Non-profit Banking - Financial Services 1000+ Employees Headquartered in New York, NY
BenefitsMedical Coverage A choice between HMO and PPO plans Dental Coverage 401(k) Plan Our plan allows members to contribute both pre-tax and after tax dollars, subject to IRS limits. Employee contributions of up to 6% of pay are matched at 80 cents on the dollar for staff with up to five years of service and are matched dollar for dollar for staff with over five years of service. Pension Plan We offer a company paid pension plan with a portable cash option. Members are vested in the plan after five years of service.
Career OpportunitiesIn order to foster the safety, soundness and vitality of our economic and financial systems, the Federal Reserve Bank of New York works within the Federal Reserve System and with other public and private sector institutions to:
Execute monetary policy
The Federal Open Market Committee (FOMC) sets monetary policy to help promote national economic goals. The New York Fed's president is the only regional Bank president with a permanent vote and is traditionally selected as its vice chairman. Other presidents serve one-year terms on a rotating basis.
The Federal Reserve uses three main tools to implement monetary policy: open market operations, the discount window and reserve requirements. The most important and dynamic tool is open market operations.
Through open market operations, the New York Fed buys and sells U.S. Treasury securities, trading with accredited primary dealers. When the Fed buys Treasury securities from primary dealers, it adds extra reserves to the banking system and puts downward pressure on the highly sensitive federal funds rate. When the Fed sells Treasury securities, it drains reserves and puts upward pressure on the federal funds rate. The New York Fed is located at the heart of the nation's financial industry and is the only regional Bank to carry out these crucial operations on behalf of the System.
The Fed's other main policy tools are the discount window, which extends credit to banks in certain circumstances, and reserve requirements, which dictate how much banks must hold in reserve accounts. These mechanisms also influence the cost of lending, which, in turn, affects the rate of economic growth and price levels.
The New York Fed also carries out foreign exchange market intervention to help achieve dollar-exchange-rate policy objectives. Intervention is carried out by the New York Fed on behalf of the U.S. Treasury and the Federal Reserve.
Support financial stability in the U.S. and abroad
The New York Fed's supervisory activities are designed to ensure a safe and sound banking system. The New York Fed conducts onsite and offsite examinations of banks in New York, New Jersey, and Fairfield County in Connecticut. It also examines U.S. bank holding companies, state-chartered banks and the U.S. operations of foreign banks.
Like the other Federal Reserve banks, the New York Fed is responsible for enforcing laws and establishing rules to protect banking customers in its region. Finally, the Fed ensures that banks in each district observe community reinvestment laws and try to meet the credit needs of their communities.
Operate and oversee payments systems
The Federal Reserve helps maintain the nation's payments system through its extensive electronic wire transfer services and its check and cash processing operations. Maintenance of these payments systems permits the safe and rapid clearing and settlement arrangements necessary for a smooth-running financial system.
Fedwire® is an electronic transfer system enabling financial institutions to transfer funds and book-entry securities nationwide. Although the Second District is smaller than most Federal Reserve Districts in terms of geographic area, it is where most Fedwire transfers originate.
Provide banking and financial services to international institutions
The New York Fed offers banking and financial services to over 200 foreign central banks, foreign governments, and international official institutions. Services for foreign official account holders are in four main areas: demand deposit transactions, investments, custodial and safekeeping responsibilities, and foreign exchange operations. The New York Fed offers other services on an occasional basis, such as technical assistance and training of foreign central bankers.
CareersWe can put you in the center of the financial world, with a unique perspective on national and international markets and economies. You'll keep the banking industry robust and secure and represent the United States in the monetary arena. It's a challenge that demands the skills of a Wall Street professional and the intellectual curiosity of an academic, all combined with a passion for public service.
CultureThe Federal Reserve Bank of New York is one of 12 regional Reserve Banks which, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The "Fed," as the system is commonly called, is an independent governmental entity created by Congress in 1913 to serve as the central bank of the United States. It is responsible for:
- formulating and executing monetary policy
- supervising and regulating depository institutions
- providing an elastic currency
- assisting the federal government's financing operations
- serving as the banker for the U.S. government
Diversity and InclusionThe Federal Reserve Bank of New York is committed to a work environment that respects and fully values the strengths and differences of its people. The Bank strives to be a place where all individuals have the opportunity to contribute, exchange ideas and be recognized for their performance. Toward this end, every employee is responsible for embracing diversity and inclusiveness and encouraging an environment where innovation and excellence thrive.
Diversity Advisory Council
The Bank’s Diversity Advisory Council is chaired by the Bank's first vice president and comprised of members from all business lines. As business partners and key stakeholders, council members are catalysts in developing and executing a strategy to advance diversity across the Bank and to champion diversity and inclusion as important strategic imperatives. The Diversity Advisory Council works closely with the Office of Diversity and Inclusion in identifying and implementing new diversity and inclusion initiatives.
Office of Diversity and Inclusion
The Office of Diversity and Inclusion is charged with helping the Bank’s leaders design and implement an action-oriented strategy to advance the Bank’s diversity and inclusion goals, and with helping managers more generally to create a work environment that respects and fully values the strengths and differences of its people. The office is under the direction of the Bank’s chief diversity officer.
African American and Latino Men's Alliance, African American and Latina Women's Network, Asian Professional Networking Alliance, Disabilities Awareness Network, Evening Shift Employees Network, Gay, Lesbian, Bi-sexual, Transgender and Allies Network, Women's Network and Working Parents Network.