Federal Reserve Bank of Chicago Reviews | Glassdoor

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Federal Reserve Bank of Chicago Reviews

Updated February 21, 2018
124 reviews

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3.6
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Federal Reserve Bank of Chicago President & CEO Charles Evans
Charles Evans
74 Ratings

124 Employee Reviews

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Pros
Cons
  • Decision-making is highly centralized in upper management, with very little authority given to lower management (in 5 reviews)

  • There are areas of the bank that are still old school and work too much (in 4 reviews)

More Pros and Cons

  1. "Great work place"

    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 full-time

    Pros

    Great work life balance at the Chicago Fed.

    Cons

    Culture promotes speaking in an obscure long winded manner for things that could be summed up in this 20 word minimum on glassdoor.


  2. Helpful (3)

    "Construction Lead"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Construction Lead in Chicago, IL
    Former Employee - Construction Lead in Chicago, IL

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

    Pros

    Good benefits. Unpressured work schedule.

    Cons

    6 months of nepotism, petty corruption and micro-management, before I ultimately found a replacement position that paid $40K more...

    Advice to Management

    None that "management", or more appropriately HR would ever consider rocking the boat for.

  3. "Pretty good"

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

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

    Pros

    Meaningful work, flexible hours, good benefits

    Cons

    Bureaucratic, IT security, too much focus on seniority


  4. "Workplace where there's no pressure to please shareholders"

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

    I have been working at Federal Reserve Bank of Chicago full-time (Less than a year)

    Pros

    People have an interest in your develop and your success
    Good work life balance, rarely a 50+ hour work week
    You will rarely get contacted after work hours for work related information

    Cons

    Slower moving organization, bureaucracy and many layers of review
    Not much opportunity to innovate; more and more is being driven from Washington
    Any time there is a Federal pay freeze, salaries are frozen for Federal Reserve employees even though they are not government employees.


  5. "Associate Accountant"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

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

    Pros

    Work life balance is good

    Cons

    The salary is too low

    Advice to Management

    Give Staff a higher Salary


  6. "Great employer!"

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

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

    Pros

    Great place to work! Excellent benefits, advancement opportunities and work/life balance.

    Cons

    Lots and lots of approvals are needed for everything.

    Advice to Management

    Be careful not to micromanage.


  7. Helpful (5)

    "Security Department has poor management!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Federal Reserve Law Enforcement Officer in Chicago, IL
    Current Employee - Federal Reserve Law Enforcement Officer in Chicago, IL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Benefits are average for a full time position except the thrift savings is a matching program up to 6% of your pay. But you have to make 5 years to vest it.

    Cons

    A terrible culture of micromanaging supervisors who backstab each other to gain favor with their boss. Favoritism runs rampant with only a chosen few getting premium courses. Do not speak up or you’ll see it used against you during performance management reviews. Salaries are sub average! Mist of us with 5 years haven’t made it to 53k yet!!!They are not the Police like they tell you but Securitu.

    Advice to Management

    Hello Executive Committee!! Get rid of the AVP and others who foster this poor environment!! Stop pretending you want change and actually do something!!

  8. "Not what you'd expect"

    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
    Positive Outlook
    No opinion of CEO

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

    Pros

    Very opened-minded friendly environment. You'd think they'd be really uptight at the Fed but they aren't. They expect professionalism but aren't as conservative as one might expect. Very clean, super nice facilities. Almost everyone I met was extremely professional and really worked to make me feel special and a part of the team.

    Cons

    Training isn't really something they have the time or processes to provide. They really expect and need you to hit the ground running. If you don't do something right they don't have time to sit down with you and explain how to do things right.

    Advice to Management

    You all are doing a great job but provide more constructive timely feedback.


  9. Helpful (1)

    "Analyst"

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

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

    Pros

    Lost of good people, and knowledgeable staff. Benefits are good.

    Cons

    Pay could be better. Promotion too slow and not always transparent


  10. Helpful (8)

    "Not as desirable as it may seem"

    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
    Approves of CEO

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

    Pros

    Modern facilities. Some of the benefits are great, but not all of them. Fed's retirement contributions are fully available only after 5 years of employment. It is a punishment to avoid employee turnover so you get stuck.

    Cons

    We keep losing exceptional people because of our own deficiencies. The CEO's inner circle tries to fight against discrimination within Fed but it is still going on. Managers cover up prejudice and inequality by either bullying people or firing them at will with no transparency. Some managers are not as qualified and skilled as their underlings, but oppression does not make managers any better. You remain silent if you want to keep your job because people get fired over complaining a lot. Many of us are silently searching for jobs to leave Fed. Just look at Fed's high turnover rates and you will get the idea. I would not rely on fake positive reviews and instead find people who worked here and contact them to get real feedback. Do yourself a favor and steer clear of the Fed. Employment here is not as desirable as it may seem.

    Advice to Management

    Encourage transparency, inclusion and loyalty instead of oppression, paranoia and discrimination. Identify incompetent managers and restructure Fed to stop losing outstanding people. Do your best to keep them.


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