David Clementi

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Sir David Cecil Clementi (born 25 February 1949) is a former Deputy Governor of the Bank of England. Clementi also holds positions on the boards of several large corporations, including Chairman of Prudential plc, one of Britain's largest insurance companies, and is a non-executive director on the board of governors of the Rio Tinto Group. In March 2008, he was announced as Warden of Winchester College to replace Sir Andrew Large on his retirement in September 2008.

Early life and education[edit]

Clementi was educated at Winchester College, where he was captain of athletics and a distinguished footballer. He then went to Lincoln College, Oxford, where he obtained a degree in Philosophy, Politics, and Economics and a blue for athletics. After graduating, he qualified as a chartered accountant.[1] He graduated MBA from Harvard Business School in 1975.

Career[edit]

After graduating from Harvard Business School, Clementi commenced a career in the finance industry, which culminated in his appointment as Deputy Governor of the Bank of England.

In June 2002, he told the Treasury select committee that a house price crash was a virtual certainty. He said, "I said in April that the level of house price inflation, then running in the mid-teens was unsustainable. Since then we've seen something of an acceleration ... and the longer it goes on, the sharper is likely to be the eventual adjustment.".[2]

In July 2003, he was given the task, by the Secretary of State for Constitutional Affairs, Baron Falconer of Thoroton, of undertaking a wide-ranging independent review of the regulation of legal services in England and Wales, now known generally as the Clementi report.

In October 2011 he became Chairman of Virgin Money[3] and he is currently the Chairman of London based foreign exchange company, World First[4]

Personal life[edit]

His father, Cresswell Clementi, was an Air Vice-Marshal in the Royal Air Force. His grandfather Cecil Clementi was Governor of Hong Kong.

References[edit]

  1. ^ Winchester College Register 1992
  2. ^ Dunne, Helen (14 June 2002). "House prices heading for sudden fall, warns Bank". The Daily Telegraph (London). 
  3. ^ "Virgin Money appoints Sir David Clementi as Chairman". Virgin Money. 07-10-2011. Retrieved 2011-12-31. 
  4. ^ "World First Management Team". worldfirst.com. 2006.