legal responsibility for financial stability.

In a statement released after the news broke, the Bank of England said: "Sir John Gieve has decided he will leave the Bank next year once changes to the Bank's responsibilities have been made, including a new Special Resolution Regime for failing banks.

"Sir John believes the Bank's new responsibilities should be led by a new Deputy Governor who will serve a full term."

Mervyn King, governor of the Bank of England, said: "I am grateful to John for his hard work and loyalty. I can understand why he does not want to assume the new position, but I am very glad he is staying on to see us through until the Bill is law."

Among those being rumoured to replace Sir John is Charles Bean, currently the Bank of England's chief economist.