NEW YORK - The Federal Reserve Bank of New York announced several organizational changes, including the consolidation of foreign exchange and open market operations.
The changes are prompted by the retirement of Peter D. Sternlight, executive vice president and manager of domestic open market operations, on Sept. 30. Mr. Sternlight, 64, joined the New York Fed 42 years ago.
Mr. Sternlight's open-market and market-surveillance functions will become part of a new financial markets group under executive vice president William J. McDonough, who will continue to oversee foreign exchange.
The New York Fed's board also promoted to executive vice president Richard G. Davis, who continues as director of research; and Roberta J. Puschel, who will head a new international banking group whose responsibilities include examinations of foreign banks.
Ms. Puschel's credit and discount areas were moved under executive vice president Chester B. Feldberg, who continues as senior officer for bank supervision and regulation.