The Fed New York announced the departure of two key people and will soon need new executives with oversight over the trading industry.
“The Federal Reserve Bank of New York today announced that Simon Potter, executive vice president and head of the Markets Group, and Richard Dzina, executive vice president and head of the Financial Services Group, will be stepping down from their respective roles effective June 1, 2019. The New York Fed will conduct a broad and thorough search for their successors.” The Federal Reserve of New York announced in a press release.
In the same release, the president of the New York Fed, John Williams, announced their temporary replacements.
John C. Williams, president and chief executive officer of the New York Fed, named Ray Testa, chief operating officer of the Markets Group, as interim head of the Markets Group, and Chris Armstrong, senior vice president of cash operations, as interim head of the Financial Services Group, starting immediately. The Fed press release continued.
“I want to thank Simon for his leadership over the years,” said Mr. Williams. “His contributions have been of great value to the Bank, the FOMC and the System. Most recently, his deep experience in and understanding of markets were critical in helping the Committee think through and execute a path toward monetary policy normalization, and he has been a leading and influential voice globally on reference rate reform.”
Williams continued, “Richard’s deep commitment to the Federal Reserve, its mission and people are always on display. He is the consummate professional, who’s made invaluable contributions throughout his long and distinguished tenure for which I am grateful. Among which, I would note his leadership on FedWire modernization, his financial crisis-era work operationalizing numerous liquidity facilities, and his sponsorship of the Payments Risk Committee.”
“Both Simon and Richard have contributed greatly throughout their careers and they each leave a substantial and substantive legacy. Not least of which is the depth and breadth of talent they’ve nurtured at the Bank and on their teams, which is why I have every confidence in the teams’ abilities to continue to execute on our mission. I wish them both all the best in their future endeavors,” added Mr. Williams.
The Federal Reserve has eight branches including the New York branch; the other branches are: Chicago, Boston, Philadelphia, Cleveland, Richmond, St. Louis, and Cleveland.
