NEW YORK—Edward F. Murphy, executive vice president and head of the Corporate Group of the Federal Reserve Bank of New York, today announced his intention to retire from the Bank in April 2013. Mr. Murphy is also a member of the Bank’s Management Committee.
Throughout his tenure, Mr. Murphy was charged with overseeing the Corporate Group, which includes the financial management, operational risk management, business continuity, investment review, and real estate and general support functions. He was also the Bank’s principal financial officer and contingency officer.
“Ed’s hands-on engagement and expertise have been invaluable in navigating unique challenges and achieving strategic initiatives.” said William C. Dudley, president and chief executive officer of the New York Fed. “His leadership will be missed by his colleagues in the Corporate Group and the Bank. We wish him the very best for his retirement.”
During the financial crisis Mr. Murphy played an instrumental role in adapting the Bank’s financial statements to account for its expanded and diversified portfolio. Mr. Murphy helped modify the Bank’s financial reporting to reflect the numerous new facilities created by the Federal Reserve, including the Term Asset-Backed Securities Loan Facility and the Maiden Lane vehicles.
Mr. Murphy also helped strengthen the Bank’s internal financial reporting and budget management with new information technology tools, better processes, and the creation of the Financial Leadership Team. Furthermore, he was critical in developing the Bank’s operational risk program, including the establishment of the Operational Risk Committee, which enabled the Bank to meet the operational challenges of the financial crisis and continues to evolve to meet the challenges of a rapidly changing business environment.
Under Mr. Murphy’s leadership, the Bank completed several complex real estate and building support projects. Notably, he recently led the Bank’s effort to purchase the building at 33 Maiden Lane. Mr. Murphy also managed the restoration and modernization of several floors of the Bank’s main building.
Before joining the Bank in 2005, Mr. Murphy worked for more than 30 years in the financial services industry, including holding senior positions at JPMorgan Chase and Coopers & Lybrand.
Mr. Murphy is a certified public accountant and holds a bachelor's degree from Pace University in New York City, where he currently serves as a trustee.