Jul 24, 2013 09:10 AM EDT By Staff Reporter, UniversityHerald Reporter

Sir Mervyn King, the former governor of the Bank of England will assume a new role of an economics professor at NYU Stern School of Business in September 2013. King stepped down from his position at the bank after 10 years of tenure in June. Mark Carney succeeds King.

King, 65, is claimed to have accepted a rewarding six-figure contract and will spend four months from September at New York University's Stern School of Business and School of Law as a distinguished visiting professor.

"Central banks, global financial regimes, and regulation of financial institutions are important areas of study at the Law School. Our faculty and students will benefit enormously by having Sir Mervyn here to share his expertise and experience on these topics, and we look forward to welcoming him to Washington Square," said Dean Trevor Morrison, NYU School of Law.

At Stern, King will be lecturing students on financial crisis and consequences. He will also be part of speaking engagements, lectures, and conferences.

 "We are indeed fortunate to have someone of Sir Mervyn's stature and experience on the faculty at NYU Stern. [His] experience at the Bank of England, encompassing his leadership through the 2008 financial crisis and its aftermath, will be a rich source of insight for the entire Stern community," said Peter Henry, the school's dean.

Overall, he served 22 years at the bank including the post of governor and Chairman of its Monetary Policy Committee (2003 to 2013); Deputy Governor (1998 to 2003); Chief Economist and Executive Director ( starting 1991) and a non-executive director of the Bank (1990 to 1991).

Earlier King served as a visiting professor at Harvard and the Massachusetts Institute of Technology. Prior to his stint at the Bank of England, King taught at the London School of Economics.

Recently, he was introduced into the House of Lords as a non-party political peer.

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