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Abrupt ousters, public missteps sink morale inside New York Fed

Section: Daily Dispatches

Poor things.

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By Matthew Boesler, Alex Harris, and Liz McCormick
Bloomberg News
Sunday, August 4, 2019

As the financial world watches the White House turn up the heat on the Federal Reserve in Washington, another Fed drama has been playing out right on Wall Street's doorstep.

An unusual level of internal tension broke out in recent weeks at the fortress-like Federal Reserve Bank of New York in lower Manhattan.

... Dispatch continues below ...


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The sudden departure of two longtime officials shook staff, sank morale, and drew attention to the leadership of the New York Fed under John Williams as he enters his second year at the helm. On Wall Street questions arose again a couple of weeks ago when a speech he gave inadvertently whipsawed markets.

The story involves Simon Potter, who ran the all-important markets desk, and Richard Dzina, head of the financial services group. Both were abruptly relieved of their roles in late May by Williams. Little explanation was given, but according to current and former New York Fed employees, as well as those close to the bank, the nature of the exits, by fault or design, seemed to be a warning: fall in line. ...

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