Job Description

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:

• Serves as the second-ranking officer of the Bank, reporting to the President; partners with the President to establish, communicate and execute the strategic direction of the organization.
• Directs and coordinates the activities and operations of the Bank including providing effective oversight for the Bank’s financial performance, operational performance, and risk management. Oversees the components of the Bank’s Executive Committee (currently an operations team and a policy/engagement team).
• Makes significant intellectual and strategic contributions to Federal Reserve System efforts and assumes System leadership assignments as a member of System umbrella committees and the Conference of First Vice Presidents. Provides strategic leadership as the host bank for the System’s Credit Risk Management Support Function and the System Leadership Initiative.
• Ensures strong leadership, effective succession planning, and an engaged, high-quality workforce. Furthers the Banks long-standing reputation for excellence in leadership development.
• Leads by motivating and empowering others to achieve individual and organizational goals, and by fostering an environment that allows everyone to do their best work.

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

• Oversight of financial performance, risk management, and/or essential operations
• Executing on a strategy that translates policy goals into efficient and effective operations

Financial and Budget Oversight

• Experience with effectively achieving financial targets and establishing multi-year financial forecasts to achieve short- and long-term strategic priorities.

Federal Reserve System (preferred) & Other Experience

• While current or prior leadership experience at a Federal Reserve Bank or at the System level will be highly beneficial, other leadership experience gained navigating large mission-driven, regulated organizations that reflect the complex, federated nature of the Federal Reserve System - including its System committees, National Business Lines, and governance structure – will be considered.

Critical Leadership Competencies

Management

• Manages the Bank’s overall operations effectively and to the highest standards of excellence and delivery.
• Promotes and leads a culture of excellence, integrity, innovation and continuous improvement in all operations and support functions.

Strategic Thinking and Inspiring Leadership

• Acts as the key forward-thinking thought-partner to the President, Executive Committee and Board of Directors in guiding the evolution of the Bank in a fast-paced and turbulent world.
• Effectively communicates strategic plans, priorities, and values to all levels

Influences and Motivates

• Drives decisions, even when not in a position of direct authority
• Commands respect from colleagues at all levels
• Committed to the mission of the Federal Reserve and the importance of public service
• Collaborates effectively with colleagues across the District and System to ensure work on all initiatives is seamlessly cascaded to appropriate executive team members, product groups, and others in order to achieve desired outcomes

Develops Talent and Builds Strong Teams

• Demonstrates a commitment to leadership development and succession planning, ensuring the development of an effective leadership team
• Champions the Bank’s values

Furthers the Culture

• Demonstrates commitment to supporting the Bank’s core values
• Creates a forward-looking organizational culture of continuous learning, adaptability, and transparency

Action Orientation and Entrepreneurial Mindset

• Decisive; shows initiative in complex situations
• Proactive problem-solver who deals well with challenges and actively seeks solutions
• Consistently delivers results and aspires to excellence

Additional Valued Leadership Experience

• Experience working with matrixed reporting relationships and governance structures
• Experience with oversight of technology related to Payments and Bank Operations
• Able to build effective relationships in a complex governance environment
• Able to model and maintain a culture of trust, openness and inclusivity
• Able to meet FVP financial/security clearance requirements*

*OTHER REQUIREMENTS:

• Eligibility for a top-secret-level security clearance, which necessitates that the candidate be a U.S. Citizen.
• Ability to work full-time in the Chicago office, per the 7th District’s in-office policy
• Regular domestic travel will be expected with this role with international travel as needed

*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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