Working at Federal Reserve Bank of Cleveland | Glassdoor

Federal Reserve Bank of Cleveland Overview

Cleveland, OH
1001 to 5000 employees
1913
Company - Private
Finance
$100 to $500 million (USD) per year
One of 12 regional banks in the Federal Reserve System, the Federal Reserve Bank of Cleveland oversees more than 200 member banks and thrifts and their holding companies in the Fourth Federal Reserve District (Ohio, western Pennsylvania, eastern Kentucky, and northern West ... Read more

Mission: To foster the stability, integrity, and efficiency of the nation's monetary, financial, and payments systems, in order to promote optimal economic performance across the country and within the Fourth District.

Company Updates

  • We're proud of being named a DiversityInc Top Regional Company for the 4th consecutive year. http://glassdoor.com/slink.htm?key=vQBj2

    Cleveland Fed Named a DiversityInc Top Regional Company for the Fourth Consecutive Year

    On May 2, 2017, DiversityInc announced that the Federal Reserve Bank of Cleveland earned an 8th place ranking on the 2017 DiversityInc Top Regional Companies list. The organizations on this list, all of which have a regional focus in their employee base, have increasing workforce and management diversity, as well as strong supplier diversity.

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Federal Reserve Bank of Cleveland – Why Work For Us?


Employees of the Federal Reserve Bank of Cleveland are part of something big. We have a local presence as part of our nation’s central bank, and the work we do is influential in our local communities, our region, and the nation. We pursue our mission with passion, dedication, and commitment to service—and have done so for more than a century.

Our Fed family is amazing. We are talented, collaborative, and innovative, encouraging academic curiosity and surrounding ourselves with smart people who thrive in a learning environment. We embrace diverse views, and we welcome respectful debate. We are results oriented and outcome focused, valued for our integrity, and respected for our contributions. And we have a passion for the work we do.

In addition to an attractive base pay and other cash compensation, the Cleveland Fed provides a comprehensive benefits package, work-life balance benefits, development opportunities, and other programs designed to protect our health, enhance our financial security, and contribute to our engagement with our work and with our overall well-being.

Be part of something big—be part of our future. Make the Federal Reserve Bank of Cleveland your next career move.



We seek candidates with a diversity of experiences, backgrounds, and ideas. Our multifaceted yet specialized responsibilities means that you can have an exciting and fulfilling career doing important work in your chosen field.

Many of our employees have strong backgrounds in economics, research, information technology, finance, and accounting. We also look for skills in application development, risk management, measurement and analytics, project management, human resources, operations, and law enforcement.

Learn more about who we are, what we do, and why it matters—then see where you fit by taking a closer look at some of our business areas.


Cash Operations

Cash Operations contributes to the integrity of the U.S. financial system by providing high quality, reliable cash services to customers within the Fourth District, including counting, verifying and distributing currency and coin.


Community Development

Community Development supports equitable community and economic development activities throughout the region. Our work includes conducting applied research, engaging with strategic partners, providing technical assistance, and informing policy through written reports and presentations.


Corporate Communications

Corporate Communications and Engagement works with all areas of the Bank to deliver effective communications to external and internal audiences. Its mission is to increase understanding and strengthen public trust in the Federal Reserve. Department members provide writing, editing, graphic design, videography, education and outreach, media and government relations, and conference management services.


Credit Risk Management

The Credit Risk Management Department monitors and counsels depository institutions on payment system risk and reserve activities. It is responsible for managing the discount window to provide a back-up source of liquidity to depository institutions and ensuring the stability of the payment system during periods of stress.


eGovernment Operations

The eGovernment Department supports the U.S. Treasury by working to advance government financial operations through the design and development of enterprise-wide electronic payments systems, payments settlement operations, customer service, agency relationship management, Level II technical support as well as the introduction of eCommerce initiatives across the Federal government.


Facilities

Facilities is dedicated to supporting the mission of the Federal Reserve Bank of Cleveland by providing a safe and functional work environment and delivering high quality services. Our customer-oriented team includes both professionals and skilled tradespeople who provide services in the areas of space planning, renovation, construction, building and critical equipment maintenance, event management support, fleet maintenance, mail services, and records information management.


Financial Support Services

Financial Support Services supports various business areas of the Bank by providing accounting, cost accounting, budgeting and forecasting, financial reporting, and payment and procurement services.


Humans Resources

Human Resources strives to build the capacity and capability of the organization to assist in accomplishing its objectives. Human Resources builds alliances with departments to attract and retain talented employees by promoting a positive, quality-minded business culture, maintaining progressive compensation and benefit programs, and delivering strategic employee development opportunities.


Information Technology Resources

Information Technology Services fosters an environment in which information and technology are used to support and enhance the Bank’s and the Federal Reserve System’s business decisions, customer service, and operations. The department is responsible for the analysis, design, development, maintenance, and support of software applications across a variety of technology platforms; and provides infrastructure and end-user support services.


