Company

Federal Reserve Bank of Chicago

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.

The deadline for applications is 5:30 p.m. CT on Friday August 22nd 2025. If you have an interest in this opportunity, or a referral for the role, please contact: Tory Clarke Partner, Bridge Partners tory.clarke@bridgepartnersllc.com or Neeta Mehta Partner, Bridge Partners neeta.mehta@bridgepartnersllc.com

THE ORGANIZATION:

The Federal Reserve Bank of Chicago ("Chicago Fed" or the "Bank") works within the Federal Reserve System and with other public and private sector institutions to foster the safety, soundness and vitality of our economy and financial system. The Federal Reserve Bank of Chicago 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 and serving as the banker for the U.S. government. The Chicago Fed oversees the Seventh Federal Reserve District, which includes Iowa and most of Illinois, Indiana, Michigan, and Wisconsin. The Chicago Fed is a civic, business, and community leader in Chicago and the Midwest region. It has a healthy, mission-driven culture and has received recognition from multiple national and regional organizations as an outstanding place to work. It has always taken great pride in its role as a model bank within the Federal Reserve system and a producer of talented leaders systemwide. The Bank holds several key System roles, including oversight for the Credit Risk Management Support Office (CRMSO) which is responsible for enabling an enterprise-oriented, coordinated approach to the System's credit risk management activities across Reserve Banks, and the System Leadership Initiative function which provides leadership development programming across the Federal Reserve System. The Chicago Fed employs about 1,600 people, who are primarily located at the head office in Chicago, in addition to a Branch in Detroit and an office in Des Moines.

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.

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.

PROHIBITED ACTIVITIES:

It is indispensable to the proper functioning of, and the maintenance of public confidence in, the Federal Reserve Bank of Chicago and the Federal Reserve System that every employee performs their duties with honesty, integrity, and impartiality and without improper preferential treatment of any person or organization. Each employee has a responsibility to the Bank and to the System to avoid conduct that places private gain above their duties to the Bank, gives rise to an actual or apparent conflict of interest, or might result in a question being raised regarding the independence of the employee’s judgment or the employee’s ability to perform the duties of their position satisfactorily. Compliance with both the rules set out in the Bank’s Code of Conduct and all applicable ethics rules, as well as the spirit of those rules, is required.

Examples include:

• Publicly traded company board positions

• Active roles in partisan politics, including partisan elected office

• Outside activities that are inconsistent with the employee’s duties and responsibilities

• Acceptance of compensation from third parties for teaching, speaking, or writing on a subject that relates to the employee’s responsibilities at the Bank

In addition to the above, the Federal Reserve recently adopted comprehensive new rules which limit the investment and trading activity of senior officials, including Reserve Bank Presidents. Under these rules, senior Federal Reserve officials are prohibited from purchasing individual stocks or sector funds; holding investments in individual bonds, agency securities, cryptocurrencies, commodities, or foreign currencies; entering into derivatives contracts; and engaging in short sales or purchasing securities on margin. Senior Federal Reserve officials must provide 45 days’ non-retractable notice for purchases and sales of securities, obtain prior approval for such transactions, and hold investments for at least one year. Purchases and sales may be prohibited during periods of heightened financial market stress.

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: https://www.chicagofed.org/careers/thebenefits

The deadline for applications is 5:30 p.m. CT on Friday August 22nd, 2025. If you have an interest in this opportunity, or a referral for the role, please contact: Tory Clarke Partner, Bridge Partners tory.clarke@bridgepartnersllc.com or Neeta Mehta Partner, Bridge Partners neeta.mehta@bridgepartnersllc.com

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Executive Family Group

Work Shift

First (United States of America)

The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.

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