Federal Reserve Bank (NY) Reviews | Glassdoor

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Federal Reserve Bank (NY) Reviews

Updated January 16, 2018
209 reviews

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3.4
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Federal Reserve Bank (NY) President & CEO William C. Dudley
William C. Dudley
102 Ratings

209 Employee Reviews

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Pros
  • The bank strives to ensure a good work life balance/ (in 60 reviews)

  • Good place as a fresh college graduate but slow sometimes; great benefits (in 22 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)

  • People management is lacking since most of senior management are PhD (in 12 reviews)

More Pros and Cons

  1. Helpful (4)

    "Don't work here unless you really need the money."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - IT Worker in New York, NY
    Current Employee - IT Worker in New York, NY
    Doesn't Recommend

    Pros

    It's better than being unemployed, I guess. Sometimes, I wonder, though. About all I can say good about the place is that it is easy to commute to. It's only a block from Penn Station in manhattan.

    Cons

    Long hours, low pay, management by intimidation. They show absolutely no regard for anything but their own bottom line. Workers are treated like chattel. Also, if they do fire you, they fight you in court for you to get unemployment. Senior management is heartless. Turnover is close to 40 percent per year. I have never worked in an environment as toxic as this outfit. My performance evaluation is 7 months late.

    Advice to Management

    Wake up. You have a lot of really talented and dedicated people who work for you, but they are all very unhappy. You are going to lose them!


  2. Helpful (3)

    "Not disgruntled, but don't want to deal with the bureaucracy"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Bank Examiner in New York, NY
    Current Employee - Bank Examiner in New York, NY
    Recommends
    Approves of CEO

    Pros

    This place gives you a great deal of exposure to the regulatory world in finance. You can learn many aspect of the FED and the role it plays in the financial markets. The best groups are Markets, Bank Supervision, and Research.

    Cons

    The red tape and the public image we have to maintain as workers. We are held at a higher standard compared with other organizations. You have to be in managements face to show them you are doing work. While other workers just want to do a good job. These people don't get promoted. It all depends on what project you worked on, not your experience. Doing your normal days work does not cut it for the bank.

    Advice to Management

    You need to treat people right for them to stay a long time, once the market turns around people will jump after only working 2-4 years.

  3. "Love the place, will work to make it even better"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Software Engineer in New York, NY
    Current Employee - Software Engineer in New York, NY
    Recommends
    Approves of CEO

    Pros

    The people are awesome -- there are many bright and non-workaholic folks, which makes it great to work there on both intellectual and work-life balancing levels. Benefits are hard to beat.

    Cons

    There is some tendency for top-down-because-I-said-so management and bureaucracy but both can be overcome with a bit of confidence and personal contacts.

    Advice to Management

    Being senior does not always mean that you know better. But you knew that already...


  4. "Great place for family oriented people to work for."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Systems Programmer Analyst A in New York, NY
    Current Employee - Systems Programmer Analyst A in New York, NY
    Recommends
    Approves of CEO

    Pros

    Working for the Fed is great if you are a family oriented person. The flexible work arragements make life much easier. Also is a place where managements and coworkers treat you very formal. The demographics include alot of people that have been working for the bank for more that 15 years. One draw back is that top management positions are usually held by these people and until they retire you are stock. But nonetheless career advancement is possible. They have great program for recent graduates where they start you with a good salry and every 6 moths you get a 2 to 3 percent increase until you reach grade 13 whichs pays approximately 95K. You can reach that grade in about 4 years depending on what degree you have BS/BA or MS.

    Cons

    Work is far spaced,and there is ot of office politics.

    Advice to Management

    To include more junior and senior developers in business meetings


  5. Helpful (1)

    "Great work life balance, but red tape makes it hard to make an impact."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Bank Examiner in New York, NY
    Current Employee - Bank Examiner in New York, NY
    Recommends
    No opinion of CEO

    Pros

    -Great Work / Life Balance and lots of time off
    -Flex Fridays (every other Friday off for many departments in the bank)
    -Great on Training Programs and a focus on Employee Developement
    -The Reputation and Presitige of the Firm
    -Diversity of the Workforce
    -Retirement packages and other benefits
    -Intelligent People to Work With

    Cons

    -Politics and Red Tape
    -Change is either very slow or sometimes a knee jerk reaction
    -Disorganized Management - many managers get promoted because they are smart, even though they are not good managers
    -Lack of Transparency in a lot of HR practices
    -Lack of Motivation and Empowerment for many staff members. A few key decision makers at the top, lower level staff dont have much input.
    -Lack of efficiency, work is often redundant

    Advice to Management

    -Dont promote smart people who are bad managers.
    -Give impressive workforce the ability to make decisions.
    -Be more accepting of change and process improvement.


  6. Helpful (1)

    "The Worst"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    No opinion of CEO

    Pros

    The work life balance I can say is the best thing about working at the Fed. They do give you time off without issues.

    Cons

    The most incompatant group of managers i have ever worked for. And when things go bad, it wont get better.

    Advice to Management

    Listen to the people who actually do the work there. Dont be so rigid in taking advice from the employees.


  7. "FRBNY"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    No opinion of CEO

    Pros

    Friendly People. It is nice to work in a place where many people have been here for many years and have a loyalty to this place.

    Cons

    It is hierarchical and bureacratic. There is a real delineation between the "officer" and "non-officer" population. Cost cutting pressures are also an issue.

    Advice to Management

    Aspire to continue to be an employer that engenders loyalty from it's employees by treating them well. Encourage more workplace flexibility.

  8. "great place to work"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    No opinion of CEO

    Pros

    great work environment;
    challenging policy-oriented work
    lots of mobility and flexilibity
    less hierarchical than many organizations
    work hours vary, but generally steady

    Cons

    several organizational changes within the span of a year
    some departments and areas are more high-profile than others

    Advice to Management

    need to expand staff to allow for more focus on specific issues and technical expertise
    give mentorship greater statuswithin the organization


  9. "dd"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Approves of CEO

    Pros

    - flexible work arrangements
    - extra curricular activities

    Cons

    - can get slow
    - no huge bonus

    Advice to Management

    - continuously instill a sense of pride and purpose to the employees


  10. Helpful (1)

    "Not recommended"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Bank Examiner in New York, NY
    Current Employee - Bank Examiner in New York, NY
    Doesn't Recommend
    Approves of CEO

    Pros

    The work and analyses made are majorly applicable to other areas/sectors of the financial world so are transferable assets. Relatively easy work hours in some departments.

    Cons

    Overall too much political play, too much bureaucracy and unnecessary technical intricacies. No feedback given, no mentoring for career development whatsoever. There are a few departments that are exceptions to this rule. Also, 1) benefits cut company-wide once the economy tanked - as it was evident no one could leave the company. 2) Industry hires from private sector significantly hampered career advancement of those who joined in normal times - when the economy recovers the lack of investment to those who joined in normal times will tell (as the private sector hirees will move out).

    Advice to Management

    Establish some mentorship between junior and mid-management level employees. Make sure the staff gets adequate and timely feedback. Also don't sap the morale of the staff by cutting benefits in bad times. It will certainly not help establish company loyalty.


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