Indian American Naureen Hassan named first vice president and COO of New York Fed

Naureen Hassan will become the second highest ranking official of largest and most influential Federal Reserve Bank.

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Indian American Naureen Hassan has been named first vice president and chief operating officer of the Federal Reserve Bank of New York. The appointment, approved by the Board of Governors of the Federal Reserve System, will be effective March 15, 2021, the New York Fed said in a press release.

As the first vice president, she will be the second highest ranking officer at the New York Fed and an alternate voting member of the Federal Open Market Committee, which sets the U.S. monetary policy.

The New York Fed is the most influential among the 12 equal Federal Reserve Banks, and, therefore, considered first among equals. It is the largest Federal Reserve Bank in the country in terms of assets and most active by volume. It is also the place where the U.S. monetary policy is implemented.

Hassan, a financial industry veteran, served as the chief digital officer of wealth management at Morgan Stanley till a year ago. Based in San Francisco, she had been shuttling between the Bay Area and the Big Apple.

The New York Fed said Hassan was appointed after a search conducted by “a subset of the eligible members of the New York Fed’s board of directors.”

Before joining Morgan Stanley in March 2016, Hassan was an executive vice president of investor services, segments and platforms, at Charles Schwab Corporation.

She also worked at McKinsey & Company, as business analyst and associate principal, early in her career.

Hassan, who grew up in south central Pennsylvania, earned her undergraduate degree in economics from Princeton University. She has an MBA from Stanford University Graduate School of Business.

“Naureen’s leadership background, deep commitment to fostering diverse teams, and extensive technology and financial experience will be critical to her role as a Bank leader,” said John C. Williams, president and chief executive officer of the New York Fed. “I am confident that Naureen will be an inspiring and innovative leader, and look forward to working with her to move our organization forward in line with our values.”

“Naureen’s leadership experience and operational expertise are fully aligned with what the search committee and I envisioned for this role,” said Denise Scott, chair of the New York Fed’s board of directors. “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.”

Hassan’s parents are immigrants from Kerala, India. Her father, Javad K. Hassan, is a prominent technology leader based in the Washington, DC, area. Javad Hassan, a former senior executive at IBM and former president of Global Inter Connect Systems at AMP Inc (now TE Connectivity), is the chairman of the McLean, VA, -based NeST Group.