Federal Reserve Bank of New York's head of the markets group and Executive Vice President Simon Potter, as well as its head of the financial services group and Executive Vice President Richard Dzina will step down from their roles, effective June 1.

Until successors are found, markets group COO Ray Testa will be interim head of markets group, while senior vice president of cash operations Chris Armstrong will temporarily assume Dzina's role, both starting immediately.

The role of product director for the wholesale product office will revert to First Vice President and COO Michael Strine until a new head of the financial services group has been hired.