The former Citigroup CEO is investing $100 million in Fair Square Financial, a midmarket card issuer; the exit leaves one executive atop the bank’s securities division.
John Williams, a monetary policy expert, has been a critic of Wall Street culture and has voiced concerns about financial startups not offering equal access to credit.
The New York Fed has tapped San Francisco Federal Reserve Bank President John Williams as its next president, concluding a search process that has drawn criticism for being inadequately considerate of candidates with more diverse backgrounds.
In an interview with American Banker, the outgoing president of the Federal Reserve Bank of New York discussed changes in supervision, bank culture and his advice to his successor.
While regulatory relief legislation would raise the asset threshold for “systemically important” banks, Federal Reserve Chairman Jerome Powell said the central bank could still apply prudential scrutiny to banks below that new cutoff.
Powell, a former investment banker who has served as a Fed governor, was confirmed by the Senate last month to a four-year term as chair of the central bank.
Her career at the Federal Reserve is one of stunning accomplishments, but time will tell how her tenure ultimately is remembered on bank regulation and stewardship of the economy.
Bank says most of the benefits from tax reform will be used for dividends and buybacks; Michael Loughlin will stay on until his replacement is named later this year.
