David Clementi

David Clementi
Born	25 February 1949
Education	Winchester College Lincoln College, Oxford Harvard Business School
Occupation	Businessman
Parent(s)	Cresswell Clementi
Relatives	Cecil Clementi (paternal grandfather) Muzio Clementi (paternal great-great grandfather)

Sir David Cecil Clementi (born 25 February 1949) is a former Deputy Governor of the Bank of England. Clementi holds a number of board positions including Chairman of International Payments business World First and Vice Chairman of Investment Manager Ruffer Group. He has held numerous other positions including Chairman of Prudential plc, one of Britain's largest insurance companies, non-executive director on the board of governors of the Rio Tinto Group and until June 2015 was Chairman of Virgin Money, seeing the business through its IPO. In March 2008, he was announced as Warden of Winchester College and was Master of the Mercers Company.

Early life

David Cecil Clementi was born on 25 February 1949. His father, Cresswell Clementi, was an Air Vice-Marshal in the Royal Air Force. His grandfather Cecil Clementi was Governor of Hong Kong from 1925-30 and Governor and Commander-in-Chief of the Straits Settlements from 1930–34. His great-great grandfather was Italian-born English musician Muzio Clementi.

He was educated at Winchester College, where he was captain of athletics and a distinguished footballer. He then went to Lincoln College, Oxford, where he obtained a degree in Philosophy, Politics, and Economics and a blue for athletics. After graduating, he qualified as a chartered accountant. He graduated MBA from Harvard Business School in 1975.

Career

After graduating from Harvard Business School, Clementi commenced a career in the finance industry, which culminated in his appointment as Deputy Governor of the Bank of England.

In June 2002, he told the Treasury select committee that a house price crash was a virtual certainty. He said, "I said in April that the level of house price inflation, then running in the mid-teens was unsustainable. Since then we've seen something of an acceleration ... and the longer it goes on, the sharper is likely to be the eventual adjustment.".

In July 2003, he was given the task, by the Secretary of State for Constitutional Affairs, Baron Falconer of Thoroton, of undertaking a wide-ranging independent review of the regulation of legal services in England and Wales, now known generally as the Clementi report.

In October 2011 he became Chairman of Virgin Money and he is currently the Chairman of International Payments business, World First