Monday, February 26, 2024

Indian American Naureen Hassan named first VP, COO of Federal Reserve Bank of New York

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Indian American Naureen Hassan has been named as the first vice president and chief operating officer (COO) of the Federal Reserve Bank of New York. “Naureen’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,” John C Williams, president and CEO of the New York Fed, said in a statement.

Hassan, a 25-year veteran of the financial services industry, has served in various capacities with expertise in strategy, digital transformation, and cybersecurity. The appointment, effective March 15, was approved by the board of governors of the Federal Reserve System.

Most recently, Hassan, whose parents are immigrants from Kerala, was the chief digital officer of wealth management at Morgan Stanley and a member of the wealth management operating committee at the investment bank. Previously, she was the executive vice president of investor services, segments and platforms at Charles Schwab Corporation. She holds a Masters of Business Administration from the Stanford University Graduate School of Business.

“I am confident that Naureen will be an inspiring and innovative leader, and look forward to working with her to move our organization forward in line with our values,” Williams added.

The growing role of Indian Americans in the various sectors was well reflected in US President Joe Biden’s remark during a congratulatory call with Nasa’s aerospace engineer Swati Mohan on Thursday. The Mars 2020 guidance, navigation and control operations lead was responsible for the descent and landing phase of the Perseverance rover through the thin Martian atmosphere, described by Nasa scientists as “seven minutes of terror”.

Referring to the achievement of Mohan, US vice president Kamala Harris, and the director of the White House speechwriting team, Vinay Reddy, Biden said that Indian Americans are “taking over the country.” “This is an incredible honour. And it’s amazing. Indian(s) – of descent – Americans are taking over the country. You, my vice president, my speechwriter, Vinay. I tell you what,” he said.

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