Pros
Good benefits, good employee stock purchase plan, few positions require more than 50 hrs a week.
Cons
Once you get above entry level and early career jobs, it becomes ULTRA political and the culture is very cult like, you better have your pom poms on most of the time. The place is really Jim Herbert's kingdom. While he seems like a decent person, he has little knowledge of anything below his circle of confidants. The most highly valued jobs there were sales/relationship mgmt jobs, and to some extent cyber security jobs, anything else seemed to be considered an operational/regulatory necessity that just cost money. Little value was placed on the money those roles saved the bank. The bank's entire business model is to serve the interests of the ultra wealthy and the mass affluent. If you need your work to have more meaning than just collecting a paycheck, you might not want to work here. If you do work at FRB, know that success is equally (if not more so) dependent on how politically strong your manager is, and how you buy-into the culture, than it is on your objective work product and abilities.