NEW YORK – The Federal Reserve Bank of New York today announced that the Wholesale Product Office (WPO) will become a new Group of the Bank and that Richard P. Dzina will be promoted to executive vice president and Group Head, effective July 1, 2015. Mr. Dzina will also serve as Product Director of wholesale services and will become a member of the Bank’s Management Committee.
The WPO, currently a function within the Bank’s Executive Office, manages the Fedwire Funds, Fedwire Securities and the National Settlement Service. Mr. Dzina is a senior vice president and the product manager of the WPO.
“The designation of the Wholesale Product Office as a stand-alone group with direct reporting to the president of the Bank reflects the critical nature of these payments and settlement services to our financial system,” said William C. Dudley, president and CEO of the New York Fed. “I can’t think of anyone better suited to continue to lead the Wholesale Product Office,” he added.
Prior to his current role, Mr. Dzina ran the market operations, monitoring and analysis function in the Markets Group. He joined the Bank in 1991 as a bank examiner and moved to the Markets Group in 1995 where he held successive positions in the foreign exchange, cash management and Treasury market policy staffs. In 2004, Mr. Dzina was assigned to the Financial Services Group to lead the newly formed international cash department, and in 2006, he returned to the Markets Group to lead the central bank and international account services function.
Mr. Dzina holds a bachelor’s degree from Princeton University and a master of business administration degree from Columbia Business School. He also holds the Chartered Financial Analyst designation and was an officer in the U.S. Army.