Fhlb Boston

  www.fhlbboston.com
  www.fhlbboston.com

Fhlb Boston Reviews

12 Reviews
1.5
12 Reviews
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Recommend to a friend
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Ed Hjerpe III
10 Ratings

Employee Reviews

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  1.  

    Don't stay long

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

    I worked at Fhlb Boston full-time

    Pros

    great education benefits. Pay more towards education than I've seen most companies do as well as pay up front. Also have a pension, which not many places have left.

    Cons

    Management doesn't get to know you or even care. They only seem to want to talk to people in their committees.
    No work from home on days where the weather is bad. If you can't come in, take a vacation day. What company in this day and age does not have remote access?????

    Advice to ManagementAdvice

    Learn who the people are below a VP level. It isn't a big place and won't take that long. The tone from the bottom is that all management cares about is their bonuses.

    Doesn't Recommend
    No opinion of CEO
  2.  

    Disgusted

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

    I have been working at Fhlb Boston full-time (more than 5 years)

    Pros

    Most of the people are cool, there are a few difficult ones. The job isn't that bad if you are allowed to do it properly.

    Cons

    Management will not let you forget something you've done or said once months/years ago. No reward for a job well done. Questionable hires over the last year or so. A lot of in-fighting over minor crap. Major babying to the staff. Good people have left or they make some excuse to let them go.

    Advice to ManagementAdvice

    Get off your high horse and get a clue as to what goes on the "trenches".

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3.  

    Depressing

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

    I have been working at Fhlb Boston

    Pros

    Like other reviews have said, there are a handful of very good people left. If you happen to report to them, it can be OK.

    Cons

    The other reviews are spot on. This place has become a sweatshop without any upward potential or legitimate raises while working around a growing concentration of difficult personalities and recent hires who know nothing.

    Advice to ManagementAdvice

    You won't listen so why bother. Only a catastrophe or regulatory order will wake you up.

    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO
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  5.  

    Miserable 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 Fhlb Boston full-time

    Pros

    Better than being jobless. Some friendly people are left even though the work environment has become hostile.

    Cons

    All non senior employees are viewed as easily replaceable but when good,mid and lower staff leave, many errors occur, most of which senior management hides from the president. No upward promotion - all senior hires are external. Once good benefits are now completely lowered to the point where they are consistent with other financial services companies, without the high cash and noncash compensation potential of those companies. Raises are at or lower than the inflation rate so each year you earn less - forget about market rate. Workforce is demoralized across the board. Demoralized workforce has resulted in some departments, like IT, being outright hostile to each other and other departments. IT is especially bad with some very bad recent upper level hires creating a hostile work environment. Year over year turnover at the CIO level has really made for a disaster in IT. All quality IT employees are looking for different jobs especially because there is never internal promotion even though IT employees are working harder than ever. There is no good reason to come work in IT here when elite tech companies are in the area. Senior management really screwed up twice now in failing to retain the last 2 CIOs.

    Advice to ManagementAdvice

    Read the cons and adjust. Promote internally. Retain employees by improving morale through market rate compensation. Stop always low balling your employees. Share Bank success with employees, not just members of senior management. Remember we are human. Your treatment of us during the marathon bombing was horrible in every way - both the day of the event and on the day of the manhunt when you demanded we report to work at the bankup facility even though there was a lockdown order from the governor. Also you made us report on the day of Hurricane Sandy - that was unsafe and awful. We are human and should be treated as such.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  6. 1 person found this helpful  

    Deskilled, demotivated, overworked and underappreciated

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

    I have been working at Fhlb Boston full-time (more than an year)

    Pros

    Some good people to work with.

    Cons

    As you can judge from the comments of other reviewers, the FHLB Boston is one of the most boring and depressing (the environment, the culture, and upper management), deskilling and demotivating (if you are coming from a place where you are used to being intellectually challenged and learning more things and acquiring more skills as you go, beware this is definitely not for you. You would be robotized, demotivated, and depressed by the time you leave this place) and corrupt (almost most senior management, the CEO and Board members have known each other for over 20 years and hook each other and their friends’ kids on a regular basis. I know an individual who was on the chopping board but was saved due to his relationship with the FORMER CEO and some similar examples). I don’t want to be redundant but I want to emphasize again that it is one of the most depressing places I have ever worked. More three fourth of the 250 employees here genuinely hate it for all the reasons I mentioned and maybe more.

    Doesn't Recommend
    Disapproves of CEO
  7.  

