NEW YORK—The Federal Reserve Bank of New York today announced that Roseann Stichnoth, executive vice president and head of the Bank’s Special Investments Management Group (SIMG), will be appointed head of the Financial Services Group effective January 2013. She will succeed Carl Turnipseed who has announced his intention to retire.
Roseann Stichnoth was named executive vice president and head of SIMG in July, 2010, where she oversaw the management of the Maiden Lane portfolios and Term Asset-Backed Securities Loan Facility (TALF). Prior to her promotion, Ms. Stichnoth was a senior vice president in the Markets Group where she led the TALF team. She had previously been in charge of the Cash and Custody function of the Financial Services Group.
“Roseann and her team’s outstanding work in SIMG culminated in the stabilization of AIG and repayments to the Fed of AIG’s loans, as well as the sale of all remaining securities from the Maiden Lane II LLC and Maiden Lane III LLC portfolios at a profit for taxpayers. Her return to Financial Services will ensure the continued success of that group,” said William C. Dudley, president and chief executive officer of the New York Fed.
The New York Fed also announced that it would be merging the SIMG team into the Markets Group by year-end to ensure that the remaining portfolios are effectively managed while maximizing existing capacity to support ongoing Bank operations. The remaining work of SIMG will entail assuring the smooth wind-down of the remaining Maiden Lane assets, in addition to the run-off and amortization of TALF loans.
Ms. Stichnoth 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, Ms. Stichnoth has held various management positions in bank supervision, human resources, financial management and operations.