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.
Beth M. Hammack | |
|---|---|
| 12th president of the Federal Reserve Bank of Cleveland | |
| Assumed office August 21, 2024 | |
| Preceded by | Loretta J. Mester |
| Personal details | |
| Born | Elizabeth Stacy Morgan 1971 or 1972 (age 52–53) California, U.S. |
| Spouse |
Peter Hammack (m. 2000) |
| Children | 2 |
| Parent |
|
| Education | Stanford University (BA) |
Early life
editHammack 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
editShe 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
editOn 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
editHammack 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
editReferences
edit- ^ a b c "Federal Reserve Bank of Cleveland Names Beth M. Hammack as Next President and CEO". Cleveland Fed. May 29, 2024. Retrieved October 31, 2024.
- ^ a b "Beth M. Hammack". Cleveland Fed. Retrieved October 31, 2024.
- ^ a b "Weddings; Elizabeth Morgan, Peter Hammack". The New York Times. February 20, 2000. Retrieved November 10, 2024.
- ^ Campbell, Kyle (May 29, 2024). "Cleveland Fed taps former Goldman Sachs exec as next president". American Banker. Retrieved November 10, 2024.
- ^ "Beth Morgan Hammack '89 Moving Up the Ranks at Goldman". Baldwin. February 18, 2020. Retrieved October 31, 2024.
- ^ a b c "The Woman Rising From Goldman Trader to Its Face on Wall Street". Bloomberg. February 13, 2020. Retrieved October 31, 2024.
- ^ a b c Cox, Jeff (May 29, 2022). "Goldman Sachs partner Beth Hammack to succeed Mester as Cleveland Fed leader". CNBC. Retrieved October 31, 2024.
- ^ 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.
- ^ Jones, Clare; Franklin, Joshua (May 29, 2024). "Former Goldman executive appointed next Cleveland Federal Reserve president". Financial Times. Retrieved November 2, 2024.
- ^ a b Irwin, Neil (May 29, 2024). "Former Goldman Sachs executive to lead Cleveland Fed". Axios. Retrieved November 2, 2024.
- ^ Schonberger, Jennifer (May 29, 2024). "Beth Hammack, ex-Goldman exec, named next Cleveland Fed president". Yahoo Finance. Retrieved November 2, 2024.
- ^ a b c d Mena, Bryan; Buchwald, Elisabeth (May 29, 2024). "Cleveland Fed taps Goldman Sachs veteran Beth Hammack as new president". CNN. Retrieved November 2, 2024.
- ^ 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.
- ^ Matthews, Steve; Marte, Jonnelle; Torres, Craig (May 29, 2014). "Cleveland Fed Names Goldman Veteran Beth Hammack as President". Bloomberg. Retrieved October 31, 2024.
- ^ Fonda, Daren (March 26, 2021). "Beth Hammack". Barron's. Retrieved November 10, 2024.
- ^ 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.