Beth M. Hammack

Last updated

Peter Hammack
​
(m. 2000)​
Beth M. Hammack
12th president of the Federal Reserve Bank of Cleveland
Incumbent
Assumed office
August 21, 2024
Children2
Parent
Education Stanford University (BA)

Elizabeth Morgan Hammack (born 1971/1972) is the 12th president and CEO of the Federal Reserve Bank of Cleveland. [1] [2] Prior to that, Hammack worked at Goldman Sachs for three decades before resigning in 2024 as the co-head of global finance.

Contents

Early life

Hammack was born in California to Howard L. Morgan, a venture capitalist, and a mother who worked as an interior designer. [3] [4] She grew up in Villanova, Pennsylvania and is the middle of three sisters. In 1989, she graduated from The Baldwin School located in Bryn Mawr, Pennsylvania. [1] [5] [6]

Hammack earned a bachelor's degree from Stanford University in 1993 with a combined major in quantitative economics and history. [7] [8] During her academic career, Hammack was part of a council of student presidents at Stanford that included John Louie, who played the Wing Kid in the 1984 film Gremlins and John Overdeck, co-founder and co-chairman of Two Sigma Investments. [6] She interned twice at the Philadelphia Stock Exchange during her summer breaks. Hammack was accepted to Harvard Business School but decided not to attend. [6]

Goldman Sachs

She joined Goldman Sachs in 1993 as an analyst in Debt Capital Markets, was named managing director in 2003, and partner in 2010. [7] [9] Throughout her time, she held roles as global treasurer, global head of short-term macro trading, and global head of repo trading. [10] Hammack was former chair of the Treasury Borrowing Advisory Committee; and a former member of the Treasury Market Practices Group, the Financial Research Advisory Committee, and management committee. [10] [11] [12]

Before her departure, Hammack served as the co-head of the Global Financing Group. [7]

Federal Reserve Bank of Cleveland

On May 29, 2024, it was announced that Hammack was appointed as the next president and chief executive officer of the Cleveland Fed. [12] [13] Hammack's term began on August 21, and in this role, she will represent the Fourth Federal Reserve District on the Federal Open Market Committee in the formulation of US monetary policy. [1] [12] She is the fourth woman selected to lead the Federal Reserve Bank of Cleveland, the first regional Federal Reserve bank to appoint a female president in 1982. [14]

Personal life

Hammack married investment banker Peter Hammack in 2000. [3] The couple has two sons and live in Cleveland. [15] [2]

Hammack serves as a board member of Math for America and City Harvest. [12] [16]

See also

Related Research Articles

<span class="mw-page-title-main">Goldman Sachs</span> American investment bank

The Goldman Sachs Group, Inc. is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many international financial centers. Goldman Sachs is the second-largest investment bank in the world by revenue and is ranked 55th on the Fortune 500 list of the largest United States corporations by total revenue. In the Forbes Global 2000 of 2024, Goldman Sachs ranked 23rd. It is considered a systemically important financial institution by the Financial Stability Board.

<span class="mw-page-title-main">Meg Whitman</span> American business executive and diplomat (born 1956)

Margaret Cushing Whitman is an American business executive, diplomat, and politician who served as the United States ambassador to Kenya since 2022 until her resignation on November 13, 2024. Whitman was president and chief executive officer (CEO) of eBay from 1998 to 2008. Afterwards, she became president and CEO of Hewlett Packard Enterprise from 2011 to 2015, during the company's major split. She then served as the CEO of Quibi from its launch in 2018 until its closure in 2020. A member of the Republican Party, she ran for governor of California but was defeated by former governor Jerry Brown in California's 2010 gubernatorial election. Whitman was a senior presidential campaign official for Republican Mitt Romney in both 2008 and 2012, although she supported Democrats Hillary Clinton and Joe Biden in the 2016 presidential election and the 2020 presidential election, respectively.

<span class="mw-page-title-main">Jamie Dimon</span> American banker and businessman (born 1956)

James Dimon is an American billionaire business executive who has been the chairman and chief executive officer (CEO) of JPMorgan Chase since 2006. As of November 2024 Forbes estimate his net worth to be US$2.6 billion.

