Roseann Stichnoth to Retire as Executive Vice President and Head of the Financial Services Group; Wholesale Product Office to be Combined into Financial Services Group

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Roseann Stichnoth to Retire as Executive Vice President and Head of the Financial Services Group; Wholesale Product Office to be Combined into Financial Services Group

May 31, 2016

NEW YORK – Roseann Stichnoth, executive vice president of the Financial Services Group of the Federal Reserve Bank of New York, today announced her intention to retire from the Bank in late August. Ms. Stichnoth is also a member of the Bank’s Management Committee.

“Roseann’s legacy at the Bank will be defined by her strong voice for continuous improvement and operational excellence, her professionalism and versatility and the critical role she played during the financial crisis,” said William C. Dudley, president and chief executive officer of the New York Fed. “She has been a trusted advisor to me and a mentor to many at the Bank. We wish her well in her retirement.”

During and in the aftermath of the 2007-2008 financial crisis, Ms. Stichnoth led the implementation of the Term Asset-Backed Securities Loan Facility (TALF) which helped to restore credit to millions of Americans during the financial crisis. After taking charge of the Special Investments Management Group in 2010, she played a key role in ensuring the full repayment of the New York Fed’s loans to AIG and oversaw the management and sale of the remaining securities from Maiden Lane II and Maiden Lane III.

Ms. Stichnoth will leave the Bank after nearly three decades of service. She began her career at the New York Fed and spent five years as a bank examiner. She then left the Bank to accept a position with Marine Midland N.A. (now HSBC), where she held various management positions related to domestic and international credit. After 10 years in the private sector, she rejoined the New York Fed as a senior bank examiner in the international banking department. Since then, she has held several management positions in bank supervision, human resources, financial management and operations.

The New York Fed also announced that it will be combining the Wholesale Product Office (WPO), led by executive vice president, Richard P. Dzina, and the Financial Services Group into one and Mr. Dzina will assume leadership of the Financial Services Group. He will also continue to serve as product director of wholesale services.

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