Federal Reserve Bank of Chicago Reviews | Glassdoor

Federal Reserve Bank of Chicago Reviews

Updated March 14, 2019
140 reviews

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3.7
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Federal Reserve Bank of Chicago President & CEO Charles Evans
Charles Evans
85 Ratings

Employee Reviews

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Pros
Cons
  • "A lot of the smart, ambitious people leave after a few years because of the lack of upward mobility" (in 4 reviews)

  • "No free thinkers here, If you are you get shown the door" (in 3 reviews)

More Pros and Cons

  1. Featured Review

    "Great Career Building Environment"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Statistical Analyst in Chicago, IL
    Former Employee - Statistical Analyst in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Federal Reserve Bank of Chicago full-time (More than 3 years)

    Pros

    - Great place to start your career after college
    - Exceptional benefits
    - Good coaching from management all the way up the chain
    - Management takes a personal interest in your development
    - Women and men are treated equally
    - Warm environment for LGBT+ community
    - President and First VP are actively engaged in improving the workplace

    Cons

    - It's a 100 year old government bureaucracy, so it struggles with red tape and internal controls and regulations
    - It's not a place to come in and shake up the process

    Advice to Management

    - Take more risks


  2. Helpful (1)

    "White Male Need NOT Apply"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Manager in Chicago, IL
    Former Employee - Manager in Chicago, IL
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I worked at Federal Reserve Bank of Chicago full-time (More than 10 years)

    Pros

    Compensation & benefits are decent

    Cons

    Reverse Discrimination - Good place to gain some experience, but if you're a white male don't stay longer than 3 years.

    Advice to Management

    If you don't recognize & promote your best people, you will lose them.

  3. "Great work-life balance and ample opportunities for women"

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

    I have been working at Federal Reserve Bank of Chicago part-time (More than 8 years)

    Pros

    ample opportunities for women
    interesting and relevant projects
    welcoming environment
    inside job market

    Cons

    presence of some rigidity and hierarchy


  4. Helpful (1)

    "Strong culture in conservative industry"

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

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

    Pros

    Mission-driven organization, contemporary culture for a larger organization, people development, openness

    Cons

    Normal bureaucracy in large financial services firms


  5. "Great place to work!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Chicago, IL
    Former Employee - Anonymous Employee in Chicago, IL
    Recommends
    Neutral Outlook
    Approves of CEO

    I worked at Federal Reserve Bank of Chicago (More than a year)

    Pros

    Smart people, great culture of communication, inclusiveness and ideas are welcome, the President - all executives - are respected and highly approachable. A lot of career mobility around the Fed and the System, telecommuting is possible for many jobs.

    Cons

    If you're in a specific role, for instance in a technology role, there is limited mobility. However, the salaries are market competitive.

    Advice to Management

    Keep up the good work on corporate culture and communication!


  6. "An Amazing Internship for Undergrads"

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

    I have been working at Federal Reserve Bank of Chicago (More than a year)

    Pros

    Amazing work environment and people. You get a lot of hands-on experience.

    Cons

    There is nothing I can complain about


  7. Helpful (2)

    "Worst Career Mistake"

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

    I have been working at Federal Reserve Bank of Chicago full-time

    Pros

    The gym and cafeteria in the building.
    Bureaucracy is the best thing that Fed Chicago has. It gives directors more than enough time to elaborate on critical decisions. Yet, they make mistake after mistake.

    Cons

    HR involves in shady hiring and firing practices that many are aware of. For many years, I've been stuck in a position and salary that aren't going anywhere. Fed Chicago is all politics and has nothing to do with regulating and maintaining the economy. Otherwise, the state's economy wouldn't be in horrible shape. Managers aren't knowledgeable about finance and economics at all. Some of them don't even have a relevant degree or coursework. When Fed Chicago interviews you, they put their most educated people to interview you, but ask them to talk with your potential managers and their managers who are the real decision makers. You'll quickly realize that some of them don't know much about what Fed is actually doing. In this unproductive environment, you don't have any option other than going with the flow and accepting things as they are. If I was to receive my Fed job offer now, I would only accept it if I was really really desperate. I had other opportunities that I declined. Don't make the same career mistake that I made years ago.

    Advice to Management

    Use your time wisely not to make any more mistakes.

  8. Helpful (5)

    "The Firm"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Examiner
    Former Employee - Senior Examiner
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    Benefits are excellent compared to private sector organizations. Some good people left.

    Cons

    Most of the Regulatory Supervision Managers advance because they either drink the cool aid or dispense it, or both. No free thinkers here, If you are you get shown the door. Keep your opinions to yourself otherwise you won't survive. Gestapo like tactics are used to get the point across. This was a very toxic environment to work in. It is shameful because the work could be very rewarding.

    Advice to Management

    Dont just talk to transpancey talk.


  9. Helpful (10)

    "Great place to start or end a career...dont stick around too long"

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

    I worked at Federal Reserve Bank of Chicago full-time (More than 3 years)

    Pros

    -Good training for new grads
    -Most depts have good work/life balance
    -Nice people and mgmt in some depts
    -Gym/Cafeteria
    -Some depts very good leadership with friendly folks
    - Good retirement benefits
    -Winding down a career this a good place

    Cons

    -VERY political in many depts, not what you know but who you know and who may threaten their power
    -Reviews are unjust. Mgmt not involved with IC's get a say in determining their scores. This is done so Sr mgmt can have a consenus of who to promote. Lots of unqualified Fed lifers moving to areas they are not qualified in for mgmt. this is done by design so others power is not threatened.

    Advice to Management

    Gut the HR leadership and fix performance reviews. Reviews are poltiical only and dont address bottom line performance reviews, just distant goals that are unachievable. Way too many unqualified leadership with no experience in their fields. Hire people from the outside who are not "lifers" and actually were held accountable for business success in their careers.


  10. "Senior Professional"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Federal Reserve Bank of Chicago full-time

    Pros

    Great esprit de corps of the mission of the FRB-C
    Intellectual workplace
    Genuinely inclusive workplace environment
    Management is capable

    Cons

    Can be a little bureaucratic