The Treasury has appointed an additional second permanent secretary to help drive the government’s economic growth mission.
Jim O’Neil has left his role as a Bank of America executive and will take up the senior role at the Treasury in July, joining the department’s two other second perm secs, Beth Russell and Sam Beckett.
O’Neil has spent more than 20 years of his career at the Bank of America, first joining in 1993, and his most recent role was head of corporate and investment banking in Europe, the Middle East and Africa.
The Treasury said O'Neil "brings a wealth of experience" from investment banking and corporate finance and that he “will help the government to secure private investment, boost the economy, and ultimately put more pounds in people’s pockets”.
“His deep knowledge of the private sector will help the government to rip out the barriers to growth, provide support for the key industries at home, and work to secure open and fair trade abroad,” it added.
Chancellor Rachel Reeves said O’Neil’s “extensive knowledge of the private sector will be vital” in helping the government to deliver its “number-one mission to grow the economy”.
“It’s fantastic to have him join the Treasury’s top team,” she added.
O’Neil said he is “delighted” to have been appointed to the role “at this important time for our country and our economy”.
“We are living through a time of great change globally, making the need for an economy of stability, resilience, and growth all the more important. I look forward to working with the chancellor, her ministers, and officials across the department to deliver on these missions so the Treasury can bring positive change to the lives of people right across the country,” he added.
The Treasury said O’Neill will work alongside fellow second perm secs Beckett, who is also chief economic adviser to the Treasury and head of the Government Economic Service, and Russell, who oversees tax and spending and devolution and regional growth.