    High job security, good/work-life balance, slow advancement

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Manager in Boston, MA
    Current Employee - Manager in Boston, MA

    I have been working at Fhlb Boston full-time (more than 8 years)

    Pros

    Benefits include a pension and good health plan

    Cons

    Slow advancement, northeast version of good ole boys network among management

    Advice to ManagementAdvice

    Consider the level of turnover and what quality of people leave versus the quality who stay.

    Neutral Outlook
    Disapproves of CEO
  8.  

    Worst decision I ever made

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

    I have been working at Fhlb Boston full-time (more than an year)

    Pros

    Some people are nice, but they are usually new employees that quickly get a sense of things then leave.

    Cons

    Dear God, where to begin? First off, if you're reading these reviews to help you decide on whether you should apply or accept a job here, then PLEASE take my advice and DO NOT WORK HERE! Working at this place was the worst decision I ever made in my life, period. I've worked in the same field at different companies and the experience was so much better than here. First, the commute to the building is atrocious; expect an hour drive no matter where you're coming from. Public transit is orange or green line both of which are nasty but preference should be given to the orange line. If you choose to park here on a daily basis, be prepared to pay almost $500 per month for that "honor". Since there are a half dozen hotels, sport venues, countless of over priced stores, and the Hynes Convention Center here, finding a parking spot at 8 in the morning is a nightmare. They do have free valet which is nice, but expect to wait ten to fifteen minutes for your car when you try to leave. Also, there is a disgusting white and yellow sticky fluid dripping from the ceiling in the garage that you need to be cautious not to park under. Some of it dripped on my car and ate away the paint but of course the building wouldn't pay or even acknowledge it. What do you expect for a measly $500 a month? Now you can now begin your day at the "bank", and I use that term loosely. This place thinks they're a bank and the uptight senior management loves to pretend it is. Even though there are no customers to serve on a daily basis, you're still expected to dress up for work. Don't even get me started on when the board members arrive once a month for two days; this place bends over backwards for them no matter what. I've seen management tell employees to get on the floor and wipe down the walls so the board can see a nice clean wall when they arrive. Not like they would anyway, they usually sit in all day meetings and eat food cooked by a personal chef they bring in for those two days and serve them on real plates with a gold leaf lined brim. Are you serious? Give me a freaking break. I hear this monthly event was an even bigger fiasco in the last building they occupied because they had a full kitchen the chef could utilize whereas now they setup a little burner to cook on, but I came to the bank after they moved so lucky for me I never saw that. Management here is pitiful, expect no recognition unless something goes wrong, then everyone is up in arms and you'll be drowning in paperwork hell filling out reports of what happened, when, where, why, how, etc. Such a waste of time and something I've never seen before at companies with tens of thousands more employees than this place. Since this place is so small (less than 200 people) meetings take up your entire day. One after another after another. Then management looks at you asking why whatever it is your working on is late. There is no time because of all the meetings! People would make fake meetings just to get some time so they can work on their actual work, but that doesn't stop people from calling you anyway asking if you're really busy at that time or not. My manager actually said to me on more than one occasion that I didn't have to leave right at 5, I could work late to get what I need done finished on time. Yeah right, like I'd spend anymore time here than I have to. People here are drones and can never relax, unless you get that one day every few months where you can wear jeans... For a donation fee. This place made billions last year and did extremely well, but just slightly missed their over ambitious goal, so what did they do? No bonuses this year and minimum raises. As long as the C-level staff gets their bonuses and raises on their minimum base pay of $350k thats all that matters. I work for one of the biggest departments at the bank and we're still highly overworked, I can't imagine how the smaller departments (1-4 people) get it done. Yes, there is an entire department with just one person in it and they refuse to hire any help. Also, something odd i was told when I first started was that it seemed like women were treated poorly here since the majority of people here are men. I can say that this is true, we are simply eye candy to these guys and we need to shut up and work. I have a higher degree than my manager yet I'm the stupid one?! I recently accepted a job offer for less pay just so I can get out of this place, that should tell you something! I could go on and on but there is a word limit here. The point is, stay far away from this place unless you want to take your work home with you and be miserable like everyone else here. Turn around and don't look back!

    Advice to ManagementAdvice

    Hire more help and treat your employees with respect! A stupid "Thank You" email sent out by your secretary after months of hard work and long hours is a slap in the face!

