Central Banking

New York Fed has problems replacing McDonough

Source: The Financial Times

Directors of the New York Federal Reserve have had to appoint a headhunter to find a new president, after their own four-and-half-month search failed to turn up a suitable successor to William McDonough.

The New York Fed said yesterday that, as expected, Jamie Stewart, the bank's first vice-president, would "perform the functions of the chief executive officer" while the search continued.

Mr Stewart, a 58-year-old former executive with Mellon Bank, will start next We