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NEW YORK (Reuters) -Former high-ranking Goldman Sachs executive Beth Hammack will become the next president of the Federal Reserve Bank of Cleveland, the regional bank said on Wednesday. Hammack, 52, was until earlier this year co-head of global financing at the investment bank, where she also served on its management committee. The incoming Cleveland Fed president has extensive experience in markets and in how they interface with government activity.
U.S. investment bank Goldman Sachs is muscling into the lending market for private equity and asset managers, planning an overseas expansion as it helps fill a void left by turmoil at regional banks and the sale of Credit Suisse. The Wall Street bank and rivals JPMorgan Chase and PNC Financial Services are stepping up in this $800 billion to $1 trillion market as private equity deal activity is expected to pick up due to record-high fund-raising.
Jeff Riggs, a Montana businessman who owns a small data center, flew to Washington D.C. in November to meet with his U.S. Senator Steve Daines. It was arranged, paid for and scripted by Goldman Sachs as part of the bank's aggressive campaign to water down a proposal to raise capital requirements for big banks. Riggs was one of dozens of small business owners Goldman recruited from all over the country in its battle against the so-called Basel Endgame.