Indian-Origin Woman Takes Over As Fed Reserve Vice-President

With the International Women’s Day round the corner, India finds yet another reason to hail its girl power. Naureen Hassan, an Indian-origin financial wizard, has been picked up as the first vice-president and chief operating officer of the Federal Reserve Bank of New York.

Hassan will assume her charge from March 15, according to a statement, confirming the approval of her appointment by the Board of Governors of the Federal Reserve System.

As the first vice-president, she will be the New York Fed’s second-in-command 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 in the financial services industry with expertise in strategy, digital transformation, cybersecurity and regulatory or risk management. She had served last as the Chief Digital Officer for Morgan Stanley Wealth Management (MSWM).

New York Fed President and Chief Executive Officer 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 had 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.

Prior to working at Morgan Stanley, Hassan 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, she was formerly a member of the Board of Directors at OneSpan, a $250-million public security software and hardware firm, and Ascensus, the largest independent record keeping services provider, third-party administrator, and government savings facilitator in the US.

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 did her Bachelors from Princeton University and a holds Masters degree in Business Administration from the Stanford University Graduate School of Business.