Naureen Hassan becomes first VP, COO of Federal Reserve Bank of New York

An Indian-origin veteran of the financial services industry has been appointed as the first vice president and chief operating officer of the Federal Reserve Bank of New York.

Naureen Hassan has been appointed by the board of directors of the Federal Reserve Bank of New York as the first vice president and chief operating officer, effective from March 15. The appointment was approved by the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York said in a statement.

As the first vice president, Hassan will be the New York Fed's second ranking officer as well as an alternate voting member of the Federal Open Market Committee.

Hassan, whose parents had immigrated from India, is a 25-year veteran of the financial services industry with expertise in strategy, digital transformation, cybersecurity and regulatory/risk management.

She was, most recently, the Chief Digital Officer for Morgan Stanley Wealth Management (MSWM).

President and Chief Executive Officer of the New York Fed John Williams said Hassan'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.

Denise Scott, executive vice president of the Local Initiatives Support Corporation (LISC) and chair of the New York Fed's board of directors, said Hassan's leadership experience and operational expertise are "fully aligned with what the search committee and he envisioned for this role.

Scott said Hassan will be taking on the role that is critical to advancing the Bank's mission and strategic priorities.

The statement added that Hassan has served in various capacities in the financial services industry, focusing primarily on digital and business process transformation.

Prior to working at Morgan Stanley, she was at Charles Schwab Corporation beginning as a vice president of corporate strategy and ending her tenure as executive vice president of investor services, segments and platforms.

According to her profile provided by the Bank, Hassan was formerly a member of the Board of Directors at OneSpan, a USD 250MM revenue public security software and hardware firm, and Ascensus, the largest independent record keeping services provider, third-party administrator, and government savings facilitator in the United States.

Hassan 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 and a Masters of Business Administration from the Stanford University Graduate School of Business.