The jockeying to succeed Tim Geithner as head of the Federal Reserve Bank of New York is beginning as the bank's board of directors prepares to create a search committee to select a candidate for the $398,200-a-year job.

Potential candidates being discussed in Wall Street circles include Kevin Warsh, a Federal Reserve board governor; William Dudley, executive vice-president of the New York Fed's markets group; and Terrence Checki, head of the New York Fed's emerging markets and international affairs group.