The New York Fed has tapped San Francisco Federal Reserve Bank President John Williams as its next president, concluding a search process that has drawn criticism for being inadequately considerate of candidates with more diverse backgrounds.
Policies to shore up banks’ corporate cultures have remained a low priority even though some regulators want to attack the issue head on. Strengthening a firm’s ethical values may best be left to a bank’s internal brass.
Directors at the Federal Reserve Bank of New York said they had narrowed their search for the bank's next president to a "handful of final candidates," without naming any of those still in the running or the timetable for announcing their selection.
After facing a landmark sexual harassment lawsuit in the mid-1990s, the banking industry has improved its codes of conduct and training on sexual harassment issues, CIT Chief Executive Ellen Alemany said during a panel discussion Wednesday morning.