Federal Reserve Bank of New York President William Dudley will retire next year, the central bank announced Monday, opening another key position within a Fed system that is already slated for rapid change under President Trump.

“I am extremely proud of the work we have done in New York, and as a system, from our efforts to help the nation navigate the financial crisis to beginning the process of normalizing the balance sheet to our work on reforming the culture of the financial services industry,” Dudley said.