Merrill Lynch hires former NY Fed chief

William McDonough, former president of the Federal Reserve Bank of New York, has joined Wall Street investment bank Merrill Lynch & Co. as vice chairman and special adviser to the chairman on business development, the company said Monday 23 January.

In an interview with The Associated Press, McDonough said he hopes his personal relationships, built over his long career in business and government, will bring value to the company.

''One is not dealing with a startup here, when dealing with

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