(Bloomberg) -- The Federal Reserve Bank of New York’s Michelle Neal has resigned as head of the markets group and member of the executive committee, marking the latest in a string of high-status departures in recent years.

Neal, who joined the New York Fed in 2022 to replace the prior markets boss Daleep Singh, will exit in March 2025 to become a senior executive in the private sector, according to a Thursday statement.

Anna Nordstrom, head of the domestic and international markets function in the markets group, will serve as interim head of the markets group until a successor is named. Neal will take on an advisory role until her departure.

Neal’s resignation is the latest in a series of departures from the New York Fed since 2022, which have included senior-ranking employees.

The New York Fed unit is responsible for conducting market operations consistent with Federal Open Market Committee directives, monitoring financial markets and producing reference rates. It also serves as fiscal agent for the US Treasury and offers financial services for foreign and international monetary authorities.

In times of market stress, the group can has also been directed to implement programs to support the continued flow of credit to businesses and households.

That’s why, for market participants, an exodus of talent at the New York Fed has been a reason for some concern. It’s now charged with withdrawing liquidity and, next year, will be crucial to spotting any early signs of potential turmoil as the US Treasury exhausts its statutory borrowing authority under the debt ceiling.

The New York Fed said it will launch a search for a new head of the markets group in the coming weeks. This will be the third head of the markets group in five-and-a-half years. Simon Potter, who oversaw the group beginning in 2012, left in 2019. Singh, who replaced Potter in 2020, departed in 2021 to join the Biden Administration as deputy national security adviser.

Neal joined the New York Fed as head of the markets group in March 2022 following more than two decades at financial firms including RBC capital Markets and BNY Mellon.

--With assistance from Jonnelle Marte.