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NY Fed fills vacated roles in key divisions with 3 new hires

The Federal Reserve Bank of New York has hired three officials to take on leadership roles in its Markets Group and its Financial Services Group.

Daleep Singh, a former Treasury Department official who is currently chief U.S. economist at the investment firm SPX Capital, will become head of the New York Fed's Markets Group starting in February 2020, according to a news release from the New York Fed.

Lorie Logan, who has been deputy manager of the Fed's securities portfolio since 2014, will now manage the System Open Market Account portfolio starting Jan. 1, 2020. She has been "steadfast during the recent period of volatility in the repo market, helping the [Federal Open Market Committee] develop and execute a highly effective plan of action," New York Fed President John Williams said in a news release.

Both roles were previously filled by former Markets Group head Simon Potter, who left this year after reportedly clashing with Williams. The bank restructured the leadership roles for the Markets Group after Potter's departure.

Richard Dzina, who formerly led the New York Fed's Financial Services Group and was responsible for managing key Fed payment processing services, also suddenly exited the New York Fed after reportedly disagreeing with Williams.

Dzina's replacement will be Christopher Armstrong, who has worked at the New York Fed for more than 10 years and previously held management roles at Raytheon Integrated Defense Systems. He has been running the Financial Services Group on an interim basis since Dzina's departure.

All three hires "are visionary and collaborative leaders who have track records of inspiring, supporting and developing outstanding teams," Williams said.