(Bloomberg) --
The Federal Reserve Bank of New York said it will restructure its critical markets group, splitting the job formerly held by Simon Potter into two positions.
The markets group conducts operations that keep the Federal Open Market Committee's policy rate on target and provides critical Wall Street surveillance to the bank's leadership.
The New York Fed said in a press release that the two positions will now be executive vice president head of the markets group, and an executive vice president who is in charge of the system open market account.
“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,” the New York Fed said. “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.”
Read more: Inside New York Fed, Abrupt Ousters Shake Staff and Sink Morale
The New York Fed has hired executive search firm Spencer Stuart to conduct a search to fill the two positions, and will look at candidates within the Fed system, the bank said. The firm is also conducting a search for a new head of the financial services group. That position was vacated by Richard Dzina on June 1, who left at the same time as Potter in a rare double departure for two senior Fed officials.
To contact the reporter on this story: Craig Torres in Washington at ctorres3@bloomberg.net
To contact the editors responsible for this story: Alister Bull at abull7@bloomberg.net, Benjamin Purvis
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