Bank of England Officer to Chair Midland: Christopher W. McMahon Accepts an Offer 'Too Good to Miss,' Spokesman Says
O'Connor, James H., American Banker
LONDON -- Christopher W. McMahon, deputy governor of the Bank of England and an expert on world finance, has accepted an offer to become chairman within the next two years of Midland Bank, Britain's third largest clearing bank.
Mr. McMahon, deputy governor since 1980, will join the Midland board next February and succeed the present chairman in the spring of 1987.
"He has had a number of job offers he didn't take. This was too good to miss," said Nigel Fall, a Bank of England spokesman.
Mr. McMahon, 58, will be the first deputy governor to have made such a move to Midland Bank, a bank spokesman said. He was thought to be the likely successor for the Bank of England's retiring governor in 1982. Instead, Robin Leigh-Pemberton was named and Mr. McMahon's career plans received continued attention in the press.
The move gives a major boost to Midland, whose stature was hurt last year when its California subsidiary, Crocker National Bank, reported big losses.
It also comes in the wake of the Bank of England's bailout last year of the Johnson Matthey Bankers, for which Mr. McMahon was criticized.
Mr. McMahon was born in Australia and joined the Bank of England in 1964. He is a former senior tutor in economics at Oxford.
The Bank of England's loss of Mr. McMahon next year comes at a time when the bankhs focus shifts most visibly from international affairs to domestic reform. Similar to 1975's "May Day" in the U.S. when brokerage fees were no longer regulated, the "Big Bang" in Britain is scheduled for late 1986 and will, among other things, do away with fixed commissions on securities and further blur the lines between the different types of banking in the country.
Details of Mr. McMahon's future compensation at Midland were not released. …