Federal Reserve Bank (NY) Reviews | Glassdoor

Federal Reserve Bank (NY) Reviews

Updated April 15, 2017
183 reviews

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Full-time Part-time

3.2
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Federal Reserve Bank (NY) President & CEO William C. Dudley
William C. Dudley
88 Ratings

183 Employee Reviews

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Pros
  • The bank strives to ensure a good work life balance/ (in 52 reviews)

  • Good place as a fresh college graduate but slow sometimes; great benefits (in 23 reviews)

Cons
  • Location, the stigma of working for the government, and the fact that pay isn't as much as it would be in the private sector (in 13 reviews)

  • Conservative environment, lack of upward mobility, huge generation gap between low level employees and senior management (in 9 reviews)

More Pros and Cons

  1. "Bank Examiner"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in New York, NY
    Current Employee - Anonymous Employee in New York, NY
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Federal Reserve Bank (NY) full-time (More than 8 years)

    Pros

    Interesting and engaging work. Colleagues are helpful and willing to provide expertise. The Health Benefits and salaries are a good package. The bank strives to ensure a good work life balance/

    Cons

    Expectations and prioritization of the work are unclear at times. Work must be reviewed by multiple layers of management before issuing.

    Advice to Management

    Management needs ensure work is prioritized and expectations are clear. Management needs to trust their employees judgement and do away with red tape and multiple level of reviews.


  2. Helpful (1)

    "Excellent place for a long term career"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Policy and Markets Associate in New York, NY
    Current Employee - Policy and Markets Associate in New York, NY
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Federal Reserve Bank (NY) (More than 3 years)

    Pros

    - collegial environment that encourages learning
    - unique work and mission
    - opportunity to move horizontally in organization to acquire unique skill set
    - amazing benefits

    Cons

    - limited upward mobility
    - embarrassingly slow pace of promotion and compensation growth
    - existing formalized trainings are nice and should be expanded to include more staffs

    Advice to Management

    Entry level pays appear competitive with market rate but the pace of compensation growth lags far behind. Promote people faster or find ways to provide other forms of compensation such as student loans assistance to retain people.


  3. Helpful (4)

    "Great place to work"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Treasury Markets Associate in Chicago, IL
    Current Employee - Treasury Markets Associate in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    -Working with a lot of smart people
    -Excellent exposure to both capital markets and monetary policy
    -Work has a significant impact on the country
    -Great work/life balance
    -Incredible insurance, and a pension

    Cons

    -Management is more interested in analysis than developing employees to be better analysts
    -Advancement is slow, managers don't leave, HR policies require at least a year in between promotions, regardless of merit
    -Pay is roughly 80% of what could be made in the private sector


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  5. Helpful (4)

    "Manager"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Manager in New York, NY
    Former Employee - Manager in New York, NY
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    Benefits
    Laid Back Style
    Benefits
    Free medical screenings throughout the year
    Nice gym
    Nice exec dining room
    Medical staff on site
    Some limited opportunities to move around the Bank
    Small bonuses to top performers
    Matching contribution up to 6% of your salary
    Crazy app - I have nothing more to say but am required to say more positive things ... Ok, it has a gold vault 6 floors down .... I once met a fairly talented worker - she was a mover and shaker and left in 3 monthd

    Cons

    No Diversity at High Levels
    Prefer "yes" people
    Poor management throughout - often by intimifation
    No employee engagement
    Small bonuses
    Low wage bade and frequent freeze on raised
    $ draws talent - duh -- no wonder we lad the world with technology use and development here
    Ethics surprisingly liw

    Advice to Management

    Developing your staff is a great way to keep you out of the weeds and focusing on bigger picture issues -- try it sometime
    Why don't you and all above your level gradually implement a new idea - surround yourself with bright people who will push-back on ideas etc .. As opposed to the "yes" people circling you today


  6. Helpful (3)

    "Good Holdover Until You Find a Real Job"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Current Employee in New York, NY
    Current Employee - Current Employee in New York, NY
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    I have been working at Federal Reserve Bank (NY) full-time (More than 3 years)

    Pros

    More flexibility in work arrangements than the private sector, e.g. Friday Flexing.

