Bank of England Reviews | Glassdoor.co.uk

Bank of England Reviews

Updated 13 May 2018
99 reviews

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3.8
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Bank of England Governor Mark Carney
Mark Carney
53 Ratings

99 Employee Reviews

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Pros
Cons
  • Pay typically lower than private sector as expected (in 8 reviews)

  • Pay in SRS generally competitive on entry but lags over time due to public sector pay cap (in 8 reviews)

More Pros and Cons

  1. "Interesting work. Good benefits. Good work/life balance"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Manager in London, England
    Former Employee - Manager in London, England
    Recommends
    Positive Outlook
    No opinion of CEO

    I worked at Bank of England full-time (More than 3 years)

    Pros

    Interesting work. Good benefits. Good work/life balance

    Cons

    Salary progression slow even on promotion


  2. "Economist"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Bank of England full-time

    Pros

    great people, work-life balance and highly interesting work

    Cons

    slow career progress, compensation, poor incentives

  3. Helpful (1)

    "Excellent benefits but slow career progression & poor management in the COO division"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Change Management in City of London, England
    Former Employee - Change Management in City of London, England
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Bank of England full-time (More than a year)

    Pros

    Excellent work life balance.
    Excellent benefits such as extra holidays, dental care, free in house gym membership and many more.
    Relaxed working environment.

    Cons

    Management do not listen to employees and are not transparent despite always promoting this across the division.
    Extremely hierarchical.
    Management do not create a great atmosphere to work in as the dynamic of the whole bank environment can only be described as strange when it’s supposed to be a friendly place to work in.
    Extremely slow career and salary progression.
    Salary is not competitive, instead it’s low pay with only a small increase yearly.

    Advice to Management

    Listen and care for your employees and make the Bank of England a great place to work for!


  4. "An interesting place to start..."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Insurance Supervision in London, England
    Former Employee - Insurance Supervision in London, England
    Recommends
    Neutral Outlook
    No opinion of CEO

    I worked at Bank of England full-time (More than 5 years)

    Pros

    Good ability to regularly work from home and tailor your hours to suit your childcare or family needs.

    The study package offered is very fair and there is an emphasis on studying and achieving (compared to industry, here you wouldn't be asked to miss study days or work late near exams)

    Because of the non competitive nature of a company that doesn't make a profit it means it can attract lots of really nice people who you do learn a great deal from. I just feel though that for all teams to succeed you need diversity - there are leaders, go getters and the nice quiet types and I think this place has too much of the latter meaning there is not much innovation or dynamism.

    Cons

    - I found due to pay offered the people we attracted to work in the team post-FSA were either wanting the flexibility due to young families or maternity leave, or were not always very good (who would be willing to accept pay £20k-£30k below market?). This was one of the reasons I wanted to leave as I found there were a few enthusiastic ambitious staff members picking up the work for a larger team who maybe saw it as a "coasting" role for a few/many years.

    - A lot to employees haven't worked in industry for a while so the ideas and projects they consider are not practical or pragmatic.

    - Senior management in some areas are inefficient (this isn't just a BoE problem though)

    - Progress is tricky. Merit based promotions don't seem to occur as there is focus is on wage inflation so you will get promoted every few years if you "do your time" which isn't a great culture to set. It means the good people will naturally leave which is to the detriment of the wider team.

    Advice to Management

    Have enforced secondments every 2-3 years for staff (maybe on a swap basis) to ensure staff remain relevant and up to date on industry standards. This is more relevant to the PRA than wider Bank. This would improve staff knowledge and also the PRA reputation as sometimes feedback is issued that may show a lack of understanding.

    Ensure promotions are merit based and not just who has been around longest.

    Try to retain dynamic team members, we lost a great deal of good staff members when I worked there and it's what made me consider leaving. There is an arrogance thinking there will always be people wanting to work at the Bank but you need to consider if these are the right people.


  5. Helpful (1)

    "Prudential Regulation Authority"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Supervisor in London, England
    Current Employee - Supervisor in London, England
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at Bank of England full-time (More than 3 years)

    Pros

    Good workplace culture and senior managers are keen to help you progress, although HR can get in the way sometimes.

    Cons

    Low pay relative to the city of London and other financial institutions, but this is not surprising given it is not a private bank run for profit.

    Advice to Management

    Doing good work so far and I'm enjoying working here. More emphasis on casual flexible working (i.e. working from home more regularly) wouldn't hurt.


  6. "Senior Risk Specialist"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Risk Specialist in Surbiton, England
    Current Employee - Risk Specialist in Surbiton, England
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Bank of England full-time (More than a year)

    Pros

    Great culture, very little hierarchy (at least in SRS), real commitment to flexible working (in part a pragmatic response to desk shortage)

    Work is interesting an allows a much broader view than you would ever get in a firm.

    In an era of juniorisation, get to work with a diverse group of people with vast collective experience

    Cons

    Pay in SRS generally competitive on entry but lags over time due to public sector pay cap. 10% bonus max but offset with rpi linked db pension.

    People stick around so not somewhere to go if you want rapid progression

    Advice to Management

    Get some better chefs in the canteen


  7. Helpful (2)

    "Policy analyst"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Policy Analyst in London, England
    Former Employee - Policy Analyst in London, England
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Bank of England full-time (More than a year)

    Pros

    Amazing culture, full of very intelligent staff, collegiate culture. Always interesting work to do and you get exposed to the inner workings of financial regulation.

    Cons

    Low pay relative to rest of the City.
    Offices are in the Bank itself and are a little uncomfortable.
    Silo culture in some cases

    Advice to Management

    Refurbish interior offices, greater communication between different departments.

  8. "BBB"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    Pros

    Excellent work life balance policy

    Cons

    Lack of corporate driven environment


  9. "Okay"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    Pros

    Nice people, flexible, laid-back culture

    Cons

    Slow, no clear learning path


  10. "Good Graduate Programme"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Graduate Analyst in London, England
    Current Employee - Graduate Analyst in London, England
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Bank of England full-time (Less than a year)

    Pros

    Friendly culture, good training, good work life balance

    Cons

    Less pay versus other jobs in finance


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