Federal Reserve Bank (NY)

  www.newyorkfed.org
  www.newyorkfed.org

Federal Reserve Bank (NY) Reviews

Updated October 4, 2014
Updated October 4, 2014
94 Reviews
3.3
94 Reviews
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Federal Reserve Bank (NY) President & CEO William C. Dudley
William C. Dudley
39 Ratings

Review Highlights

Pros
  • The work-life balance is generally good and the pension looks ok (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  • Computer system/apps/processes are cumbersome and outdated compared to the private sector (in 9 reviews)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 Highlights

Employee Reviews

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  1.  

    A Place Full of Contradictions

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

    I worked at Federal Reserve Bank (NY) full-time (more than 3 years)

    Pros

    Good place for those at the beginning or end of their careers. There is a pension program in addition to 7% match to 401(k), generous health benefits package, renovated gym on-site, lecture series by economists. There is a medical office on-site that dispenses over-the-counter medication; it also offers acupuncture sessions once a month. Insights into the workings of the economy. Lots of interesting history and traditions. Hours are very good! Formal training, certifications, and trade group memberships are encouraged.

    Cons

    Overwhelmingly passive aggressive culture. There are uneven HR policies. Markets, FISG, Research, and Risk are the prima donnas of the organization. There is a clash between old school and private sector staff. There is a schism between officer and non-officer staff-- officers like to be treated like royalty. Middle management ranks are bloated, not accountable, intentionally indecisive; they focus on creating checklists rather than on establishing a deliberate, well-planned vision for their organizations. There is a significant re-organization underway that is increasing the internal tension and adding to the everyday havoc.

    Advice to ManagementAdvice

    There is a lot of talk about diversity and inclusion. However, diverse individual contributors are overlooked regardless of work performance and academic credentials. The non-officer staff is talented, holds up the fort, and does the bulk of the decision-making and work. There is sufficient talent to change the way things work. Have the guts to change the first level officer to AVP ranks in full. Create a meritocracy.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2.  

    good employer doing important work

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

    I worked at Federal Reserve Bank (NY) full-time (more than 8 years)

    Pros

    Smart, professional colleagues doing good work that supports the broader financial system. Very good benefits and retirement/401K "Thrift" plan. Compensation is good. On-site cafeteria and gym. Tuition-reimbursement plan. Complex workplace with a long history. Lots of opportunity for personal growth through on-site courses and projects. Room to move within the Bank and System if you are proactive and focused on what is good for you alone.

    Cons

    You will spend a lot of time and effort on bureaucracy, paperwork, and corporate-speak goals-setting, followed up with corporate-speak achievement reports. Computer system/apps/processes are cumbersome and outdated compared to the private sector. Some managers are great while others have poor leadership skills--it's a matter of luck who you get. If you draw a bad card, do what you can to move to another area.

    Advice to ManagementAdvice

    Respond quickly when managers (at any level) show poor leadership skills. Managers are key. The higher up the ladder, the more it matters.

    Recommends
  3.  

    Great benefits, needs to improve management

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

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

    Pros

    Benefits are amazingly cheap compared to other private sector banks, people who work here are generally willing to teach and mentor those below them

    Cons

    Compensation is not that great, bonus is nonexistent, in some groups people are promoted to management positions based on subject matter expertise not management or leadership skills so you have some managers that try to steal the spotlight from their staff

    Advice to ManagementAdvice

    Train managers better!

    Recommends
    Positive Outlook
    Approves of CEO
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  5.  

    Good tech team

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

    I worked at Federal Reserve Bank (NY) as a contractor (more than an year)

    Pros

    Great place to work, nice people, pleasant environment, good contract pay.

    Cons

    No working from home for consultants

    Advice to ManagementAdvice

    None

    Recommends
    Positive Outlook
    Approves of CEO
  6. 3 people found this helpful  

    Schizophrenic Environment

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

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

    Pros

    Time off policies are exceptional, though for information technology folks, flex time was eliminated.

    Most benefits are top-tier, though understand the Bank self-funds health care. If you think that since the laws of your state might mandate specific treatments for certain conditions, you're out of luck. Self-funded plans are usually not subservient to state laws, and the Fed's Office for Employee Benefits (OEB) is resistant to change.

    Thrift plan contributions top out at 6%, and a modified pension is added to the mix. I've not seen a retirement package like this in decades, and I've been in the workforce since 1980.

    Some technology projects can be quite interesting, as are some of the people. Truly, there are some very high speed, low drag folks employed here.

    Cons

    Management is hidebound; the focus on processes, a love for bureaucracy, and risk-aversion have managed to bleed out most forms of innovation. There is a high degree of "salesmanship" in the officer ranks; that is, if you talk a good game, you can get your projects funded. And if you're in someone's inner circle, you can avoid being on the blame line when things fail, which they occasionally do. I've had 8 supervisors during my time. Five were quite good, one was extremely average, two were downright horrible. The horrible ones are the individuals who got promoted, while the good ones either left or transferred to other departments. This says something about the IT organization at FRB-NY.

