Federal Reserve Bank (NY)

www.newyorkfed.org
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Federal Reserve Bank (NY) Reviews

Updated February 14, 2015
Updated February 14, 2015
101 Reviews
3.3
101 Reviews
Rating Trends

Recommend to a friend
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Federal Reserve Bank (NY) President & CEO William C. Dudley
William C. Dudley
42 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  • Computer system/apps/processes are cumbersome and outdated compared to the private sector (in 9 reviews)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

Sort: Popular Rating Date
  1.  

    Great place

    • Work/Life Balance
    Former Employee - Director in New York, NY
    Former Employee - Director in New York, NY

    I worked at Federal Reserve Bank (NY)

    Pros

    Pride of working for the Fed. very flexible policies

    Cons

    No bonus because it is non-profit

    Advice to ManagementAdvice

    None

    Recommends
    Positive Outlook
    Approves of CEO
  2.  

    regulatory reporting

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Federal Reserve Bank (NY)

    Pros

    pros include continued learning, growth, exposure

    Cons

    the salary is a con.

  3.  

    Stay away from Statistics

    • 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

    Good people. That's about it.

    Cons

    Management needs to get this ship in order. It's sinking.

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


  5.  

    Nice Place to Work

    • 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)

    Pros

    Stress Free environment with good benefits

    Cons

    Filled with former Wall Street crowd who were laid off.

    Recommends
    Positive Outlook
    Approves of CEO
  6.  

    Very satisfying place to work, both professionally and personally.

    • 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)

    Pros

    Colleagues are often very intelligent and motivated by a strong sense of mission. Flex time available to all employees. Benefits are terrific. You feel good about working there.

    Cons

    The organization can be slow to move on things, particularly non-performing employees.

    Recommends
    Positive Outlook
    Approves of CEO
  7. 1 person found this helpful  

    Financial Planning Analyst

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

    I worked at Federal Reserve Bank (NY)

    Pros

    This organization has great benefits.

    Cons

    This organization does not provide bonuses and gives fairly poor raises (1% > 2%). The benefits are very good. If you are looking to seek a fast past career growth, this is not the place to be.

    Advice to ManagementAdvice

    Provide better compensation and merit to retain personnel.

    Doesn't Recommend
    Neutral Outlook
  8.  

    Great working as a senior Software Engineer

    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 3 years)

    Pros

    Flexible hours working for this company

    Cons

    Not much downsides. All is good for now

    Advice to ManagementAdvice

    None

  9.  

    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
  10.  

    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
  11.  

    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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