NY Fed revamps organisational structure

The New York Federal Reserve on Thursday announced a raft of changes that will see the creation of two new groups and the promotion of three officials to the role of executive vice-president.

Calvin Mitchell, the senior vice-president responsible for communication and regional and community affairs, will be promoted to the position of executive vice president and will head a new communications group.

The group was previously located in the New York Fed's executive office.

The Fed said: "The gr