Knowledge Management Support Office

The Knowledge Management Support Office provides secure, well-managed collaboration tools to develop, deepen, and promote superior knowledge management and information sharing practices, capabilities, and techniques which will provide greater productivity and capacity for the Bank and the Federal Reserve System.


Law Enforcement

The Law Enforcement Unit (LEU) protects and safeguards the personnel, premises, grounds, property and operations of the Federal Reserve Bank of Cleveland. LEU is recognized for excellence in law enforcement training, technical proficiency, and customer service.


National Cash Automation

The Federal Reserve’s Cash Product Office is responsible for strategic leadership to Reserve Bank Cash departments by formulating policies, operational guidance, and technology strategies for U.S. currency and coin services. Through its National Cash Automation function, the office provides standard software and automation tools for cash processing systems nationwide.


Office of Diversity and Inclusion

The Office of Diversity and Inclusion develops and implements standards and procedures to ensure to the maximum extent possible, consistent with applicable law, the fair inclusion and utilization of minorities, women, and minority-owned and women-owned business in all activities of the Bank. We are also responsible for promoting equal employment opportunity and various components of workforce diversity.


Research

The Research Department models complex economic systems, analyzes data, and evaluates economic information to support the Federal Reserve Bank of Cleveland’s monetary policy, supervisory, and payments system responsibilities. It produces academically respected economic research, monitors and reports on regional and national economic trends, and helps to craft public communications on economic issues.


Statistics and Analysis

Statistics and Analysis collects, analyzes, and distributes financial and structure information utilized by policymakers and other stakeholders to carry out the Federal Reserve’s monetary policy, supervision and regulation, and fiscal agency responsibilities. We ensure the accuracy and integrity of reported data and information in accordance with established policies and procedures and identify relevant trends.


Supervision and Regulation

The Supervision and Regulation Department is responsible for supervising and regulating state-chartered banks that are members of the Federal Reserve System, bank holding companies and financial holding companies. Organizations within the boundaries of the Fourth District are located within the state of Ohio and portions of Pennsylvania, Kentucky, and West Virginia.

Bankwide Inclusion

The Federal Reserve Bank of Cleveland is dedicated to sustaining an environment that values diversity. The Bank’s focus on diversity and inclusion means that both the organization and its employees, appreciate and respect those individual, personal, and organizational attributes that employees have in common as well as those that make us unique. The Cleveland Fed is committed to sustained diversity and inclusion.


Our Values Make Us Who We Are

  • Accountability: We own our actions, deliver on our commitments, and actively support our Bank's goals.
  • Excellence: We perform our responsibilities with the highest standards of quality to achieve exceptional outcomes.
  • Inclusion: We embrace diverse talents and perspectives, support collaboration, and encourage the open exchange of ideas.
  • Innovation: We develop creative strategies and solutions in pursuit of continuous improvement.
  • Integrity: We are honest, respectful, and ethical in all aspects of our work.
  • Service: We commit to serve the public and to earn its trust and confidence every day.

The Federal Reserve Bank of Cleveland serves the Fourth Federal Reserve District, which comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. The region offers diverse cultures, beautiful landscapes, affordable living, family friendly communities, and abundant recreational amenities.


Our Offices

In addition to the main office in Cleveland, the Federal Reserve Bank of Cleveland operates branch offices in Cincinnati and Pittsburgh. Branch offices allow us to reach our local communities more directly to help with the financial and cash-related needs of banking institutions and also to gain insight into the development and needs of local business and economies.

Federal Reserve Bank of Cleveland Reviews

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Federal Reserve Bank of Cleveland President/CEO Loretta J. Mester
Loretta J. Mester
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  • "FRB Cleveland is a Great Place to Work!"

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    Current Employee - Manager in Cleveland, OH
    Current Employee - Manager in Cleveland, OH
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    Approves of CEO

    I have been working at Federal Reserve Bank of Cleveland full-time (More than 10 years)

    Pros

    I have worked here for 10+ years and have found numerous opportunities to grow and advance my career. If you are someone who owns their career management you can go as far as you want here.

    Cons

    At times the organization may be slow to make a decision.

    Advice to Management

    Continue to create leadership opportunities and experiences for all employees, with an emphasis on high-potentials. Continue to hold people accountable.

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Federal Reserve Bank of Cleveland Interviews

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  1.  

    Cash Interview

    Anonymous Interview Candidate in Cleveland, OH
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    I applied online. The process took 7 weeks. I interviewed at Federal Reserve Bank of Cleveland (Cleveland, OH).

    Interview

    I had a phone interview with a promise of an in person interview to follow shortly thereafter. Got a call back saying that I did not have manufacturing experience. This was not mentioned in the job description.

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Federal Reserve Bank of Cleveland Awards & Accolades

  • Northeast Ohio's Best Places to Work, North Coast 99, 2008

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