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

    Highly reactionary culture

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Anonymous Employee in Boston, MA
    Former Employee - Anonymous Employee in Boston, MA

    I worked at Fhlb Boston

    Pros

    An EXCELLENT place for the self starter, new gradate or those looking to change careers. In most departments, there is no territorial atmosphere- if you want to create or improve something, even if its outside of your job sphere- have at it. You can "write your own resume", because the opportunities for learning and expanding are very good. Compared to most financial institutions today, the place offer relatively stable job security.

    Cons

    For such a small company (<200) with a business model that, by design, will not change, its astounding to me the lack of strategic planning and interest in process improvement. Job security namely comes from the very lean staffing model. Talented, responsible (usually new) employees quickly become disillusioned and leave; long-timers hang for the pension and/or fear of leaving for a much less secure position elsewhere.
    Almost all C-Level execs have turned over in the last two years- good, but staff turnover steadily continues. Once GREAT benefits have been greatly reduced in the last two years, at the same time large projects have been pushed out without resource planning or collaboration. Projects that most companies 10 times bigger would not attempt to do in the time allotted - and would never think of without adding (at least temporary) staff. The majority are burnt out and under-appreciated, without much evidence of a light at the end of the tunnel- this is all new in the last few years. Part of that is from the financial crisis we are all in- but a lot is from old-school type bankers that don't believe in open door policies and the abilities of capable staff.

    Advice to ManagementAdvice

    Dear Management Committee:
    Email "thank yous" are not enough for the amount of work and personal sacrifice that's been expected. Company earnings, assets critical services supplied are that of a very large company. But the champagne expectations to compete with the big boys in the industry (especially in technology) can't be done on a beer budget and bare bones staff.
    Most staff is highly conscientious and eager to contribute to the betterment of the company, yet major decisions have been made by the top few and passed down as marching orders to the rest.

    No opinion of CEO
  10.  

    Upper management has increasingly become more and more absurd in the past 2 years. Extreme practice of micromanagement.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Anonymous Employee in Boston, MA
    Current Employee - Anonymous Employee in Boston, MA

    I have been working at Fhlb Boston

    Pros

    Decent work life balance most of the time.

    Cons

    Upper management increasingly controlling and demotivating. Poor pay and benefits. Human Resources does nothing about any of the issues with the poor management style.

    Advice to ManagementAdvice

    Change the old fashioned over controlling and micromanaging style of management. Realize this is actually costing the company a huge financial loss in the long run due to employees spending time being overburdened by nonsense micromanaging, resulting in high overturn. Pay attention to the destructive and costly results of a negative culture created by upper management. These individuals should not be rewarded. Perhaps certain individuals need to keep busier in upper management instead of spending company time coming up with ridiculous ways to control employees. Satisfied and respected employees are far more productive for a company. Step into the current century and open up to a flexible work culture, which will be more productive for all.

    Doesn't Recommend
    Disapproves of CEO
  11.  

    Great story to tell but a Harvard Business School case study in dysfunctional management.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Anonymous Employee in Boston, MA
    Former Employee - Anonymous Employee in Boston, MA

    I worked at Fhlb Boston

    Pros

    FHLB has a great story to tell. They are owned by 450+ banks, credit unions, and related financial services entities within the New England region that purchase stock as a means of gaining access to affordable credit, which FHLB funds by issuing bonds. The profits on these transactions are returned to the members in the form of dividends and also used to fund affordable housing and community lending initiatives across the New England region. This mission has historically attracted a strong core of dedicated and capable employees who are drawn, at least in part, to the "public service" aspects of the operation.

    Cons

    FHLB experienced significant financial losses as a result of investments in mortgage backed securites that carried much more risk than believed. This has resulted in dramatic changes in the management structure of the organization, largely in areas that had no actual connection with the risky investment decisions, and an exodus of talent. By continually citing the investments losses, senior management has continued to make the type of poor business decisions that caused the problems while simultaneaously eliminating positions, cutting compensation and reducing benefits for the staff. The result is an overworked and underappreciated staff who, rightly or wrongly, feel that they are being blamed (and punished) for a series of bad decisions that they had no part in making. Unfortunately, senior management appears to lack either the long-term vision or willingness to formulate a strategy capable of turning this situation around.

    Advice to ManagementAdvice

    Take the time to review the mission and purpose of a Federal Home Loan Bank and ask yourself if your decisions and direction truly support that mission. You still have some extremely capable and dedicated people in your organization but most of them aren't at the top of the organization chart. If you're going to get out of the situation that you're in, you're going to need their help. It's time to get them involved and start listening to what they have to tell you.

    Doesn't Recommend
    Disapproves of CEO

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