Bank of England Reviews
Updated Jan 18, 2022
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Found 343 of over 410 reviews
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Approve of CEO
Mark Carney
141 Ratings
Pros
"Staff are treated well with a great work life balance" (in 107 reviews)
"Managed flexible working during the pandemic very well" (in 40 reviews)
Cons
"Lower salary than private sector equivalent" (in 20 reviews)
"Career progression not always based on merit" (in 19 reviews)
Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.
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- Current Employee, more than 3 years★★★★★
Pros
Working at the Bank you have opportunity to take ownership of key projects and work in with relevant stakeholders in the sector. Amazingly diverse and inclusive environment.
Cons
Decision making process is slow and challenging sometimes.
- Former Employee, more than 3 years★★★★★
Pros
- Exposure to interesting and topical areas of work - Exposure to senior stakeholders at firms with a high level of responsibility/ agency - Great work-life balance - Strong exit opportunities to Risk/ Consulting professions - Strong overall salary for the first 4 years (when taking into account the pension/ benefits package) - Some really intelligent and interesting people
Cons
- Terrible technology infrastructure. As opposed to investing money into modern infrastructure to handle data, the Bank encourages in-house Supervisors/ Senior Supervisors to build systems in their spare time at work. Internal systems used to review firm regulatory data consist of antiquated Excel spreadsheets which are extremely slow and prone to error. Where money is invested, the choice of technology is poor; with a notable example being the Bank's recent material investment into hybrid tablet laptops which are not fit for purpose. As a result, basic programs are extremely slow and crash frequently which has an impact on day-to-day work and morale. The most senior staff at the Bank are constantly discussing their plans to improve technology, although the reluctance to invest money results in a focus on workarounds for inadequate legacy systems. Overall, this has a huge impact on the ability of staff to perform their jobs. - The great work-life balance at the Bank is not consistent across teams. There are teams with a lower workload and other teams where there is a very high workload. The pay in both areas will be the same but the workload may differ by a factor of two or three times. - The Bank is not well-paid compared to the private sector or other central banks. More experienced or technical staff are predominantly individuals towards the end of their career who want a slower-paced career, while graduate retention is poor. This can lead to a case of 'the blind leading the blind' where non-technical, younger managers are unable to develop graduates. There is high turnover and a lack of technical staff. - The senior management at the Bank is generally strong. There are a number of managers below this level with extremely poor communication/ people skills in position as a result of their long tenure at the Bank. These individuals are not held to account and any incompetence in their team will be blamed on the staff under their management.
Continue reading - Current Employee, more than 8 years★★★★★
Pros
Interesting work Investment in training and research You can get exposure to interesting fields, and rotate Lots of flexibility
Cons
Lack of D&I; hard to get promoted; pay not great
Continue reading - Current Employee, more than 1 year★★★★★
Pros
Great diversity & inclusion Easy to move around within the Bank Some really intelligent people Good working hours
Cons
Low salary Slow progress Variation in ambition across teams Poor incentive structure
- Current Employee★★★★★
Pros
People are friendly, nice place to work
Cons
Pay can be quite low. Progression is limited in some areas.
- Former Employee, more than 3 years★★★★★
Pros
Superb culture, interesting work, diverse workforce.
Cons
Salaries not bad for public sector but still low for London.
- Current Employee, more than 5 years★★★★★
Pros
Flexibility and people friendly; and nice to work with.
Cons
Career progression limited. Getting things done can be drawn out - decisions can be by committee.
Continue reading - Current Employee★★★★★
Pros
meaningful, competent, influential, technical, prestigious
Cons
low salary, hard work, hierarchical, long hours, low career prospects
- Current Employee, more than 1 year★★★★★
Pros
Managers prioritise your work-life balance with respectable working hours. Plenty of cross-division work opportunities are available outside your immediate division. Colleagues are friendly and helpful. Work is extremely interesting and impactful, with exposure to the higher echelons of finance (individuals and issues).
Cons
Career progression can get a bit slow during the later stages.
- Current Employee, more than 5 years★★★★★
Pros
Large company Great social life Diversity Great benefits package for permanent staff Personal development
Cons
Progression Bonuses Mentorship Hard to get into managerial roles
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