Press Release
Carl Turnipseed to Retire as Head of Financial Services Group
September 17, 2012

NEW YORK—Carl W. Turnipseed, executive vice president and head of the Financial Services Group of the Federal Reserve Bank of New York, today announced his intention to retire from the Bank in January 2013.  Mr. Turnipseed is also a member of the Bank’s Management Committee.

During his 43-year career at the Bank, Mr. Turnipseed has held various management positions in a variety of areas including accounting, information technology, payments and government securities operations and foreign relations. In conjunction with his 1986 assignment in Foreign Relations, he represented the Federal Reserve System at the 16th SEANZA (South East Asia, New Zealand, Australia) Central Bank program in Dhaka, Bangladesh.  Furthermore, his vast experience and leadership provided the framework for implementing numerous initiatives during his four decades of service.

“Carl has made many extraordinary contributions to the Bank and to the community. He has devoted his career at the Bank towards achieving excellence in his responsibilities, promoting customer and community relationships, and seeking out and nurturing individual talent,” said William C. Dudley, president and chief executive officer of the New York Fed. “Although Carl will be missed by the many colleagues and staff members who have benefited from his leadership and advice, the contributions he has made to the Bank in his 43 years will continue to yield returns for many years to come.”

Before assuming the role as head of the Financial Services Group in 2000, Mr. Turnipseed led the Bank’s Buffalo Branch starting in 1994.  During his six years at the Buffalo Branch, Mr. Turnipseed served on numerous local boards connected with international trade, business and economic development, and higher education.  He also made valuable contributions in helping to address economic and financial issues in the greater Buffalo business and civic community.  Prior to 1994, Mr. Turnipseed served as vice president in charge of personnel.

“This is indeed a bittersweet day for me as I prepare to take leave from this extraordinary institution—one that I served with great honor and pride.  As the first African-American to run a branch office in the Federal Reserve System and the first African-American to become an executive vice president and member of the Management Committee of the New York Fed, I have seen the System evolve, always for the better and always with a deep commitment to the public good at every level. It has been a profound privilege to have been a part of the New York Fed,” said Mr. Turnipseed.

During his career, Mr. Turnipseed played a key role in the transformation of paper-based securities and checks to electronic substitutes.  Mr. Turnipseed chaired the System’s International Cash Committee and oversaw the expansion of the U.S. dollar ECI program.  He also oversaw the expansion of International Treasury Services operations, which today delivers U.S. government cross-border payments to recipients in over 200 countries in more than 100 foreign currencies.  

Mr. Turnipseed began his career with the Bank in 1969 as a management trainee after graduating from Morgan State College.  Shortly after joining the Bank, he left to serve as a lieutenant in the U.S. Army and later returned in 1971.  Mr. Turnipseed received his MBA degree from New York University.  He graduated from the Executive Management Program at Columbia University and the Advanced Management Program at Harvard Business School. 

Mr. Turnipseed is the recipient of numerous corporate, professional and community awards.  He is a founding member of the Board of Directors of Classroom Inc., a program designed to teach middle and high school students critical thinking skills, using personal, computer-based business simulations.  He also serves on the board of the New York/New Jersey INROADS affiliate.

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