Federal Reserve Bank (NY) Reviews

Current Employee – been working at Federal Reserve Bank (NY) full-time for more than 8 years

Pros – We have great health benefits and some are allowed every other Friday off.

Cons – Old time culture has to change to meet the demands of the changing world. We still do stuff based on reactions to the market. We fall behind when other banks comes up with ways to game the financial system

Advice to Senior Management – I just can not wait till the market picks up and people leave.

Yes, I would recommend this company to a friend – I'm not optimistic about the outlook for this company

Former Employee – worked at Federal Reserve Bank (NY) full-time for more than 3 years

Pros – I cannot think of a single reason why anyone would work at the Fed. Of course, that's not to say there aren't any reasons. But I promise you, I can't think of one.

Cons – The last guy who had my job jumped out of a bathroom window at work, falling 9 stories to land on the cars below. Next time you apply for a job, ask how the guy before you left.

No, I would not recommend this company to a friend

Former Employee – worked at Federal Reserve Bank (NY)

Pros – Prestigious Name due to the Great work done by the bank on a Macro Economic scale.

Cons – Slightly outdated in terms of Technology and Processes. More of an Old school structure with Officers and Non-Officers even in technology units.

Advice to Senior Management – Technology divisions are better if operated in a different way than the way the Core business of the bank is carried out. The same structures that apply in other areas of the bank may be suitable.

No, I would not recommend this company to a friend

Current Employee – been working at Federal Reserve Bank (NY)

Pros – The pros of working at the Federal Reserve Bank of New York is the flexible friday, pension/retirement package, and information sharing among colleagues.

Cons – The downside is the overwhelming level of bureaucy. Promotion is also not necessary tide with merit, but politics. There are also some off the wall senior managers.

Advice to Senior Management – Senior managers need to weed out the managers with little to no management skills.

Current Employee – been working at Federal Reserve Bank (NY)

Pros – Good work-life balance (reasonable business hours, etc.)
Good benefits (good and cheap medical coverage, dental, etc.)
Stability

Cons – Incompetent managers
Incompetent employees
No growth opportunity
Senior managers consider themselves above the law (and above the bank policies)

Advice to Senior Management – Respect the US laws

No, I would not recommend this company to a friend

Current Employee – been working at Federal Reserve Bank (NY)

Pros – The work and analyses made are majorly applicable to other areas/sectors of the financial world so are transferable assets. Relatively easy work hours in some departments.

Cons – Overall too much political play, too much bureaucracy and unnecessary technical intricacies. No feedback given, no mentoring for career development whatsoever. There are a few departments that are exceptions to this rule. Also, 1) benefits cut company-wide once the economy tanked - as it was evident no one could leave the company. 2) Industry hires from private sector significantly hampered career advancement of those who joined in normal times - when the economy recovers the lack of investment to those who joined in normal times will tell (as the private sector hirees will move out).

Advice to Senior Management – Establish some mentorship between junior and mid-management level employees. Make sure the staff gets adequate and timely feedback. Also don't sap the morale of the staff by cutting benefits in bad times. It will certainly not help establish company loyalty.

No, I would not recommend this company to a friend

Current Employee – been working at Federal Reserve Bank (NY)

Pros – This place gives you a great deal of exposure to the regulatory world in finance. You can learn many aspect of the FED and the role it plays in the financial markets. The best groups are Markets, Bank Supervision, and Research.

Cons – The red tape and the public image we have to maintain as workers. We are held at a higher standard compared with other organizations. You have to be in managements face to show them you are doing work. While other workers just want to do a good job. These people don't get promoted. It all depends on what project you worked on, not your experience. Doing your normal days work does not cut it for the bank.

Advice to Senior Management – You need to treat people right for them to stay a long time, once the market turns around people will jump after only working 2-4 years.

Yes, I would recommend this company to a friend

Current Employee – been working at Federal Reserve Bank (NY)

Pros – It's better than being unemployed, I guess. Sometimes, I wonder, though. About all I can say good about the place is that it is easy to commute to. It's only a block from Penn Station in manhattan.

Cons – Long hours, low pay, management by intimidation. They show absolutely no regard for anything but their own bottom line. Workers are treated like chattel. Also, if they do fire you, they fight you in court for you to get unemployment. Senior management is heartless. Turnover is close to 40 percent per year. I have never worked in an environment as toxic as this outfit. My performance evaluation is 7 months late.

Advice to Senior Management – Wake up. You have a lot of really talented and dedicated people who work for you, but they are all very unhappy. You are going to lose them!

No, I would not recommend this company to a friend

Former Employee – worked at Federal Reserve Bank (NY)

Pros – Job stability is the one and only perk. People are generally smart and friendly.

Cons – Some of the old timers are closed minded and simply out of touch. Can be very bureaucratic. Culture is not changing too much that new people from private would want to stay. Also promotion is often not based on merit.

Advice to Senior Management – should care more about efficiency, productivity, and accountability in all areas.
it's also not enough to simply listen to employees' feedback, take action!
Reward your employees.

No, I would not recommend this company to a friend