The Federal Reserve Bank of Philadelphia serves the Third Federal Reserve District, which
consists of eastern Pennsylvania, southern New Jersey, and Delaware. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. As the nation’s central bank, the Federal Reserve System works to ensure the strength and integrity of the economy and financial system.
The Fed’s basic mission is to create the financial conditions that foster economic growth: stable prices, sound banking practices, and a reliable payments system. In pursuit of its mission, the Fed operates in four distinct but interconnected areas: conducting the nation’s monetary policy; supervising and regulating financial institutions; performing services for the U.S. Treasury; and supporting an effective and efficient payments system.
Congress Gave Fed a Unique Structure
Congress created the Federal Reserve in 1913 and designed its decentralized structure of 12 individual Reserve Banks, overseen by a seven-member Board of Governors in Washington, D.C. The Fed’s unique public/private structure operates independently within government but not independent of it. The Board of Governors, appointed by the President of the United States and confirmed by the Senate, represents the public sector, or government side, of the Fed. The Reserve Banks and the local citizens who serve on their boards of directors represent the private sector. This structure imposes accountability while avoiding centralized governmental control of banking and monetary policy.
To further protect its independence, the Federal Reserve receives no government appropriations from Congress. The Fed finances its activities mainly with the interest earned from the government securities it has acquired to implement monetary policy. Other sources of income include revenue received from providing services to financial institutions, interest on loans to depository institutions, and interest on foreign currency investments. Any earnings the Fed makes above the cost of operations are turned over to the U.S. Treasury.
How many employees does the Philadelphia Fed have?
We employ about 900 people.
How much cash does the Philadelphia Fed process daily?
We process about 8 million notes using six high-speed machines that detect fit, unfit, and counterfeit notes.
How much money does the Philadelphia Fed have in its vault?
The Philadelphia Fed has two cash vaults — one for currency and one for coin — each the size of a football field. On an average day, the vaults hold between $5 billion and $8 billion in currency
and $50 million in coin. The Philadelphia Fed provides cash services for 300 financial institutions and their branches in its District, which includes eastern Pennsylvania, southern New Jersey, and Delaware.
How much money does the Philadelphia Fed shred?
On average, 15 to 20 percent of all notes we count get shredded, which is about $100 million on a weekly basis.
Diversity in Employment
The Bank values diversity among employees in terms of race, ethnicity, sexual orientation, socio-economic status, age, religious beliefs, political beliefs, and other attributes that differentiate individuals.
The Bank's Diversity Council fosters an appreciation within the Bank for the diversity of its population and recognizes the value of the contributions made by all staff members throughout the organization.
The 14 members of the Diversity Council represent various departments of the Bank and all levels of management and staff. They serve as a communication link between management and employees to foster ideas related to diversity and to plan, sponsor, and promote events and activities related to diversity.
"Diversity is about celebrating our differences and acknowledging that different backgrounds, experiences, and perspectives foster creativity and innovation. By encouraging an inclusive environment and welcoming different points of view, we can achieve great things. In our personal lives, diversity enhances our experiences and provides opportunities to learn about the fascinating world around us."
- Stephen J. Pipito, Payment Cards Center Coordinator and Chair of the Diversity Council
The Bank recognizes the importance of a diverse supplier base and is committed to supplier diversity.
It is our mission to seek, identify, and foster business relationships with, and purchase goods and services from, certified small businesses, including businesses owned by minorities, women, veterans, and disabled persons.
Diversity in Recruitment
In addition to posting on mainstream job boards, the Bank lists job openings on Diversity Alliances, which reaches a broad audience through BET, Black Perspective, Essence, HispanicOnline, Hispanic Today, NAACP, GayWork, Women in Business & Industry, iVillage, BlackVoices, BlackWorld, Veterans Enterprise, TerraLycos, Univision, and US Diversity.com.
The Bank also advertises with Campus Publications, Inc., which distributes Job Search Journals to 62 historically black colleges and universities in 21 states.
Working at the Fed
The Philadelphia Fed offers you a wide variety of positions in a number of business areas including:
The internal auditors assist the Audit Committee of the Bank's Board of Directors in the effective discharge of its oversight, governance, and risk management responsibilities. They conduct independent reviews and perform consulting services designed to add value to the organization by providing an assessment on the adequacy and effectiveness of internal controls over financial reporting, the efficiency and effectiveness of local and centralized operations, and compliance with applicable laws, regulations, and policies. The auditors also collaborate and coordinate with government agencies, public accounting firms, the staff at the Federal Reserve Board of Governors, and the other Federal Reserve Bank Audit departments in carrying out assigned responsibilities. In addition to business degrees, many of the staff members have earned multiple professional certifications in various auditing disciplines.
The Cash Services staff help to ensure that Third District depository financial institutions have an adequate supply of currency and coin to meet public demand. Their duties include counting and verifying incoming currency and coin deposits, crediting and debiting the depository institution's account, identifying paper money that is unfit for circulation, detecting counterfeit notes and forwarding them to the Secret Service, and maintaining a sufficient inventory of fit and new currency in the vault for normal and contingency situations.