<span class="mw-page-title-main">Stephen Friedman (economist)</span> American businessman and politician (b. 1937)

Stephen Friedman is an American economist. He is a former chairman of the U.S. President's Intelligence Advisory Board and former chair of the Federal Reserve Bank of New York. He was nominated on October 27, 2005, to replace Brent Scowcroft in the position.

<span class="mw-page-title-main">Federal Reserve Bank of Cleveland</span> Member Bank of Federal Reserve

The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. It has branch offices in Cincinnati and Pittsburgh. The check processing center in Columbus, Ohio, was closed in 2005. The interim chief executive officer and president is Mark Meder. Since August 21, 2024, Beth M. Hammack has been serving as the bank's chief executive officer and president.

<span class="mw-page-title-main">Cathy Minehan</span>

Cathy E. Minehan was President and Chief Executive Officer of the Federal Reserve Bank of Boston from 1994 until her retirement in July 2007. Minehan also served as a member of the Federal Open Market Committee, the body responsible for U.S. monetary policy. She was "appointed Dean of the School of Management of Simmons College, a private university, in August 2011 and is Managing Director of Arlington Advisory Partners, a private advisory services firm."

<span class="mw-page-title-main">Lloyd Blankfein</span> American investment banker (born 1954)

Lloyd Craig Blankfein is an American investment banker who has served as senior chairman of Goldman Sachs since 2019, and chairman and chief executive officer (CEO) from 2006 until the end of 2018. Before leading Goldman Sachs as CEO, he was the company's president and chief operating officer (COO) from 2004 to 2006, serving under then-CEO Henry Paulson.

<span class="mw-page-title-main">E. Gerald Corrigan</span> American banker (1941–2022)

Edward Gerald Corrigan was an American banker who was the seventh President of the Federal Reserve Bank of New York and Vice-Chairman of the Federal Open Market Committee. Corrigan served as a partner and managing director in the Office of the Chairman at Goldman Sachs and was appointed chairman of GS Bank USA, the bank holding company of Goldman Sachs, in September 2008 until retiring in 2016. He was also a member of the Group of Thirty, an influential international body of leading financiers and academics.

Alan David Schwartz is an American businessman and is the executive chairman of Guggenheim Partners, an investment banking firm based in Chicago and New York City. He was previously the last president and chief executive officer of Bear Stearns when the Federal Reserve Bank of New York forced its March 2008 acquisition by JPMorgan Chase & Co.

A primary dealer is a firm that buys government securities directly from a government, with the intention of reselling them to others, thus acting as a market maker of government securities. The government may regulate the behaviour and number of its primary dealers and impose conditions of entry. Some governments sell their securities only to primary dealers; some sell them to others as well. Governments that use primary dealers include Australia, Belgium, Brazil, Canada, China, France, Hong Kong, India, Ireland, Hungary, Italy, Japan, Pakistan, Singapore, Spain, Sweden, the United Kingdom, and the United States.

<span class="mw-page-title-main">Peter Weinberg</span> American businessman

Peter Amory Weinberg is an American businessman. He spent almost twenty years of his career at Goldman Sachs before co-founding Perella Weinberg Partners with merger specialist, Joseph Perella in 2006. The firm provides M&A advisory and alternative asset management services. Weinberg is its chief executive officer and founding partner.

<span class="mw-page-title-main">Kevin Warsh</span> American lawyer (born 1970)

Kevin Maxwell Warsh is an American financier and bank executive who served as a member of the Federal Reserve Board of Governors from 2006 to 2011.

<span class="mw-page-title-main">Financial Services Forum</span> American economy policy

The Financial Services Forum is an American, non-partisan economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States.

<span class="mw-page-title-main">Timothy Geithner</span> American former central banker and politician

Timothy Franz Geithner is an American former central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama from 2009 to 2013. He was the President of the Federal Reserve Bank of New York from 2003 to 2009, following service in the Clinton administration. Since March 2014, he has served as president and chairman of Warburg Pincus, a private equity firm headquartered in New York City.

<span class="mw-page-title-main">William C. Dudley</span> American banker

William C. Dudley is an American economist who served as the president of Federal Reserve Bank of New York from 2009 to 2018 and as vice-chairman of the Federal Open Market Committee. He was appointed to the position on January 27, 2009, following the confirmation of his predecessor, Timothy F. Geithner, as United States Secretary of the Treasury.

