BoC appoints ex-Merrill Canada head as advisor on financial institutions

The Bank of Canada has appointed Lynn Patterson, former Canada head of Bank of America Merrill Lynch, as special advisor on financial institutions.

The Bank of Canada on Friday announced the appointment of Lynn Patterson, former country head for Bank of America Merrill Lynch, as a special advisor to Governor Stephen Poloz.  Patterson will liaise with and oversee Canadian financial institutions from BoC’s Toronto office.

Patterson will take on a two-year appointment as special adviser beginning on 17 June, replacing the outgoing Evan Siddall.

“Lynn Patterson is a tremendous addition to the Bank’s leadership team,” said Poloz in a statement. “Lynn’s expertise will help us better understand market developments and will support our work to make the Canadian and global financial systems safer and more resilient.”

As senior representative for financial markets in the BoC’s Toronto regional office, Patterson will lead a team that is responsible for maintaining strong relationships with the Toronto financial community and contributing to the analysis of financial markets, institutions, products and regulations. She will also become a member of the BoC’s monetary policy and financial system committees.

Patterson was head of Merrill Lynch Canada during the 2008 financial crisis, when the bank was taken over by Bank of America. She served on the integration team merging the institutions following the sale.