As it seeks to appoint to senior roles in the division, the Federal Reserve Bank of New York has announced that it will restructure the leadership of its Markets Group to “best meet its critical responsibilities”.
The previous position of executive vice president and head of the Markets Group was held by Simon Potter, who stepped down at the end of May. This will now be split into two roles; an executive vice president and head of the Markets Group, and an executive vice president and manager of the System Open Market Account (SOMA).
The Fed is starting a search to fill the positions. The Markets Group head will be responsible for the group’s entire portfolio of products and services, with a focus on operational effectiveness, policy, human capital, and technology. As a member of the Executive Committee, the Markets Group head will also play a key role in developing and implementing the New York Fed’s strategic direction and priorities.
The SOMA manager will be responsible for a critical element of that portfolio, implementing monetary policy in accordance with the directives of the Federal Open Market Committee (FOMC). The SOMA manager will have a deep knowledge of capital markets, market operations, and related policy, and is responsible for providing expert analysis and advice to the FOMC, the New York Fed says, adding the role is appointed annually by the FOMC subject to approval of the New York Fed.
In both instances, the New York Fed says it will seek leaders “who are visionary and collaborative, and who will inspire, support, and develop outstanding teams”.