    Pay--no way around it, you don't make as much here as you would elsewhere. When you contrast the dollars earned versus the amount of B.S. one needs to put up with, you can understand why some folks bail. The Fed relies on its cachet and benefits packages to offset actual remuneration. Keep this in mind if you're considering working here.

    Hours, and this applies more to the IT area of the Bank than elsewhere. There will be times when you are expected to squeeze blood from stones. I've worked overnight on Christmas Eve...twice. While management loves this kind of commitment, there's also a "what have you done for me lately" attitude among many supervisors.

    Expect to be thrown under the bus at some point. In order to save themselves, many managers will magnify an employee's deficiencies to deflect the blame resulting from their own misguided/incompetent efforts. This has not happened to me personally, but I've seen it happen to others, even very senior, skilled, and diligent folks. I'm just waiting for my turn to come.

    The overwhelming focus on an "inclusive culture" borders on ridiculous. If you were brought up right, you already know how to treat people in the professional environment. If not, you won't last long. That being said, if you're a white male, welcome to the back of the bus.

    Advice to ManagementAdvice

    If you pay more, you'll actually retain the talent that leaves for places like Deutsche Bank, Citi, and Chase. Even Tumblr has poached skilled talent from the workforce, so that says something.

    Pay close attention to your managers and their style of leadership. Those that demonstrate an inclination to motivate and lead by example are the ones you want. Those that intimidate subordinates and exhibit a tendency to "have something to prove" are probably the ones you don't really want around. To that end, it might behoove the organization to stop promoting folks from the latter group. Just a little safety guideline, there.

    Choose technology smartly. How's that FedShare project coming along? It's always broken and has cost more than the DoD's F-35 program. Maybe it was a bad idea, but don't fear--all the H-1B workers from India aren't likely to solve it either, so there will always be enough blame to go around.

    Processes can serve as excellent tools for exposing weaknesses in the system. Absolute, abject adherence to process management in all circumstances, however, becomes a weakness in the system itself. Learn to think out of the box, and accept that some risk is part of the cycle of business.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  7.  

    Federal Reserve Bank (NY)

    Current Employee - Operations Manager in New York, NY
    Current Employee - Operations Manager in New York, NY

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

    Pros

    good compensation, great benefit and excellent leaderships

    Cons

    commuting to the city sometimes is difficult

  8.  

    Hidebound Bureacracy

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

    I worked at Federal Reserve Bank (NY) full-time (more than 3 years)

    Pros

    Flex Fridays - every other Friday is a day off. The work-life balance is generally good and the pension looks ok.

    Cons

    Almost everything else - Managers are terrible. Most employees are lifers that haven't worked anywhere else and know nothing about life outside the Fed. Incredibly hard to get promotions without being part of someone's inner circle. The level of bureacracy is overwhelming.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9. 1 person found this helpful  

    Objective review of working at the FRBNY (supervision group)

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

    I have been working at Federal Reserve Bank (NY) full-time (more than 5 years)

    Pros

    Great work life balance (9-5, every other Friday off, bank holiday schedule), great benefits (pension, health benefits, retirement savings account match), generally low stress environment but depends on manager/group, as close to job security as you can get without being a pure government/union job, decent pay, good opportunity to learn a lot, looks good to have the Fed on your resume

    Cons

    You can likely earn a lot more money if you go to a private institution (bank or consulting firm), it can sometimes be quite bureaucratic, you can be stuck with a crappy manager (though this can apply at any job), some people are just flat out eccentric, and it bears repeating: you can earn a lot more money elsewhere

    Advice to ManagementAdvice

    the only way to improve morale is to pay more

    Recommends
    Neutral Outlook
    No opinion of CEO
  10. 1 person found this helpful  

    Well-paid and stable job, but limited upward mobility

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

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

    Pros

    Competitive pay, very good work-life balance, excellent retirement benefits, excellent job security

    Cons

    Few opportunities for advancement. Many at the Bank have been in the same exact position for over 15 years. Other than the Research Department, almost the entire Bank is primarily focused on operational work as opposed to analytical work. This means that there are few opportunities for talented individuals, individuals with advanced degrees to grow and maximize their potential. There is a management track for talented individuals, but the work that managers get to oversee is mostly very routine operational work.

    Advice to ManagementAdvice

    I think that in order to retain the best talent, the Bank needs to create a track for analysts such that analysts can rise to the highest levels without having to switch to being a manager.

    Recommends
    Neutral Outlook
    No opinion of CEO
  11.  

    Amazing place to work

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

    I worked at Federal Reserve Bank (NY)

    Pros

    Smart people. Meaningful work. Amazing work life balance

    Cons

    The salaries are slightly lower than industry.

    Recommends
    Positive Outlook
    No opinion of CEO

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