Indian American Naureen Hassan Appointed First VP and COO of Federal Reserve Bank of New York
- The financial services veteran will be the N.Y. Fed’s second ranking officer as well as an alternate voting member of the Federal Open Market Committee.
Financial services veteran Naureen Hassan has been appointed first vice president and chief operating officer of the Federal Reserve Bank of New York, effective March 15. As first vice president, the Indian American will be the New York Fed’s second ranking officer as well as an alternate voting member of the Federal Open Market Committee.
Hassan has served in various capacities in the financial services industry for nearly 20 years, focusing primarily on digital and business process transformation. Most recently, Hassan was the Chief Digital Officer for Morgan Stanley Wealth Management (MSWM) and a member of the MSWM Operating Committee. In that role she was responsible for the business’s digital transformation, strategy and delivery focused on modernizing how the firm and its advisors acquire, serve and interact with clients, as per her profile on the New York Fed website.
Previously, Hassan was the executive vice president leading Investor Services strategy, segments and platforms at the Charles Schwab Corporation. She was responsible for the strategy, client experience and digital channels supporting the individual investors who hold $1.3 trillion client assets at Schwab. She also held leadership roles in Schwab Advisor Services, a custodial platform for independent advisory firms. Earlier in her career, she worked at McKinsey & Company, specializing in operational and process design for retail and healthcare firms.
Hassan was formerly a member of the Board of Directors at OneSpan, a public security software and hardware firm, and Ascensus, the largest independent record keeping services provider, third-party administrator, and government savings facilitator in the U.S. She also serves on the board of the California Academy of Sciences and the Cathedral School for Boys in San Francisco. She was previously on the board of the Charles Schwab Bank and the Women’s Initiative for Self-Employment. She holds a BA from Princeton University (magna cum laude), and a Masters of Business Administration from the 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 New York Fed president and chief executive officer, John C. Williams in a press release. “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.”
Denise Scott, executive vice president of the Local Initiatives Support Corporation (LISC) and chair of the New York Fed’s board of directors, said, “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.”
Hassan grew up in south central Pennsylvania, where her parents immigrated from Kerala. Her father, Javad K. Hassan, is a prominent technology leader and currently chairman of NeST Group in Virginia. He previously served as a senior executive at IBM and former president of Global Inter Connect Systems at AMP Inc (now TE Connectivity).
Last month, President Joe Biden appointed New York Federal Reserve markets chief Daleep Singh as Deputy National Security Advisor and Deputy National Economic Council Director, Singh is the great grand-nephew of Daleep Singh Saund, the first Asian-American elected to the U.S. Congress. In the past year, Singh has played a critical leadership role in the emergency facilities the Fed launched in response to COVID-19. Previously, Singh served in the Obama administration from 2011 to 2017. He worked at the U.S. Department of the Treasury as Acting Assistant Secretary for Financial Markets and Deputy Assistant Secretary for International Affairs. In that role he helped shape the Treasury Department’s crisis response to Ukraine, Russia, Greece, and Puerto Rico. He also directed the Treasury Department’s Markets Room, which provided real-time and thematic analysis for senior officials. Singh joined the New York Fed in February 2020.
(Photo courtesy: Christopher Irion /Businesswire)