<span class="mw-page-title-main">Blythe Masters</span> British economist (born 1969)

Blythe Sally Jess Masters is a British private equity executive and former financial services and fintech executive. She is a former executive at JPMorgan Chase, where she was widely credited for developing the credit default swap as a financial instrument.

<span class="mw-page-title-main">Harvey Schwartz</span> American investment banker

Harvey M. Schwartz is an American businessman. He is CEO of The Carlyle Group, the world's fifth-largest private equity firm. He is also group chairperson and a non-executive director of The Bank of London, a clearing and transaction bank. He is on the board of SoFi, a San Francisco-based fintech company, and One Mind, a mental health and brain research nonprofit organization. He worked at Goldman Sachs from 1997 to 2018, with his last post there being president and co-chief operating officer.

Robert Steven Kaplan served as the president and CEO of the Federal Reserve Bank of Dallas from 2015 until 2021 and is a long-time Goldman Sachs executive, where he currently serves as vice chairman.

<span class="mw-page-title-main">Loretta J. Mester</span> American businesswoman

Loretta J. Mester was president and CEO of the Federal Reserve Bank of Cleveland.

References

  1. 1 2 3 "Federal Reserve Bank of Cleveland Names Beth M. Hammack as Next President and CEO". Cleveland Fed. May 29, 2024. Retrieved October 31, 2024.
  2. 1 2 "Beth M. Hammack". Cleveland Fed. Retrieved October 31, 2024.
  3. 1 2 "Weddings; Elizabeth Morgan, Peter Hammack". The New York Times . February 20, 2000. Retrieved November 10, 2024.
  4. ↑ Campbell, Kyle (May 29, 2024). "Cleveland Fed taps former Goldman Sachs exec as next president". American Banker . Retrieved November 10, 2024.
  5. ↑ "Beth Morgan Hammack '89 Moving Up the Ranks at Goldman". Baldwin. February 18, 2020. Retrieved October 31, 2024.
  6. 1 2 3 "The Woman Rising From Goldman Trader to Its Face on Wall Street". Bloomberg . February 13, 2020. Retrieved October 31, 2024.
  7. 1 2 3 Cox, Jeff (May 29, 2022). "Goldman Sachs partner Beth Hammack to succeed Mester as Cleveland Fed leader". CNBC . Retrieved October 31, 2024.
  8. ↑ Natarajan, Sridhar (February 21, 2024). "She was set to break Goldman's glass ceiling. Now Beth Hammack is leaving". Bloomberg News . Retrieved November 10, 2024.
  9. ↑ Jones, Clare; Franklin, Joshua (May 29, 2024). "Former Goldman executive appointed next Cleveland Federal Reserve president". Financial Times. Retrieved November 2, 2024.
  10. 1 2 Irwin, Neil (May 29, 2024). "Former Goldman Sachs executive to lead Cleveland Fed". Axios. Retrieved November 2, 2024.
  11. ↑ Schonberger, Jennifer (May 29, 2024). "Beth Hammack, ex-Goldman exec, named next Cleveland Fed president". Yahoo Finance. Retrieved November 2, 2024.
  12. 1 2 3 4 Mena, Bryan; Buchwald, Elisabeth (May 29, 2024). "Cleveland Fed taps Goldman Sachs veteran Beth Hammack as new president". CNN. Retrieved November 2, 2024.
  13. ↑ Rugaber, Christopher (May 29, 2024). "Cleveland Fed names former Goldman Sachs executive Beth Hammack to succeed Mester as president". Associated Press. Retrieved November 2, 2024.
  14. ↑ Matthews, Steve; Marte, Jonnelle; Torres, Craig (May 29, 2014). "Cleveland Fed Names Goldman Veteran Beth Hammack as President". Bloomberg . Retrieved October 31, 2024.
  15. ↑ Fonda, Daren (March 26, 2021). "Beth Hammack". Barron's . Retrieved November 10, 2024.
  16. ↑ Kosich, John (May 29, 2024). "Federal Reserve Bank of Cleveland names Beth M. Hammack as next President and CEO". News5 Cleveland. Retrieved November 2, 2024.
Other offices
Preceded by President of the Federal Reserve Bank of Cleveland
2024–present		Incumbent
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.