    Cons

    Simply put, most of senior management (officer level on up) here have no idea how to run a team or department. Part of the reason is that some of these people are Fed lifers with 20 - 40 years working at the Fed. The only job they have ever known is the Fed and they have never developed any meaningful skills (other than CYA) or diversified their experience.
    The culture stifles any sort of employee empowerment or the ability for someone to make any decision at the lower level as some of the most trivial decisions have to be reviewed by senior management. As a result, middle management is virtually worthless and has no power whatsoever.
    To be fair, about 40% of the staff is knowledgeable, helpful, and competent. But these people are typically the lower level analysts. These good people have to carry the bad 60% who get by doing very little (there are some employees who seem to take a break every 15 mins), can barely use Excel, are unresponsive, and have egos the size of the moon.
    For these reasons, employee morale is low but management just seems to ignore and throw empty words at the employees as if everything is great. The delusion is unreal sometimes.
    Process improvement is talked about but it's more of just a checkbox than anything that is truly embraced.
    If this place was a normal business with the same staff it would fail in month.

    Advice to Management

    Get rid of the lifers and empower junior staff with decision making ability! The lifers drag down the younger staff, stifle improvement and morale, and are just gliding through to retirement. Much of the younger talent and recent hires plan on leaving at the first opportunity and you have no idea, and you'll just be left with the dregs!


  7. Helpful (3)

    "Get your experience & education than leave"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Supervisor in New York, NY
    Current Employee - Supervisor in New York, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Federal Reserve Bank (NY) full-time (More than 3 years)

    Pros

    Great benefits, decent salary no bonus

    Cons

    Very bad magement; nobody likes to be held accountable

    Advice to Management

    Downsized! Too top heavy!


  8. Helpful (4)

    "no natural competiitor, they waste money, inefficient, old company"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY
    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO

    I worked at Federal Reserve Bank (NY) (More than 5 years)

    Pros

    People at FED stay at FED, its a graveyard, if you planning to hold this job until you retire yeah go for it, but if you have high aspirations then stay away.

    Cons

    Managers are idiots, they follow the rules which many times dont make sense, you have to call a meeting to you can meet with people. Things take forever to complete, they waste money left and right because they have unlimited funds, when I was there budget was revised 3 times in a year, why do they even have a budget if they just can adjust to whatever they need? Money was blown left and right there and nothing was being done for years. Projects took many many months to complete where in public sector it would take weeks if not days.

    Advice to Management

    look outside of a box.


  9. Helpful (5)

    "Stay away"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I worked at Federal Reserve Bank (NY) full-time (More than a year)

    Pros

    Working for the Federal Reserve System looks great on your resume

    Cons

    Too many people with too much longevity that refuse to try things a different way. Millennials beware - they'll sell you a story about how they want change but they really don't mean it.

    Advice to Management

    Change is going to happen whether you want it to or not - so embrace it or risk losing your younger employees that won't care a bit about a pension plan they won't see for 30+ years.


  10. Helpful (1)

    "great intellectual environment, ceiling for motivated jr analysts"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Analyst in New York, NY
    Former Employee - Senior Analyst in New York, NY
    Recommends
    Approves of CEO

    I worked at Federal Reserve Bank (NY) (More than 3 years)

    Pros

    incredibly smart people, important work, fascinating work (if you like macro/markets/banking), good benefits, fantastic work/life balance

    Cons

    pretty bad managers, could use a more meritocratic promotion system


  11. "great place"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - IT & EDiscovery Specialist in Bronx, NY
    Former Employee - IT & EDiscovery Specialist in Bronx, NY
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    This was a great place to work, i have nothing negative to say the people were great and so was management.

    Cons

    there were no cons working for this lovely institution


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