NEW YORK, April 5 (Reuters) - Brian Sack, the head of the New York Federal Reserve’s markets group, will resign from his post later this year, the New York Fed said on its web site on Thursday.
“Mr. Sack will remain in his current position as head of the Markets Group and Manager of the System Open Market Account(SOMA) until June 29, 2012, to help ensure a smooth transition,” the regional Fed said in a statement.
Sack will then be placed on leave until September 14, during which he will have limited contact with the New York Fed and no access to the bank’s information, including Federal Open Market Committee and supervisory materials, it said.
The New York Fed, which did not give a reason for Sack’s resignation, said it has started the search process for a replacement.