Federal Reserve Bank (NY)
3.3 of 5 79 reviews
www.newyorkfed.org New York, NY 1000 to 5000 Employees

Federal Reserve Bank (NY) Reviews

Updated Mar 19, 2014

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3.3 79 reviews

                             

81% Approve of the CEO

Federal Reserve Bank (NY) President & CEO William C. Dudley

William C. Dudley

(31 ratings)

67% of employees recommend this company to a friend
79 Employee Reviews
in

Review Highlights

Pros:
  • "Work/Life balance is generally pretty good, and I rarely had to work more than 8 hours a day"
    in 19 reviews
  • "Flexible work arrangements and very good work/life balance"
    in 7 reviews
Cons:
  • "The latter is not as steep as it is in private sector jobs and the pay is less"
    in 7 reviews
  • "Senior managers often don't care about your personal career growth which is why so many overachievers end up leaving"
    in 4 reviews
  • Show more review highlights

Reviews

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  • Approves of CEO

 

Great Place To Work

Summer Analyst (Former Employee)
New York, NY

I worked at Federal Reserve Bank (NY) full-time for less than a year

ProsChallenging, intelligent people working here. Great perks too

Conswork-life balance suffers through challenging times

Advice to Senior ManagementMore recognition to lower-level associates

Yes, I would recommend this company to a friend

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  • Disapproves of CEO

1 person found this helpful  

Mindless bureaucratic process driven organization, particularly in FISG.

Senior Bank Examiner (Current Employee)
New York, NY

I have been working at Federal Reserve Bank (NY) full-time for more than a year

Pros-Flexible Fridays.
-Not much else to say.

Cons-Venus fly-trap/Proverbial roach motel.
-Form over substance (this is actually their trademark)
-Bureaucratic, process driven organization.
-Constant turnover, with the professionally competent individuals leaving within months to couple of years.
-Incompetent management, both in terms of their understanding of market and finance as well as people management.
-Low pay is a reflection of the value-added of the work that you do, which is very low, hence the low pay.
-Overworked staff, doing mostly useless work.

Advice to Senior ManagementYou need to better match the individuals to the jobs assigned and general nature of the job at the Fed: no point in getting market professionals with 20 years of industry experience and higher educational credentials when in fact the only thing you value is the inbred process work of the Fed and regulatory community. For the type of work that you expect your employees to do, the more junior and intellectually less capable individual would be a better fit.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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Great place to work, poor management

Senior IT Support Analyst (Former Employee)
New York, NY

I worked at Federal Reserve Bank (NY) full-time for more than 10 years

ProsThe people are friendly and are willing to help out if you ask. Flexible schedule in some department. Opportunity to grow. Great benefits!

ConsManagement needs training. Won't listen to employees input. Don't ask for a raise, you won't get one.

Advice to Senior ManagementGet training in how to deal with employees. Pay attention to employee's concern when it comes to work.

Yes, I would recommend this company to a friend

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1 person found this helpful  

Weak MOMA Directors adept at mismanaging work, people and project

Anonymous Employee (Current Employee)

I have been working at Federal Reserve Bank (NY)

ProsReally cool analytical and policy work (when directors don't hoard it all for themselves)

ConsMOMA Directors and staff leaders are very poor at managing people and projects. Their arrogance and disdain for tech folks leads them to think they can vet, plan and run major tech / data projects. This has been an unmitigated disaster and a colossal waste of talent and resources on many fronts. Their idea of talent management is point fingers at people they hired and throwing them under the bus. No accountability for senior managers when these ill-conceived projects go poorly.

Advice to Senior ManagementListen to your staff, get out of their way and you will have much success.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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Great Company Too Work For!

I/T Support Analyst B (Current Employee)
East Rutherford, NJ

I have been working at Federal Reserve Bank (NY) full-time for more than 10 years

ProsThe employees are very friendly. It has a great benefits package and also a 401k which is matched dollar by dollar. Medical benefits begin on the day you're hire which includes two-weeks vacation for the first year. People are willing to help you out if it's your first time working at the bank.

ConsFor me, it was the travelling. My department located to East Rutherford, New Jersey from New York, therefore, making my commute more difficult. 2 trains and 1 bus to go. 4 trains to come back. That's the only thing I did not like. It took me 1 1/2 hrs to get there and back. By car, it takes 25 minutes. You spend more on gas and tolls and wear and tear on your car.

Advice to Senior ManagementListen to employees ideas and creativity. This will help the company in the long run.

Yes, I would recommend this company to a friend

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1 person found this helpful  

Good work/life balance; terrible if a sense of accomplishment is important to you

Architect (Former Employee)
New York, NY

I worked at Federal Reserve Bank (NY) as a contractor for less than a year

ProsNo overtime; 8 hour days; exceedingly long delivery schedules (e.g.: very little pressure to rush to get anything done)

ConsProcedure is WAY more important than productivity; blind obedience to rules; massive resistance to improving productivity; independent thought on how to make things better is a) encouraged, b) ignored in favor of the status quo (e.g.: nobody is willing to take on the risk/responsibility of making a decision without ten meetings)

Advice to Senior ManagementLearn how to be flexible - there are other, better ways of doing things; listen to the experts that you hire

No, I would not recommend this company to a friend

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I really enjoyed working at the federal reserve bank

Customer Service Representative (Current Employee)
Dallas, TX

I have been working at Federal Reserve Bank (NY) as a contractor for more than a year

ProsMy co-workers and supervisor were very professional

ConsI wish they had some permanent positions

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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2 people found this helpful  

Good Work/Life Balance, But Lots of Bureaucracy

Business Analyst (Former Employee)
New York, NY

I worked at Federal Reserve Bank (NY) full-time for more than a year

ProsWork/Life balance is generally pretty good, and I rarely had to work more than 8 hours a day. There is a decent gym, and lunchtime fitness classes. The cafeteria had a nice selection. Management was generally quite flexible about time off, and you can get some great perks such as education reimbursement and very good healthcare.

The office is easily accessible on public transport. Many employees live in Brooklyn, which is a quick commute.

ConsWhile there are a lot of very smart people working at the Fed, the Markets Group also has a number of old timers you have to work with on some of the more painstaking, bureaucratic processes, particularly admin. These people have spent their entire careers at the Fed, haven't been to college, and are happy with the way things are. As such, change is slow to occur, and this can be frustrating if you're looking to advance and learn and try different tasks.

Pay as a business analyst is low for living in New York City, and raises are few and far between because of the salary grade system.

You start out with only two weeks of vacation.

No, I would not recommend this company to a friend – I'm optimistic about the outlook for this company

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Great Place to Work, a lot different then perceptions out there

Anonymous Employee (Current Employee)

I have been working at Federal Reserve Bank (NY) full-time for more than 10 years

ProsGreat work life balance. For those who work hard and stick your neck out, typically are rewarded. Best idea wins. Lots of mobility opportunities if you are respected and capable. amazing benefits

ConsPay for high performers is same as low performers. Little to no bonuses to speak of. stale staff can easily slide for many years.

Advice to Senior ManagementNeed a real shakeup to look at true high performers and eliminate stale staff.

Yes, I would recommend this company to a friend

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Very satisfied

Consultant (Former Employee)
New York, NY

I worked at Federal Reserve Bank (NY) as a contractor for less than a year

Prosgood people, good organization, good work, good project management and emphasis on quality assurance, good relationships with coworkers, peers and management - including senior management.

Consweekend work sometimes required - but that's true everywhere in the financial services industry in general and in information technology in specific

Advice to Senior Managementoffer more opportunities internally to existing employees and contractors

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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