- Work/Life Balance
- Culture & Values
- Career Opportunities
- Comp & Benefits
- Senior Management
I worked at Federal Reserve Bank (NY) (More than 3 years)
Great cafeteria with subsidized healthy menu choices
Contrary to popular opinion this is a private employer, however, they act a lot like a government employer.
Very top down management structure. You're expected to shut up and do what you were pigeon-holed to do. Management definitely doesn't want to hear from you.
Promotions and raises are very slow and infrequent. They encourage baby steps up the ladder. If you speak up or out you'll be black listed. The pay is lower than market, but the benefits are good. The money is on the back-end at retirement, if you can last that long.
Management rotates every 1.5 - 2 years. I was in a very technical network support role and after a management rotation, instead of getting a technical manager, we were given a non-technical micro-manager who only had experience managing a level 1 call center. Management couldn't see the red flag when 7 of 8 senior network engineers who had an average of 8-10 years in the department all left within 6 months of the new supervisor arriving.
I was called to HR one day for a very cryptic conversation about inclusiveness and not offending anyone. I could not get them to give me any specifics. I later found out from a friend that they had discovered my personal blog and were on a witch hunt to see if I was promoting it at work. I had never accessed my blog at work or talked to anyone about it. This employer will investigate your personal life and if they don't like your political stance, they will persecute you for it.
I have been working at Federal Reserve Bank (NY) full-time (More than 5 years)
Excellent Benefits, work life balance, all cash bonus with no deferrals or claw back clauses, generous amount of time off, the ability to telecommute
Getting anything done here is extremely difficult due to all the the excessive governance, and bureaucracy. The Fed is extremely political, petty politics abounds!
I worked at Federal Reserve Bank (NY) full-time (More than 3 years)
Learning environment, bright people, exposure to senior people in financial services firms and comfortable work environment. Access to global economics and research practices.
Poor management practices, mid career hires are under utilized, title structure and promotion practices are antiquated relative to broader financial services firms. Outdated software tools
Advice to Management
Revamp management practices and job title structure. Shocking that senior people are hired as non-officers yet are tasked with facing senior officers at Banks.
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I worked at Federal Reserve Bank (NY) (More than 8 years)
Medical benefits are great! Decent amount of vacations and in addition you get 10 sick days! Management is difficult to work with
Raises are poor and very difficult to get promoted! Company never likes to get advice from ordinary workers. They always expect more with less people
Advice to Management
Poor management skills
I have been working at Federal Reserve Bank (NY) (Less than a year)
The salary is great, the atmosphere is relaxed and the people are friendly
the management style is not up to par in certain areas.
I have been working at Federal Reserve Bank (NY) full-time
Examiner experience at the Fed makes you desirable in the private sector for roles where you would interact with bank examiners. Good benefits.
The Supervision Group at the New York Fed unlike the Research or Markets Groups is generally a (very) low quality organization.
For the most part it is run by "lifers' who have little or 0 experience working at the banks they supervise or another banks, and they have the same amount of experience in the financial markets: 0. Unlike the Research and Markets Groups it appears that the quality bar was not set nearly as high twenty or so years ago for Supervision.
Many of these people most likely could not compete for jobs in the private sector in 80s and 90s, so they went to Supervision at the New York Fed.
The Supervision group is extremely bureaucratic which I guess is good for people who aren't very smart because they seem to feel more comfortable hiding behind lots of rules. Curiously based on what I saw it is doubtful that any career employee in Supervision has ever asked a risk manager of a bank for his or her advice or view on how to find and manage risk in a large complicated bank.
Why might that be? Ignorance? Indifference? Arrogance? Whatever the reason this is less than encouraging for multiple reasons. Note that if you read accounts of the 2007-2009 financial crisis there were many good risk managers who warned their CEOs before the crisis hit. Unfortunately many of those CEOs did not listen to these experienced, talented, competent and honest professionals who didn't just say what the CEO wanted to hear. An example is John Breit, formerly of Merrill Lynch whom one can read about in the New York Times in an article entitled "Finding the Human Factor in Bank Risk".
However It seems that middle management and possibly upper management, in Supervision at the New York Fed has no interest in learning from these people who have actually had to manage risk (rather than just write lots of memos, powerpoint presentations and letters).
