Senior Quantitative Finance Analyst page is loaded
Senior Quantitative Finance Analyst
Apply locations Jersey City Charlotte time type Full time posted on Posted 30+ Days Ago job requisition id 24029866
Job Description:
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
Job Description:
This job is responsible for conducting quantitative analytics and complex modeling projects for specific business units or risk types. Key responsibilities include leading the development of new models, analytic processes, or system approaches, creating technical documentation for related activities, and working with Technology staff in the design of systems to run models developed. Job expectations may include the ability to influence strategic direction, as well as develop tactical plans.
Responsibilities:
- Performs end-to-end market risk stress testing including scenario design, scenario implementation, results consolidation, internal and external reporting, and analyzes stress scenario results to better understand key drivers
- Leads the planning related to setting quantitative work priorities in line with the bank’s overall strategy and prioritization
- Identifies continuous improvements through reviews of approval decisions on relevant model development or model validation tasks, critical feedback on technical documentation, and effective challenges on model development/validation
- Maintains and provides oversight of model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetite
- Leads and provides methodological, analytical, and technical guidance to effectively challenge and influence the strategic direction and tactical approaches of development/validation projects and identify areas of potential risk
- Works closely with model stakeholders and senior management with regard to communication of submission and validation outcomes
- Performs statistical analysis on large datasets and interprets results using both qualitative and quantitative approaches
Skills:
- Critical Thinking
- Quantitative Development
- Risk Analytics
- Risk Modeling
- Technical Documentation
- Adaptability
- Collaboration
- Problem Solving
- Risk Management
- Test Engineering
- Data Modeling
- Data and Trend Analysis
- Process Performance Measurement
- Research
- Written Communications
Minimum Education Requirement: Master’s degree in related field or equivalent work experience
Bank of America has an opportunity for a Senior Quantitative Finance Analyst within the Alternative Modelling Group (AMG), a Global Risk Analytics (GRA) team.
Company Overview:
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
The Team:
Bank of America has an opportunity for a Senior Quantitative Finance Analyst within the Alternative Modelling Group (AMG), a Global Risk Analytics (GRA) team.
Global Risk Analytics (GRA) is a sub-line of business within Global Risk Management (GRM). The GRA team provides quantitative capabilities supporting global risk management and capital management and develops a consistent set of risk and capital models and analytical tools that support decision making across the bank.
As part of GRA - Alternative Modelling Group (AMG) builds alternative models, using innovative methods, which challenge and benchmark risk and capital champion models across the enterprise; and has a vision to challenge what is possible across Risk and Capital Modelling.
The role will involve leading the development and enhancement of the next generation of Risk and Capital models to improve the bank’s risk management capability. This is a challenging and intellectually stimulating role driving a dynamic team that is used to delivering in a timely manner across the Enterprise.
Overview of the Role:
We are looking for a senior market risk or front office quant. The right candidate will have a track record of delivering credit risk/rates models across a range of products. They will possess strong modelling and domain knowledge and have worked with senior internal stakeholders and, ideally, have exposure to external regulators.
• Provide leadership and technical acumen and experience in the development of new models, analytic processes or systems approaches
• Critical to the role is to be able to think outside the box of current industry standards to develop innovative approaches to modelling problems
• Pro-actively work with stakeholders across the company to collect requirements and then develop and build modelling solutions to meet them; and effectively communicate those solutions to stakeholders
• Provide insight and thought leadership into the development of new models, analytic processes or systems approaches
• Promote the adoption of industry best practice for model development, implementation and monitoring
• Pro-actively work with stakeholders across the firm to identify opportunities to improve existing models/processes
• Produce clear and coherent technical documentation for internal and regulatory purposes
• Be able to effectively govern models and processes to ensure we meet the highest levels of regulatory expectation
• Take ownership to deliver results and meet critical deadlines
Required Skills:
• Experience in the areas of Credit or rates modelling, regulatory capital modelling, loss forecasting
• A Practical knowledge of credit and rates products including loans, bonds, structured rates and credit and related derivatives
• Highly numerical degree (Masters required and PhD level desirable) in Statistics, Financial Mathematics, Applied Mathematics, Economics, Physics or Engineering
• 7+ years of relevant work experience or equivalent educational training
• Technical skills: Statistics, Probability Theory, Econometrics, Financial Mathematics
• Ability to developing quantitative models and handle large data sets
• Proven leadership abilities, working across organizational lines
• Strong programming skills; SQL, Python, VBA, Latex
• Strong technical writing and clear verbal communication skills
• Experience of, and ability to work under pressure and deliver to tight deadlines
• Ability to work independently, multitask and properly prioritize multiple projects
• Curiosity and willingness to develop and work on new ways of modelling
• Capable of providing leadership to junior quantitative analysts
Desired Skills:
• Experience of developing or working with front office pricing models
• Knowledge and familiarity of regulatory guidelines including, but not limited to, CCAR, CECL, DFAST, ICAAP
• Strong stakeholder engagement skills with an ability to work with colleagues in other functions (business, risk and model validation)
• Organized, practical and execution focused with some project management experience
• Self-motivated and intellectually curious about both the role, supporting technologies and the wider bank
Shift:
1st shift (United States of America)
Hours Per Week:
40
Pay Transparency details
US - NJ - Jersey City - 525 Washington Blvd (NJ2525)Pay and benefits informationPay range$125,000.00 - $210,000.00 annualized salary, offers to be determined based on experience, education and skill set.Discretionary incentive eligibleThis role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.BenefitsThis role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.
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