Indian-origin Naureen Hassan named first VP by New York Fed

Recently, the Federal Reserve Bank of New York – also referred to as the New York Fed – has named Indian-origin Naureen Hassan their first Vice President.

As per an official Press Release, “The board of directors of the Federal Reserve Bank of New York has appointed Naureen Hassan first vice president and chief operating officer, effective March 15, 2021.  The appointment was approved by the Board of Governors of the Federal Reserve System.”

The Federal Reserve Bank of New York makes the financial system more stable and the US economy stronger.   This is done through providing thought leadership on issues that impact the nation, by executing monetary policy, supervising financial institutions, and delivering financial services.

Culminating in Hassan being appointed first VP of the New York Fed, the search for the ideal person to take up the position had been conducted by certain members of the New York Fed’s board of directors. An executive search firm, Bridge Partners, was retained by the search committee.

According to John C. Williams, president and chief executive officer of the New York Fed, Naureen Hassan was chosen for her “leadership background, deep commitment to fostering diverse teams, and extensive technology and financial experience”.

Of an Indian-origin, Hassan’s parents had immigrated from India.

A veteran of the financial services industry, Hassan is known for her “leadership experience and operational expertise”. Expertise, that is, in cybersecurity, regulatory/risk management, digital transformation, and strategy.

Nureen Hassan Bio

·         25-year veteran of the financial services industry ·         Expertise in cybersecurity, regulatory/risk management, digital transformation, and strategy ·         Most recently, the Chief Digital Officer for Morgan Stanley Wealth Management [MSWM] and a member of the MSWM Operating Committee ·         Previously, the executive vice president leading Investor Services strategy, segments and platforms at the Charles Schwab Corporation and a member of the firm’s twenty-member Executive Committee ·         Also served as the Chief Operating Officer of Schwab Bank and was a member of its Board and Management Committee ·         Earlier, worked at McKinsey & Company, specializing in operational and process design for retail and healthcare firms ·         Formerly a member of the Board of Directors at OneSpanand Ascensus ·         Also serves on the board of the California Academy of Sciences and the Cathedral School for Boys in San Francisco. Previously served on the board of the Charles Schwab Bank and the Women’s Initiative for Self-Employment ·         Masters of Business Administration from the Stanford University Graduate School of Business ·         BA from Princeton University [magna cum laude]

As per Denise Scott, executive vice president of the Local Initiatives Support Corporation [LISC] and chair of the New York Fed’s board of directors, “Naureen’s leadership experience and operational expertise are fully aligned with what the search committee and I envisioned for this role. Together with the board of directors, I am delighted that Naureen will be taking on this role that is critical to advancing the Bank’s mission and strategic priorities.”

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