Salisbury MP John Glen has been named the new City minister, which will be in charge of the government's relationship with the Financial Conduct Authority (FCA) and the wider sector.
Mr Glen, a former management consultant, is the 11th economic secretary to the HM Treasury in the last decade, moving from his role as parliamentary under-secretary for culture, media and sport.
He replaces Stephen Barclay, who was appointed health and social care minister as part of prime minister Theresa May cabinet reshuffle.
Mr Glen, who previously worked at Accenture where he helped to manage its relationship with the World Economic Forum, will be responsible for the financial services policy and the government’s relationship with banks, insurers and asset managers.
Ms May said: “This reshuffle helps us do just that by bringing fresh talent into government, boosting delivery in key policy areas like housing, health and social care, and ensuring the government looks more like the country it serves.
“It also allows a new generation of gifted ministers to step up and make life better for people across the whole UK.”
The cabinet reshuffle also meant changes for the Department for Work and Pensions (DWP).
Esther McVey, MP for Tatton in Cheshire, was appointed secretary of state for work and pensions, replacing David Gauke, who moves to the justice department.
Guy Opperman remains minister for pensions and financial inclusion, while North West Hampshire MP Kit Malthouse was appointed parliamentary under secretary of state.
Alok Sharma, previously minister of state for housing and planning, for the department for communities and local government, is now minister of state for employment.