No. 2178

FOR RELEASE: Wednesday, March 23, 1998

NY FED RE-ORGANIZES MANAGEMENT STRUCTURE

NEW YORK -- The Federal Reserve Bank of New York today announced changes in its management structure involving the re-assignment of several senior-level managers and the creation of a new Executive Office.

In his announcement of the move, NY Fed president William J. McDonough said, "As an institution, we must continue to get things done even faster, better and more efficiently than we have in the past. We need to build on our strengths to encourage fresh and innovative approaches to dealing with change."

Executive vice president Suzanne Cutler of the Banking Services group will head a new Administrative Service Group comprised of the Accounting, Human Resources, Planning and Control, and Service functions.

Executive vice president Katherine A. O'Neil will assume responsibility for the Banking Services Group, which will include Bank Services, Cash, Check, Electronic Payments, and Fiscal Services.

The new executive office group will report directly to Mr. McDonough and first vice president Ernest T. Patrikis and will include the following officers and organizational functions:

  • Carl W. Turnipseed, senior vice president and branch manager, Buffalo Branch;

  • Willene A. Johnson, vice president, Equal Employment Opportunity Office;

  • Laurence Bonnemere, chief administrative officer, East Rutherford Operations Center (EROC);

  • Peter Bakstansky, senior vice president, Public Information, Office of the Ombudsman, and Office of Regional and Community Affairs;

  • Nirmal V. Manerikar, secretary and vice president, Secretary's Office (includes Internal Communications and Multimedia Services);

  • Dara Hunt, senior vice president, and product manager, Wholesale Payments Product Office; and,

  • John M. Eighmy, senior vice president, Internal Consultancy and Risk Management (includes the Credit and Risk Management function and the Office of Corporate Consultancy).

In addition, Pauline E. Chen, senior vice president in the Markets Group will have supervisory responsibility for the Central Bank Service function which was moved from the Banking Service group.

Senior vice president Ralph A. Cann, III has been assigned to the Automation and Systems Service group and will assume day-to-day responsibilities for the Systems Development, Data Processing, and Electronic Security functions.