Printer Friendly


 NEW YORK, Oct. 19 /PRNewswire/ -- Goldman, Sachs & Co. announced today that E. Gerald Corrigan, recently retired president of the Federal Reserve Bank of New York, will be joining the international investment banking and brokerage firm. He will formally take up his responsibilities at Goldman Sachs on Jan. 3, 1994.
 Commenting on the announcement Stephen Friedman, senior partner and chairman of Goldman Sachs, said, "Jerry Corrigan is one of the most highly respected central bankers in the world, and our clients and firm will benefit greatly from his exceptional judgment, knowledge of financial systems, and leadership in the global financial community. "At Goldman Sachs we expect Jerry's full-time activities will involve a range of projects for the firm and our clients, including strategic and risk analysis, relationship building and advice, and leadership of selected transaction teams. Although he will not have direct line responsibilities, he will also serve as chairman of our International Advisors, the distinguished group of international leaders who serve the firm and our clients so well in strategic and transactional matters around the world.
 "We are extremely pleased that Jerry Corrigan has decided to join our firm. Many of us have known him very well through his career at the New York Fed, and we eagerly look forward to the contribution he will make as our professional and personal colleague."
 Mr. Corrigan, 52, noted, "I took forward with great anticipation to a long and rewarding association with Goldman Sachs, a firm that I have respected for its professionalism, its competence and its commitment to sound business practices. On a more personal level, I am particularly pleased by the prospect of working closely with Steve Friedman and the entire senior management team at Goldman, many of whom I have known for years."
 With the support of Goldman Sachs, Mr. Corrigan will continue certain of his outside activities, including his non-executive chairmanship of the Russian-American Enterprise Fund.
 Mr. Corrigan will be located at Goldman Sachs' world headquarters at 85 Broad Street in New York.
 Goldman Sachs is a leading international investment banking and brokerage firm participating in major financial markets on behalf of corporations, institutions, governments, and individuals worldwide. Founded in 1869, Goldman Sachs today has 28 offices around the globe: New York, London, Tokyo, Boston, Chicago, Dallas, Frankfurt, George Town, Hong Kong, Houston, Los Angeles, Madrid, Memphis, Miami, Milan, Montreal, Moscow, Osaka, Paris, Philadelphia, San Francisco, Seoul, Singapore, Sydney, Taipei, Toronto, Washington, D.C., and Zurich. Total assets of the Goldman Sachs Group L.P. and subsidiaries, including Goldman, Sachs & Co., were approximately $102 billion as of May 28, 1993.
 E. Gerald Corrigan, 52, is the non-executive chairman of the board of directors of the Russian-American Enterprise Fund, a position to which he was appointed to by President Clinton in July of this year.
 Mr. Corrigan ended a 25-year career with the Federal Reserve System when he stepped down from his position as president and chief executive officer of the Federal Reserve Bank of New York as of July 18, 1993.
 Mr. Corrigan became the seventh CEO of the Federal Reserve Bank of New York on Jan. 1, 1985. In that capacity, he became a permanent voting member of the Federal Open Market Committee. He was also named vice chairman of the FOMC, a position traditionally held by the president of the New York Fed.
 In July 1991, he was named chairman of the Basle Committee on Banking Supervision by the governors of the central banks of the Group of Ten countries. Mr. Corrigan was the first American named to that post. In June 1992, he became the U.S. co-chairman of the Russian-American Bankers Forum, a group assembled at the request of President Yeltsin to assist in the development of a contemporary banking and financial system in the Russian Federation.
 Mr. Corrigan's career at the New York Fed began in August 1968 when he joined the Domestic Research division as an economist.
 From 1968 to 1976, Mr. Corrigan served in a variety of staff and official positions at the New York Fed. In 1976 he was named a vice president of the bank and subsequently had responsibilities for such diverse areas as the corporate secretary's office, planning, personnel, accounting and domestic open market operations. In August 1979, Mr. Corrigan became special assistant to Federal Reserve Board Chairman Paul A. Volcker.
 While on leave of absence from the New York Fed in that capacity, he was named a senior vice president of the New York Fed. In August 1980, he became president of the Federal Reserve Bank of Minneapolis, a position in which he served until his return to the New York Fed.
 Mr. Corrigan was born on June 13, 1941 in Waterbury, Conn.
 He earned a bachelor of social science degree in economics from Fairfield University, Fairfield, Conn. in 1963. He received a master of arts degree in economics in 1965 and a doctor of philosophy degree in economics in 1971, both from Fordham University in New York City.
 In addition to serving as chairman of the board of directors of the Russian-American Enterprise Fund and co-chairman of the Russian-American Bankers Forum, Mr. Corrigan is a member and trustee of the Economic Club of New York, a member and trustee of the Council on Foreign Relations and a member and trustee of the Trilateral Commission. He is also a member of the board of directors of the U.S.-Russia Business Council, an honorary trustee of Macalaster College, St. Paul, Minn. and a member of the Center for Economic Studies at Princeton University.
 -0- 10/19/93
 /CONTACT: Edward G. Novotny of Goldman, Sachs, 212-902-5400, or after hours, 212-490-2740/

CO: Goldman, Sachs & Co. ST: New York IN: FIN SU: PER

LG -- NY023 -- 3921 10/19/93 11:22 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 19, 1993

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters