NY Fed Markets Group chief Neal resigns, will exit bank in March 2025 (updated)
12/12/2024 21:28
(Adds additional details and background)
By Michael S. Derby
NEW YORK, Dec 12 (Reuters) - The head of the Federal
Reserve Bank of New York's powerful Markets Group, Michelle
Neal, is stepping down and will leave the bank in March 2025,
the bank said in a press release on Thursday.
Neal will serve as a senior advisor at the bank until she
exits, the bank said, adding that Neal is moving to a role in
the private sector. Neal oversees the part of the New York Fed
that interfaces with the financial sector. Neal was also a
member of the bank's Executive Committee.
While a successor to Neal is sought, the bank said in its
press release that Anna Nordstrom, currently head of the
Domestic and International Markets Function in the Markets
Group, will serve as interim leader of the Markets Group.
Neal joined the New York Fed in the spring of 2022 after
a long string of leadership jobs in the financial sector. In the
press release, John Williams, president of the New York Fed,
said Neal "has overseen significant initiatives - including the
major technological investment in the Federal Reserve’s open
market operations - to transform and innovate the critical work
that we do."
Neal's exit is unlikely to have any notable implications
for central bank operations as the implementation of monetary
policy is handled by Roberto Perli, the manager of the Fed's
System Open Market Account.
(Reporting by Michael S. Derby; Editing by Andrea Ricci)
((Michael.Derby@thomsonreuters.com;))