Bloomberg News

Fed’s Dudley Was Highest Paid Regional Bank Chief in 2011

May 22, 2012

New York Fed President William C. Dudley

Federal Reserve Bank of New York President William C. Dudley. Photographer: Andrew Harrer/Bloomberg

The presidents of the Federal Reserve’s regional banks received an average salary of $342,000 last year, with William C. Dudley at the New York Fed taking home the highest salary at $410,780.

The 12 regional bank presidents had total salaries of $4.1 million, according to the central bank’s annual report, posted today on its website. Salaries of the reserve bank presidents are set by the Fed board with consideration for tenure and comparable executive salaries in their regions. The salary of Chairman Ben S. Bernanke and the other governors is set by federal law.

Bernanke’s 2011 salary was $199,700, the same as a cabinet secretary. The Fed’s governors earned $179,700, the same as most deputy secretaries. That’s less than many of the lower-ranking officers at the regional banks. The 12 regional banks employ 1,264 other officers earning an average salary of $201,100.

Dudley, 59, joined the New York Fed in 2007 and became president in 2009. Prior to joining the New York Fed he rose through the ranks to become chief U.S. economist at Goldman Sachs. His salary at the New York Fed was unchanged from last year.

The other Fed presidents earn between $281,300 for St. Louis’s James Bullard to $367,500 for San Francisco’s John Williams.

The staff at the 12 regional banks was little changed at 15,514 employees, compared to 15,419 staff on a full-time basis at the end of 2010.

To contact the reporter on this story: Joshua Zumbrun in Washington at jzumbrun@bloomberg.net.

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net


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