Brian Madigan, who ran the Federal Reserve's powerful monetary affairs group, is joining Barclays Capital as a senior policy advisor, according to an internal memo announcing the hire.
Madigan left the Fed board in Washington in 2010 after running its monetary affairs group for three years. In that spot, he was one of Fed chairman Ben Bernanke's top staff advisors and played a central role in designing many of the Fed's emergency rescue programs during the financial crisis. He also played a central role in crafting Fed policy and the statements that the Fed releases to explain its policy decisions.
Madigan had been at the Fed since 1979. He will report to Larry Kantor, Barclays Capital's head of research and will advise the firm's research group on economic policy and regulation. He will be based in New York.
Madigan was one of several top people to leave the Fed in the past 12 months as the financial crisis receded. Vice chairman Donald Kohn retired and Fed governor Kevin Warsh left to return to the private sector; both have been active on the speaking circuit to hedge funds and investors. Many Fed officials turn to Wall Street after leaving the central bank.
Jon Hilsenrath is a reporter for The Wall Street Journal, where this story originally appeared. Write to him here.