There are more recent hires who have been in the private sector, but their agenda is for the most part, with a few exceptions, set by the lifers. From what I saw many of the recent hires are smart talented people, but it appears that they have learned there is little room for initiative. The United States Army probably gives its officers more room for initiative than the Supervision group at the New York Fed gives experienced market participants with graduate degrees. What's that about?
If you are being looked at for model risk you might want to be very careful. From the employees in that area it appears that itsI stands out as one of the worst places to be in the Supervision Group. It is probably has among the the worst employee morale if not the worst at the New York Fed.
Another negative is that there are multiple data bases which require many, many entries and cross listings. This may be because the Board of Governors seems to have taken tighter control of New York Fed Supervision due to Supervision's impressive failure at supervising New York- based large banks prior to the crisis. Unfortunately the end result is that the "grunts on the ground" (the folks with the MBAs and Ph.D.'s with market experience) end up spending maybe 40% of their time doing database entry that could be done by a college intern.
Often managers are amazingly bad at communicating with those they manage. This is not just because some of them do not speak English well, though in some cases this is an additional problem. Some native English speakers can be just as bad at communicatoring and managing as anyone else. Further some of these bosses are plain downright mean and nasty as well as being poor communicators. Maybe this is because they think this is the way to get ahead or to survive.
Note that the effectiveness of Supervision at the New York Fed is still problematic. Witness the "London Whale" incident where JP Morgan lost $6 billion. How did Supervision miss that one? An interesting article on regulators missing that one can be found in the New Yorker in article entitled "Would Better Regulators have Prevented the London Whale Trades?"
Further Supervision at the New York Fed since the crisis (2014) has come under apparently well deserved criticism. So much so that Congress held hearings after Carmen Zegarra who was an embed New York Fed bank examiner at Goldman Sachs released recorded conversations of bank examiners. The president of the NY Fed eventually hired Professor Daid Beim of Columbia University to find out what were the main obstacles the New York Fed faces supervising the nation's biggest banks. Beam reported that it was the Fed's (presumably supervision) own culture.
No surprise here!
Bottom line, supervision at the NY Fed may be one of the most dysfunctional organizations in the financial industry.
Advice to Management
To top management (especially the top guy who is very smart): replace "lifers" as much as you can with outsiders that have markets experience and give them the opportunity to display initiative. Unfortunately it appears that you have so many constraints on what you can do that it will takes maybe at least a decade or more to make substantive changes.
I have been working at Federal Reserve Bank (NY) (More than a year)
Very good company to work for. Flexible hours.
Not any thing specific to talk about.
Advice to Management
I have been working at Federal Reserve Bank (NY) full-time (More than 10 years)
It is very sad to say but there is nothing good about working at the Federal Reserve. Everyone I talk to in all departments dows not like working here. It is very low paying and no where to move up or be challenged.
Management is extremely horrible and provide no leadrship. They do not help anyone be successful nor do they mentor anyone. We need to be payed at least $10,000 more than what we are making. We ask for better pay and are told by management to not ask anymore.
Advice to Management
Understand what it takes to be a leader and do it. Help your employee's succeed and pay them well. Quit being weak and sad. Always improve yourselfs and be greatful for your employee's.
I have been working at Federal Reserve Bank (NY) full-time (More than a year)
Great fulfillment at one of the most prestigious institutions in the world. Fantastic benefits which include Flex Fridays (every other Friday off), pension (fully vest in 5 years) + 401k (7% employer match) plans, and highly competitive health/dental/vision. Fast track growth available for ambitious up-and-comers. Senior management takes talent development very seriously and is committed to building a pipeline for future leaders of the organization. "Sharp elbows" are frowned upon and tend to be weeded out eventually.
Best of all, you represent the Federal Reserve which is a pretty awesome feeling.
This is not the place for those seeking a startup environment or high paying career. The job comes with an unparalleled level of public scrutiny and reputation risk for the organization, which inevitably calls for a risk-averse corporate environment. You represent the Federal Reserve at all times. A big no-no for careless postings on social media sites. Your job may not be appreciated by the general public, and especially not by bankers.
Advice to Management
I love my job. Please continue the great work.
I worked at Federal Reserve Bank (NY) (More than a year)
The company branding is the best asset to your career.
They are a 100 year old not for profit organization with many elders who plan to retire within the company.
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