First Vice President & Chief Operating Officer
First Vice President & Chief Operating Officer
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$ 425000 - 440000
1 Vacancy
Job Description
Company
Federal Reserve Bank of ChicagoThe 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 or Neeta Mehta Partner Bridge Partners
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 governments 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 Systems 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 1600 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 Banks financial performance operational performance and risk management. Oversees the components of the Banks 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 Systems 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 Banks 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 Banks values
Furthers the Culture
Demonstrates commitment to supporting the Banks 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 Districts 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 employees judgment or the employees ability to perform the duties of their position satisfactorily. Compliance with both the rules set out in the Banks 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 employees duties and responsibilities
Acceptance of compensation from third parties for teaching speaking or writing on a subject that relates to the employees 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 $425000 and $440000 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: 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 or Neeta Mehta Partner Bridge Partners
Full Time / Part Time
Full timeRegular / Temporary
RegularJob Exempt (Yes / No)
YesJob Category
Executive Family GroupWork 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 ( or through verified Federal Reserve Bank social media channels.
Required Experience:
Chief
Employment Type
Full-Time
