There are newer employer reviews for Federal Reserve Bank of San Francisco

3 people found this helpful  

Good benifits make the bank a great place to end your career

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Current Employee - Anonymous Employee in San Francisco, CA
Current Employee - Anonymous Employee in San Francisco, CA

I have been working at Federal Reserve Bank of San Francisco

Pros

Work life balance and the retirement benefits are hard to beat. Fully vested on day 1, 100% match on 6%+1% unmatched gets you 13% contributions to 401k. Fully vested pension in 5 years with a portable cash option and 4 weeks paid vacation + the option to buy up to another week. Add in the 12 bank holidays and the fact that you can have a flex schedule in some departments. 90% of health benefits paid, +80% for family and spouse. Commuter subsidies and an on site gym which was fully renovated.

Cons

Work is not that interesting. Lots of politics and bureaucracy. Discourages innovation and creativity. Lots of fat. Aging workforce. Antiquated systems.

Advice to ManagementAdvice

Re-branding of the bank would be ideal. This would decrease the churn rate of employees under 30. Obviously the product offering is not Coca-Cola. Sexy products that people get excited about doesn't describe the business model. The possibility to attract and retain young talent is unrealistic. The focus of the bank should be to attract under achieving aging employees to keep turning on the lights day after day. Not trying to invent new light-bulbs.

No opinion of CEO

58 Other Employee Reviews for Federal Reserve Bank of San Francisco (View Most Recent)

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  1. 5 people found this helpful  

    A great place to grow old

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Anonymous Employee in San Francisco, CA
    Current Employee - Anonymous Employee in San Francisco, CA

    I have been working at Federal Reserve Bank of San Francisco

    Pros

    The bank has amazing benefits. Perhaps the most generous 401k match around- 100% match up to 6%+1% mandatory contribution. Said another way if you contribute 6% they match 7% for a total 401k contribution of 15%. On top of that they have a pension program which fully vests at 5 years and portable case option after you leave. 12 bank holidays, 3 weeks of vacation plus additional days for years of service and the option to purchase 40 extra hours means that the typical employee can have 5 weeks of vacation plus holidays at 5 years.
    Flexible work weeks are offered in various departments as well. The Bank also offers one of the richest health plans available with 90% coverage for employees and 80% for spouses, domestic partners and children.

    Cons

    Upward mobility is slow, and there is no year in bonus programs or stock options (obviously). Year end merit increases average around 2%, however the amount is expected to remain flat for the next few years. The workforce primarily consists of second tier talent; however their commitment to serving the public good cannot be questioned. The bank is best suited for people who believe in the mission of the central bank and service to the world economy. Skeptics and critics of monetary policy will find the environment displeasing. Ambition can be stifled.

    Advice to ManagementAdvice

    Better pay and incentives will continue to attract the best talent.

    Approves of CEO
  2. 1 person found this helpful  

    If you want a secure job but you have very little ambition.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Anonymous Employee in San Francisco, CA
    Current Employee - Anonymous Employee in San Francisco, CA

    I have been working at Federal Reserve Bank of San Francisco

    Pros

    Great benefits and friendly people to work with.

    Cons

    Top heavy with management, not a lot of career growth opportunity as a result. Not very open to new or current business ideas in general.

    Advice to ManagementAdvice

    Institute job rotation programs and a more candid and honest feedback system. Serious re evaluation of middle management.

    Doesn't Recommend
    No opinion of CEO
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