POSITION SUMMARY:
The First Vice President and Chief Operating Officer (“FVP/COO”) holds a leadership role within the Chicago Fed, primarily responsible for the effective operation of the Bank and serving as the key advisor to the President. They also play a key role representing the voice and perspectives of the Bank more broadly within the Federal Reserve System and collaborating on systemwide initiatives.
The Chicago Fed seeks an executive with a proven record of leading professionals and operations and delivering results. The FVP must be capable of inspiring, supporting and developing leaders throughout the bank. They must also work collaboratively with peers across the Federal Reserve System and be able to achieve success in an environment with shared accountability.
KEY RESPONSIBILITIES:
KEY RELATIONSHIPS:
Reports to:
President and Chief Executive Officer
Functional Oversight:
Audit
Administrative Services
Cash
Central Bank Services
Credit Risk Management Support Office
Finance
Information Technology
Innovation
People & Culture
System Leadership Initiative
Other key relationships:
President and Chief Executive Officer, Federal Reserve Bank of Chicago
Other Federal Reserve Bank Presidents and Reserve Bank leaders
Board of Governors and staff
Seventh District Board of Directors
Other FRB functions, including Economic Research, Supervision & Regulation,
Legal, Strategy, Information Security, Board of Director
THE LEADER:
Required Experience
Operations Leadership Experience
Financial and Budget Oversight
Federal Reserve System (preferred) & Other Experience
Critical Leadership Competencies
Management
Strategic Thinking and Inspiring Leadership
Influences and Motivates
Develops Talent and Builds Strong Teams
Furthers the Culture
Action Orientation and Entrepreneurial Mindset
Additional Valued Leadership Experience
*OTHER REQUIREMENTS:
*FIRST VICE PRESIDENT AGE AND TERM LIMITS:
* Reserve Bank First Vice Presidents must be reappointed by the board of directors every five years. Like Presidents, they are subject to mandatory retirement at age 65 unless initially appointed after age 55 in which case they can (at the option of the board of directors) serve up to 10 years in the office or until age 75, whichever comes first.
COMPENSATION & BENEFITS:
The expected starting salary range for this position is between $425,000 and $440,000 annually in addition to annual performance-based discretionary bonuses. Final salary for this position is determined and approved by the Board of Governors of the Federal Reserve System.
The Chicago Fed offers benefits to support overall health and financial security. Learn more about our benefits here:
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