Sushmita Shukla named as VP & COO, Federal Reserve Bank of New York

Sushmita Shukla

Sushmita Shukla, an Indian-origin insurance sector veteran, has been named First Vice President and Chief Operating Officer at the Federal Reserve Bank of New York, making her the bank’s second-ranking officer.

The appointment was authorised by the Federal Reserve System’s Board of Governors, according to a statement issued by the New York Fed on Thursday.

Shukla, 54, has been appointed by the Federal Reserve Bank of New York’s Board of Directors as First Vice President and Chief Operating Officer, beginning March 2023.

Shukla, who holds an MBA from New York University and a bachelor’s degree in electrical engineering from the University of Mumbai, will be the New York Fed’s second-ranking executive as First Vice President.

Shukla stated in the statement that, “I look forward to applying all that I’ve learned in my career – including my technology, operations, and risk-focused experiences – to furthering the key activities and supporting the dedicated leadership of this critical institution.”

According to Shukla’s description on the New York Fed website, she has approximately 20 years of expertise in the insurance industry and substantial experience directing large-scale enterprise transformation programmes, as well as in-depth knowledge of technology and Agile innovation approaches.

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Shukla, who lives in Connecticut, most recently served as Senior Vice President and Chief Operations Officer for International Accident & Health at Chubb, the world’s largest publicly traded property and casualty insurance company, where she was responsible for operations, claims technology, and strategic programmes for the international accident and health business in 51 countries.

According to her profile, she was in charge of driving operational efficiencies and transforming customer service and the customer experience.

Shukla previously oversaw an enterprisewide transformation effort at Healthfirst, where she began in 2016 as Vice President of Enterprise Business Solutions and then served as interim Senior Vice President of Enterprise Transformation.

Shukla has also worked with Liberty Mutual, Merrill Lynch, and GiantBear Inc., a New York-based wireless technology and application service provider.

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