- FHLB Boston update6 days ago
We will be attending tomorrow's WorkWithoutLimits Career Fair for veterans with disabilities in Worcester. Attendees will have the opportunity to meet with a Bank recruiter to learn more about our career opportunities. We hope to see you there! Thursday, April 23, 2015 10:45 a.m. – 12:30 p.m. Location: The University of Massachusetts Medical School, 55 Lake Avenue North, Albert Sherman Center, Worcester, MA
- FHLB Boston update20 days ago
In Results Magazine learn more about how our solutions help members help their communities. http://glassdoor.com/slink.htm?key=vIfZ7
The Federal Home Loan Bank of Boston is a $55 billion cooperatively owned wholesale bank. Our mission is to provide highly reliable wholesale funding and liquidity to our member financial institutions, more than 440 New England-based banks, credit unions, community development financial institutions, and insurance companies. We develop and deliver competitively priced financial products, services, and expertise that support housing finance, community development, and economic growth, including programs targeted to lower-income households.
Also, for the past 25 years, our Affordable Housing Program has awarded nearly $250 million in grants and subsidies and over $210 million in subsidized loans to create or preserve nearly 27,000 units of safe, decent, affordable housing, primarily in New England. The AHP is funded annually by 10 percent of the Bank’s net income.
We strive to have a welcoming, respectful, and inclusive environment for all individuals who work at the Bank. Our goal is to maintain and attract a diverse workforce and we value what each person uniquely contributes to our mission.
We are also committed to the principles of equal opportunity in employment and contracting.
The Bank’s efforts, policies and procedures are designed to ensure, to the maximum extent possible in balance with sound business practices, the inclusion and utilization of minorities, women, individuals with disabilities, and minority-, women-, and disabled–owned businesses in all activities and levels of the organization.
The Federal Home Loan Bank of Boston offers comprehensive health and wellness benefits, robust retirement plans, and support for fulfilling professional goals. We believe the following offerings set us apart:
- Generous paid time-off programs, including vacation, personal days, holidays, and sick time
- Bank-funded pension, with full vesting after six years of service
- 401(k) with a Bank match that increases over time
- Support for education, including degree and certificate programs and career-related courses
- Fitness subsidy
- Back-up child care
- Subsidized transportation
- Wellness program
- Bicycle-sharing membership
- Volunteer opportunities
- Comp & Benefits
- Work/Life Balance
- Senior Management
- Culture & Values
- Career Opportunities
I worked at FHLB BostonRecommendsPositive OutlookApproves of CEORecommendsPositive OutlookApproves of CEO
The bank's mission makes many employees feel good about going to work. The bank really plays an important role in economic development of the New England area. 10% of income set aside each year to supports many development projects including homes for veterans, seniors, and lower income households.
Given what I know about other places, the work life balance here is a dream. You might check email once or twice but there is almost never work on weekends. Most of the employees take the commuter rail so the place empties out around 5 pm.
Plus some of the people here are GREAT to work with--professionals who know their stuff and are genuinely kind and caring. It’s not the kind of competitive environment you see in some other places. People genuinely care about the place and in my experience love to help when asked.
For its huge financial size ($50 billion plus in total assets), it’s amazing how small the place is in terms of staffing – just over 200 people to support all of the finance, operations, IT, risk management, regulatory, customer-facing, and other needs. This means lots of potential opportunities to interact with senior management on high level issues.
The benefits are among the best I've seen/heard of. This place offers a defined benefit pension plan based on years of service (does that even exist anymore?) This is above and beyond 401k savings programs where they match contributions. Vacation days are comparable to generous. Insurance benefits are comparable to elsewhere. My manager has said yes to every educational opportunity/seminar I've wanted to attend, which was fully paid for by the Bank.
To be sure, no one gets Wall Street level salaries here. Salaries are maybe slightly lower than financial institutions our size that are completely private? But this partly reflects a work life balance tradeoff. If you convert everything to an hourly wage, I would not be surprised if FHLB came out comparable to other companies. (That said, I think larger salary increases would help improve morale.)
Overall a good, family-friendly place to work where the self-starting, driven, and detail-oriented person can take on significant levels of responsibility fairly quickly.
A difficulty for FHLB is its size. With only 200 people, it is difficult to have a clear career path for some positions. The management is aware of this and is trying to improve. I’m not sure what they’ll come up with given that career progression is inherently challenging for a small company. If the company wants to retain talent over the long haul, this has to get addressed somehow.
There seem to be a couple of departments with higher turnover where employee morale is an issue. This does seem to be something the management should really put resources into improving.
This place has to deal with an amazing amount of regulations. I don’t know if anyone really enjoys this part of their job but it’s something everyone learns to live with, given what FHLB is, as a quasi-government, quasi-private entity. This does create a somewhat conservative, slow-moving culture.
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The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Our mission is to provide reliable wholesale funding and liquidity to our members, more than 440 banks, credit unions, insurance companies, and community development financial institutions based in our district. We utilize private sector capital to...
Mission: The mission of the Federal Home Loan Bank of Boston is to provide highly reliable wholesale funding and liquidity to its member financial institutions in New England. We...