The Federal Reserve Bank of New York said it has named William J. McDonough executive vice president and manager for foreign operations for the Federal Reserve System, effective Jan. 6.

Mr. McDonough, 57, a former international banker with First Chicago Corp., replaces Sam Y. Cross, who retired this month.

Mr. McDonough will be in charge of the central bank's crucial foreign exchange functions and will have the title of manager for foreign operations of the System Open Market Account.

Mr. McDonough retired from First Chicago in 1989 after a 22-year tenure.

Former First Chicago Banker

From 1986 until his retirement, he was vice chairman of the banking company. He was chief financial officer from 1980 to 1986, and head of worldwide banking from 1973 to 1980.

Since leaving First Chicago, Mr. McDonough has served as an adviser to the World Bank and its International Finance Corp. unit on the selection of outside auditors. He's also been special adviser to the president of the Inter-American Development Bank, and chairman of the Illinois Commission on the Future of Public Service.

Mr. McDonough has a master of arts degree in economics from Georgetown University in Washington.

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