Magazine article American Banker


Magazine article American Banker


Article excerpt

Byline: Heather Landy, Jeff Horwitz, Matthew Monks

Art of Finance

When the Federal Reserve Bank of New York needed to appoint a Class C director to succeed Denis Hughes, the New York state AFLCIO president who has bumped up against the bank's term limit, it looked to perhaps the only building in the city more imposing than the New York Fed building itself.

Emily Rafferty, the president of the Metropolitan Museum of Art, is to begin serving this month the unexpired portion of Hughes' last three-year term, which expires in December. Rafferty is a New York native who has worked at the museum for 34 years, in areas including fund raising, development, membership and external affairs, before becoming president in 2005. Lee Bollinger, the president of Columbia University, is to succeed Hughes as the bank board's chairman, a role Hughes had filled since August 2009.

The New York Fed also reelected Richard Carrion, the chairman and chief executive of Popular Inc., as a Class A director, and James Tisch, the president and CEO of Loews Corp., as a Class B director. Both begin three-year terms this month.

New, But Not Shy

Brian Foran, a new regional analyst at Nomura Securities in New York, has initiated coverage with a neutral rating on the sector. But he isn't quite so on the fence when it comes to specific institutions.

Foran, formerly an analyst at Goldman Sachs Group Inc., is a fan of PNC Financial Services Inc. …

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