iNDICA NEWS BUREAU-
An Indian-American veteran in the field of financial services industry has been named as the First Vice President and Chief Operating Officer (COO) of the Federal Reserve Bank of New York.
Naureen Hassan, a 25-year veteran, will be the first vice president, and also the second-highest-ranking officer at the New York Fed, and an alternate voting member of the Federal Open Market Committee, which sets the U.S. monetary policy.
In a press release issued on Thursday, March 4, the Bank said that the appointment, effective March 15, was approved by the Board of Governors of the Federal Reserve System.
“As First Vice President, Hassan will be the New York Fed’s second-ranking officer as well as an alternate voting member of the Federal Open Market Committee,” the statement said.
“Naureen’s leadership background, deep commitment to fostering diverse teams, and extensive technology and financial experience will be critical to her role as a bank leader,” John C. Williams, President and CEO of the New York Fed, was quoted as saying in the statement.
“I am confident that Naureen will be an inspiring and innovative leader, and look forward to working with her to move our organization forward in line with our values,” he added.
The New York Fed is the most influential among the 12 equal Federal Reserve Banks, and, therefore, considered first among equals. It is the largest Federal Reserve Bank in the country in terms of assets and most active by volume. It is also the place where the U.S. monetary policy is implemented.
Hassan, a financial industry veteran, served as the chief digital officer of wealth management at Morgan Stanley till a year ago. Based in San Francisco, she had been shuttling between the Bay Area and the Big Apple.
Meanwhile, Denise Scott, Executive Vice President of the Local Initiatives Support Corporation (LISC) and chair of the New York Fed’s Board of Directors, said that “Naureen’s leadership experience and operational expertise are fully aligned with what the search committee and I envisioned for this role”.
According to the statement, Hassan has previously served in various capacities in the financial services industry, focusing primarily on digital and business process transformation.
For the past four years, she was Chief Digital Officer of wealth management at Morgan Stanley.
Hassan’s parents are immigrants from Kerala, India. Her father, Javad K. Hassan, was a former senior executive at IBM and former president of Global Inter Connect Systems at AMP Inc (now TE Connectivity).