At the BoE I never worked with Clementi. I thought it was a bit strange he was appointed DG at the BoE by Gord. Gavyn Davies of Goldman's seemed to many to be a much stronger candidate. Clementi had beeen at Kleinworts for 22 years where he was credited with privatising BT in 1984. BT was sold at a very cheap price to insure success..
Dresdner bought Kleinwort Benson in July 1995, when a number of old-style merchant banks were being sold to foreign rivals following the “big bang” which liberated the City of London.
Clementi joined the BoE in Sep 1997 when he replaced Howard Davies as DG for Financial stablity. Meryyn King the other DG was in charge of the economics side of the Bank. King subsequently became Governor.