The Federal Reserve Bank of New York will launch a major restructuring to consolidate the bank's open market and foreign exchange operations under the direction of Executive Vice President William J. McDonough, New York Fed President E. Gerald Corrigan announced yesterday.

As part of the restructuring, Mr. Corrigan announced the retirement of longtime New York Fed staffer Peter D. Sternlight, an executive vice president and the manager of the Fed's open market and market surveillance operations. Mr. Sternlight began his career in 1990 as an economist in the foreign research division. He will take an early retirement, effective Sept. 30.

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