Collateral Management and Administrative Services
Collateral Management and Administrative Services administers the Collateral Management System on behalf of Federal Reserve Banks and the U.S. Treasury. Collateral Management and Administrative Services also manages the Bank's Records Management and Mail Services functions.
Community Development Studies & Education
Community Development staff identify opportunities and barriers to community development and impartial access to credit for low- and moderate-income people and communities. They help financial institutions, government agencies, and community groups serving low- and moderate-income people and communities in the Third Federal Reserve District (eastern Pennsylvania, southern New Jersey, and Delaware) to meet these needs. The department's economic education professionals help educators of K-12 students to understand the economy, the Federal Reserve System, and monetary policy. The staff also promotes personal financial education in the Third District.
Enterprise Risk Management
The staff in the Bank's Enterprise Risk Management (ERM) Department carry out a number of responsibilities. Their primary role is to provide Bank management with support, analysis, and options that add value to the decision-making process, including managing risk that can impede the achievement of strategic and tactical business objectives. Staff members also work with departments throughout the Bank to develop a comprehensive view of the portfolio of risks the Bank faces and coordinating the Bank's various risk management activities. In addition, ERM employees coordinate and monitor the Bank's activities in business continuity, project management, and business planning.
Financial Management Services
The specialists in Financial Management Services ensure the integrity of the Federal Reserve Bank of Philadelphia's financial reporting to the public, the Board of Governors of the Federal Reserve System, depository institutions, the U.S. Treasury, and internal customers. They also coordinate the Bank's budgeting process, provide timely and accurate records and reports of financial and cost accounting information, procure services and supplies to support the Bank's operational and strategic initiatives, and offer cost-effective, consistent, and accurate accounting services to Financial Management Services' customers.
The analysts in the Financial Statistics Department work with the data and information that financial institutions submit to the Philadelphia Fed.
Reports analysts are responsible for ensuring the quality of, and explaining developments in, several different kinds of data. They use their knowledge of deposit instruments, regulatory reporting requirements, financial markets and instruments, and statistical concepts to:
ensure that the data used by the Federal Reserve for monetary policy and supervision of financial institutions are reliable;
ensure that financial reporting by banks and bank holding companies is in compliance with Federal Reserve reporting requirements and regulatory accounting rules;
identify changes and trends in data that may indicate new developments in financial markets, specific financial institutions, or the economy.
System support analysts are responsible for all computer applications used by reports analysts to analyze data and to provide data to the Federal Reserve Board of Governors. They also develop and maintain other computer-based systems and applications and support the reports analysts' use of software and systems.
The job of the Human Resources staff is to recruit skilled personnel for the Bank and provide them with training and career development opportunities. The department's staff also develops and administers the Bank's personnel policies and its salary and benefit programs and supervises the Bank's cafeteria and its safety and medical programs.
Information Technology Services
The skilled professionals in the Bank's Information Technology Services department provide automation services to the Bank and to the Federal Reserve System, in support of the Bank's and the System's business requirements. For example, the Groupware Leadership Center, which is headquartered at the Philadelphia Fed, supports the Federal Reserve System's services, such as e-mail and desktop conferencing.
The men and women of the Bank's Law Enforcement Department are charged with protecting the Bank's building, its assets, and its people. The department also functions as the Bank's liaison between local, state, and federal law enforcement and emergency services agencies. The Bank's Law Enforcement officers must be proficient in the use of firearms and carry weapons while on duty. Many of the officers are trained in cardiopulmonary resuscitation, and some are certified emergency medical technicians.
Payment Cards Center
The analysts in the Payment Cards Center help the center carry out its mission to be a source of knowledge and expertise about credit cards, debit cards, prepaid cards, and other electronic methods of payment. The center does so by hosting workshops and conferences and producing discussion papers on consumer credit and payments. The center's constituencies include the Federal Reserve System, financial institutions, industry, academia, and consumers.
The Research Department's uniquely skilled economists conduct research on monetary and regulatory policy, banking and financial markets, the payments system, and regional economics. They disseminate their research at professional conferences and seminars and publish their studies in a Working Papers series, in professional journals, and in the quarterly Business Review. The department also hires recent college graduates and more experienced candidates as research assistants and analysts. PDF (2.02 MB, 8 pages)
Supervision, Regulation and Credit
The Bank's specially trained Supervision, Regulation and Credit staff work with other federal and state authorities to promote safety and soundness in the operation of the financial industry and fair and equitable treatment of consumers in their financial transactions. They do so by processing regulatory applications from financial institutions related to banking activities, conducting on-site examinations and off-site monitoring of supervised institutions, and issuing enforcement actions in response to unsafe and unsound banking practices. Staff members also manage Reserve Bank risk associated with payments system activity by monitoring the flow of payments through institutions' accounts at the Federal Reserve, and they operate the discount window, which provides liquidity to financial institutions through extensions of credit.
We offer attractive working conditions and a competitive salary and benefits package, including:
Benefits, Pay, Work life, and balance.
Very strict, Lack of growth and development.
The process took 6+ weeks. I interviewed at Federal Reserve Bank of Philadelphia (Philadelphia, PA).
I had a phone interview followed by a three hour in-person interview with the whole department. The first was with HR, then I had one with the lead of the department, then one with a panel of analysts and senior analysts.
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