Skip to main content

International Business European Central Bank hires ex-Goldman Sachs banker Elizabeth McCaul as watchdog

The European Central Bank has hired Elizabeth McCaul, a former Goldman Sachs banker who later led an audit of the Vatican’s scandal-ridden bank, as one of its top banking supervisors, it said on Thursday.

She is one of three new ECB representatives on the Single Supervisory Board, which oversees the euro zone’s 114 largest banks.

Ms. McCaul will join the ECB from Promontory Financial Group, a prominent U.S. consultancy firm that agreed to pay US$15-million to New York’s banking regulator in 2015 to settle accusations of whitewashing a report on Standard Chartered Bank.

Story continues below advertisement

At Promontory, now owned by IBM, Ms. McCaul helped audit the Vatican’s bank during a cleanup ordered by Pope Francis in 2013 and also did consultancy work for the ECB during the setup of the Single Supervisory Mechanism.

Before that, Ms. McCaul was superintendent of Banks for the State of New York, having joined that department after a decade as a banker at Goldman Sachs.

A mother of seven, Ms. McCaul is married to former Goldman Sachs partner Frank Ingrassia.

She will be joined on the Single Supervisory Board by Edouard Fernandez-Bollo, who currently works for the French banking watchdog, and Kerstin af Jochnick, until Thursday the first deputy governor of the Swedish central bank.

Report an error
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter