Salem Radio Network News Sunday, June 4, 2023


NY Fed’s domestic markets chief to join Bank of New York Mellon

By Michael S. Derby

(Reuters) – Bank of New York Mellon Corp on Monday said a top New York Federal Reserve official responsible for domestic markets will join the firm next month in a job focused on financial markets.

Nathaniel Wuerffel, who last served as senior vice president at the New York Fed and was the New York Fed’s Head of Domestic Markets, will join the bank as Head of Market Structure. He will also perform chief of staff duties in the firm’s government securities operation. He starts on June 12.

Bank of New York Mellon’s government securities division offers Treasury bond trading clearing, as well as various services for the massive market where dealers borrow and lend one another bonds.

According to his LinkedIn bio, Wuerffel joined the New York Fed in June 2008 and performed various market related jobs. His bio said he had been working as chief of the domestic markets group since June 2018. Before joining the New York Fed, Wuerffel worked at the Chicago Fed, starting there in 1998.

Wuerffel’s exit comes amid flux in the New York Fed’s top staff. Last summer the manager of the Fed’s massive holdings of securities and cash and a key voice on monetary policy implementation, Lori Logan, left the bank to take charge of the Dallas Fed. She was formally replaced by Roberto Perli in March.

A New York Fed spokesperson confirmed Wuerffel’s exit and said that until he leaves the bank he is “on ice,” which removes him from sensitive work as directed by the bank’s ethics policy.

(Reporting by Michael S. Derby; Editing by Chizu Nomiyama)


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