By Chunzi Xu and Erik Hertzberg
(Bloomberg) — Two longtime directors at the Bank of Canada are retiring as Prime Minister Mark Carney pushes to shrink the public service.
Harri Vikstedt, senior policy director in the financial markets department, and Marc Larson, director of the bank’s financial risk office, are leaving their roles, according to people familiar with the matter, who asked not to be identified as they aren’t authorized to speak publicly.
Vikstedt, who joined the central bank in 2006, will be replaced by Philippe Muller as chair of a group that oversees cash, collateral and securities financing markets. While in the role, Vikstedt co-led the interest rate benchmark transition from the Canadian Dollar Offered Rate, or CDOR, to the Canadian Overnight Repo Rate Average, or Corra.
The Bank of Canada has aligned with Carney’s drive to find $60 billion in government savings over five years and slim the public service by 40,000 roles. The central bank plans to cut 10% of its own workforce — about 225 staff — by June. While the bank extended early retirement options to employees, it’s unclear if Vikstedt’s or Larson’s exits were planned prior to the cuts.
A spokesperson declined to comment on personnel changes. Vikstedt and Larson did not respond to requests for comment.
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Last modified: January 9, 2026
