Full Job Description
Head of Wholesale Product Office, Deputy Product Manager-265626
Federal Reserve Bank of New York
Primary Location NY-New York City
Full-time / Part-time Full-time
Employee Status Regular
Overtime Status Exempt
Job Type Experienced
Shift Day Job
Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It is a challenge that demands the skills of a financial service professional and the intelligence an academic—all combined with a passion for public service.
What we do:
The Wholesale Product Office (WPO) manages the Fedwire Funds Service, the Fedwire Securities Service, and the National Settlement Service (NSS) on behalf of the Federal Reserve System. Collectively, these services clear and settle financial transactions exceeding $4 trillion per day and are a foundational underpinning of the United States financial system. Thousands of banks, credit unions, other depository institutions, and a variety of U.S. government entities are direct users of the WPO’s services and critically depend on them to smoothly, safely, and efficiently conduct their operations and serve their customers/constituents. Most of the leading financial market utilities (FMUs) in the United States rely on the WPO’s services to enable settlement, funding, and/or de-funding of positions between the FMU’s participants. In managing the wholesale services, the WPO establishes the business direction for, coordination between, and first line oversight of the operational and technical units that run and technically enhance the business on a day-to-day basis.
The leader we seek will bring dynamic and forward-looking leadership and perspective to a complex organization and will drive the development, integration and execution of strategy, priorities, services and initiatives that advance and balance both short and long-term goals. This role requires capacity to lead change by informing, influencing and inspiring others, with passion and values about people, inclusion, engagement and culture. The successful leader models and sets a tone of expectation with respect to collaborating with colleagues and others proactively, relying heavily on the expertise and leadership of others across the Bank and System to achieve shared accountability for desired outcomes.
Your role as Head of the Wholesale Product Office, Deputy Product Manager:
The Head of the Wholesale Product Office, Deputy Product Manager is responsible for overseeing and ensuring performance of the Wholesale Product Office: Fedwire Funds Service, Fedwire Securities Service, National Settlement Service (NSS) & Wholesale Operations.
Lead the WPO’s work to improve the safety, speed and efficiency of the US payment system through the implementation of new technology solutions and processes
Direct the financial goals of the Wholesale business such as revenue/cost recovery including pricing review, pricing strategy, and product performance
In Support of the Wholesale Product Manager, seamlessly represent the Wholesale Product Office to the marketplace on behalf of the Federal Reserve Banks through participation in and/or leadership of industry committees and by making presentations at industry conferences
Collaborate in the development of the WPO’s strategic plans and programs as a change leader to senior management.
Communicate, advocate and proactively move forward the mission, vision, values, strategy and priorities of the Bank, bringing managers and leaders along in their understanding and ability to align and execute accordingly
Partner with clients within the Bank and throughout the Federal Reserve System as well as with external stakeholders to identify and address business needs, using influence and empathy to build relationships by earning trust and confidence
Lead the implementation and evaluation of the WPO’s strategy and priorities
Work with other senior leaders across the Federal Reserve System to ensure alignment of the WPO’s business strategy and priorities to the Federal Reserve System’s strategy and priorities for financial services
Evaluate the WPO’s structure and teams on an on-going basis to ensure continuous improvement and the efficiency and effectiveness of the group
Build a strong team and engage with individuals on their professional and personal growth, with emphasis on developmental opportunities
Provide the highest quality service and execution of operational responsibilities and ensure that all governance and control requirements are met to the highest standards
Please note that once the work from home mandate is lifted and individuals can safely travel, this role involves some travel to other Federal Reserve Banks and to industry conferences
What we are looking for:
Background in payment systems and private sector clearing and settlement arrangements highly preferred
Track record of successful leadership to drive results and proactively manage change in a complex and dynamic organizational, technological and operating environment
Strong collaboration skills and an interest in ensuring strong relationships with an ability to partner effectively with others in the pursuit of common goals
Emotional intelligence, including the ability to build trust in a variety of relationships through candor, reliability and authenticity as well as the capacity to embrace and draw from diversity and inclusion to improve the quality of outcomes
Executive presence, judgment and pitch in communicating and supporting effective discussion and decision making among boards, policy makers and others
Interest and strong ability in the sustainable and ongoing development of people, technology and other elements essential to achieving results over the long term
Strong business acumen with a proven ability to evaluate the costs, risks and benefits associated with alternative actions before making decisions
Intellectually curious and nimble, with the demonstrated ability to learn, synthesize and apply a range of information and experience quickly in new situations and settings
Outstanding people manager, with inspirational leadership skills. Proven ability to coach, lead and develop others to achieve their professional best
Excellent change management skills, including advocating, anticipating and orchestrating change. Creates a team culture that enables staff to achieve results in a changing environment
Facility at collecting, analyzing and interpreting qualitative and quantitative data and information to develop thorough understanding of stakeholder motivations, preferences and opinions and spot emerging trends or issues, and to influence and drive results in the Bank
Our organization offers benefits that are the best fit for you at every stage of your career:
Fully paid Pension plan and 401k with Generous Match
Comprehensive Insurance Plans (Medical, Dental and Vision including Flexible Spending Accounts and HSA)
Subsidized Public Transportation Program
Tuition Assistance Program
Onsite Fitness & Wellness Center
Flexible Work Arrangements
Please note that the position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are permanent residents may be eligible for the information access required for this position if they sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship and meet other eligibility requirements.
In addition, all candidates must undergo an enhanced background check, comply with all applicable information handling rules, and will be tested for all controlled substances prohibited by federal law, to include marijuana.
The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change.