Federal Reserve Bank (NY) Reviews

Updated July 25, 2015
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Federal Reserve Bank (NY) President & CEO William C. Dudley
William C. Dudley
46 Ratings

Pros
  • Good place for work life balance (in 26 reviews)

  • It has a great benefits package and also a 401k which is matched dollar by dollar (in 10 reviews)

Cons
  • Computer system/apps/processes are cumbersome and outdated compared to the private sector (in 9 reviews)

  • In other words, many managers (particularly in Bank Supervision) lacked leadership skills (in 4 reviews)

More Pros and Cons

110 Employee Reviews

Sort: Popular Rating Date
  1. They expect you to go above and beyond but won't pay you for it

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Federal Reserve Bank (NY)

    Pros

    Work life balance if you have the right manager or dept.

    Cons

    Management has unrealistic expectations. They are in cost cutting mode. So they will make your life miserable till you quit.


  2. Helpful (1)

    Good Enough for Government

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Associate in New York, NY
    Former Employee - Senior Associate in New York, NY

    I worked at Federal Reserve Bank (NY) full-time (More than 5 years)

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    Pros

    -Excellent benefits: A+ health coverage, on-site doctor, pension -Can leave at 5pm -Generous time off

    Cons

    -Highly bureaucratic -Very political -Slow advancement -A lot of dinosaurs


  3. Good benefits, relaxed environment

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Federal Reserve Bank (NY) full-time

    Recommends
    Positive Outlook
    No opinion of CEO
    Recommends
    Positive Outlook
    No opinion of CEO

    Pros

    Good benefits, relaxed environment, intelligent people

    Cons

    Slow work, antiquated management structure, change-averse people.

    Advice to Management

    Actually manage and engage employees


  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review


  5. Former company

    Former Employee - Senior Administrative Assistant/Financial Institutions Supervision in New York, NY
    Former Employee - Senior Administrative Assistant/Financial Institutions Supervision in New York, NY

    I worked at Federal Reserve Bank (NY) (More than 10 years)

    Pros

    Relatively solid company for young people

    Cons

    Constant changes in management be aware.


  6. Senior Analyst

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Federal Reserve Bank (NY) full-time

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    Collaborative and congenial atmosphere + the Bank's mission

    Cons

    Bureaucratic culture - it can sometimes be difficult to innovate


  7. Helpful (7)

    Senior Examiner

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Bank Examiner in New York, NY
    Current Employee - Senior Bank Examiner in New York, NY

    I have been working at Federal Reserve Bank (NY) full-time (More than 3 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    - Potential for making significant contributions to the safety and soundness of our financial system - Generally similarly motivated individuals interested in making positive contributions to the public good, though not necessarily very much clued in. - Decent work/life balance, even if management slowly chipping away at it

    Cons

    - New York Fed is being emasculated by Board in Washington: core supervisory skills are slowly but surely being transferred from the New York Fed to the Board. - Management upheaval as a result. - Pay and benefits being slowly chipped away (most recently increased minimum working hours from 35 hours/week to 40 hours/week with no pay or benefit increases) - Lack of promotion opportunities. - Very slow, bureaucratic culture, getting worse - Very risk averse culture - Management generally very poor: individuals typically promoted are those that are seen as good process managers, not necessarily those with the best understanding of their field, nor people management skills. - Very political: politics at the Fed are incredibly complicated, and are the mirror of the ambiguous structure of the Fed (both public and private), ambiguous (and not so ambiguous( relationship between the NY Fed and the Board, relationship between the Fed and other regulatory agencies, and relationship between the Fed and Congress and the public. - While in general employees work hard and are motivated to do good, they are on average professionally mediocre, either lacking the technical skills, industry experience or proper educational background (e.g. many people with non-technical degrees assigned or in charge of areas requiring deep technical expertise). - A self-involved culture that is not open to outside ideas, or that makes it very hard to engage with outsiders in a productive manner (under the pretext of CSI) - Overall quality of supervisory product very poor, not worth the taxpayer money. - Tendency to avoid the real issues and focus on inconsequential weeds: this is engrained deeply in the culture at the Fed and results in a huge amount of waste both in terms of time and talent, and is the result of a process management culture that is really clueless in terms of what really matters. -

    Advice to Management

    How can you give advice to a group of people that are essentially the source of the problem?


  8. Helpful (2)

    Horrid management

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Federal Reserve Bank (NY)

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

    Pros

    - some generally good people work here - stable; no fear of being laid off - a few managers are very good and care for their people

    Cons

    - mostly poor to horrid management practices - bureaucracy best described as downright feudal - politics between groups never ends - most managers treat employees like serfs - corporate-speak is everywhere - IT is outdated

    Advice to Management

    - start promoting people with good management skills to create a better culture


  9. Helpful (1)

    senior examiner

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Bank Examiner in New York, NY
    Current Employee - Senior Bank Examiner in New York, NY

    I have been working at Federal Reserve Bank (NY) full-time (More than 3 years)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    The best reasons to work for the Fed are 1) good work life balance, 2) diverse group of subject matter experts, 3) ability to work on wide array of supervisory matters, and 4) opportunity to contribute to public service.

    Cons

    Not too much to say here.

    Advice to Management

    Continue to provide career building guidance.


  10. Helpful (2)

    Overall not a good place for a long term career

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Federal Reserve Bank (NY)

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    Pros

    Good benefits, good hours and nice gym

    Cons

    The culture is all about managing up and managing perceptions, not about supporting your conclusion with sound analysis or doing a good job. There is no clear criteria/guidance on promotions and lots of politics.

    Advice to Management

    Develop your people and keep the best of them. If you don't care about your team, the good ones with marketable skills would eventually leave.


  11. Difficult environment fro developers

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Federal Reserve Bank (NY)

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

    Pros

    Currently they allow telecommuting which helps work life balance

    Cons

    Developers are considered by management as the bottom of the ladder and treated pretty poorly

    Advice to Management

    Work on helping Developers do their job support them instead of hindering their work give them the tools they need for to do their job and work on team building.



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