Federal Reserve Bank of New York Reviews

Pros

there are lots of pros like flexibility with hybrid schedule, benefits, pay

Cons

lack of diversity on my specific team

Pros

Roles within the Markets Group provide significant exposure to financial markets. Employees conduct important monetary policy operations and interface regularly with market participants. There are many opportunities to work with colleagues at the Federal Reserve Board, other Reserve Banks, and the Treasury Department. Opportunities to work with data. Relaxed atmosphere, government hours.

Cons

Careers are frequently stifled by the bureaucratic system. Promotions are slow to nonexistent, which saps employee morale. Employees are encouraged to apply for jobs to increase seniority, only to find there was a preferred candidate already in place. It can be difficult to be a creative thinker in this environment, where the preference is doing things as they are always done. Better suited for somewhere to learn rather than build a career.

Pros

Fully Remote Very stable with excellent job security Top Talent

Cons

Investing restrictions Obviously no RSU's Doesn't compete with big tech

Pros

Amazing culture and initiative. Work hard and you'll succeed.

Cons

Honestly I can really think of any

Pros

Some of the less bureaucratic areas are really well run and filled with great people. I have been fortunate to be working in one such area. There are a lot of very smart and supportive people still, though many seem to be leaving. There continues to be high ethical standards insofar as work goes. Top management is at least trying to improve the culture.

Cons

Some areas are very bureaucratic. Analytical skills are recognized and encouraged, but creativity is actively stifled in many areas. Top management has tried to instill a culture of diversity, authenticity, and inclusion, but reality does not even come close to matching the stated goals in many areas. Doing OK on diversity at least on measurable dimensions of race, gender, etc. Not so much of inclusion, flexibility, or authenticity, or even diversity of background and thought. There are more women at high levels than in the past, which is good, but a surprisingly large number of them actually seem to be more biased against other women. Some fairly high level managers seem to be tone deaf, and install poor managers at lower levels because they do not ask for or listen to input (even when it is offered). Tend to strongly favor external over internal candidates for job openings, which does not support morale and has led to increased turnover. Many job postings have ridiculous experience and educational requirements - especially for the salaries offered. Little or no promotion potential in any area, and very low salary increases (1-3%).

Pros

Hired in a cohort which provided an amazing workplace environment even when it was hybrid/remote

Cons

Some people are more hesitant to embrace change

Pros

Fantastic opportunity to accelerate your career at one of the world's premier central bank.

Cons

Much like any other organization: politics

Pros

Good health and retirement benefits (although slowly dwindling down), and a decent semblance of work-life balance. Good brand-name to have in the resume.

Cons

Sr. management does not get employee frustration and has been tone-deaf for years! The newly launched career management framework, which was not well thought out, failed to involve large parts of people managers, eliminated existing salary grades and broad-banded employees into new titles. Consequently, it is an ABSOLUTE DISASTER and people are running to the exits given the lack of buy-in from all levels of employees. The new framework did not resolve the issue that promotions are very hard to obtain in spite of hard work and demonstrated competencies, (which was the reason for the CMF to be launched anyways!) The idea is that the best way to get promoted is to leave the bank and come back in a few years. Lastly, pay is terrible compared with what the financial industry offers, particularly on the bonus side, which can be less than 10% of base salary even for seasoned and fairly senior employees. Benefits are being slowly taken away (Flex Fridays, etc.)

Pros

incredibly intelligent colleagues dedicated to serving the public. Stimulating work place.

Cons

bureaucratic organization , lots of bottle necks and slow moving, hard to advanced without a graduate degree

Pros

Great culture, great work-life balance and hours

Cons

Very little cons, invested in career growth