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. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.
Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits.
We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.
Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs.
At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. 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
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 re-designing, optimising, and leading the development, implementation and deployment 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, across a dynamic and innovative risk and capital modelling portfolio that spans the Enterprise. We are looking for experienced technically minded problem solvers with proven leadership credentials and the desire to work across functional areas to drive the design framework, model development, implementation, and deployment of next generation risk and capital models; including champion and challenger; able to leverage a wealth of experience in the pursuit of modelling excellence.
Responsibilities:
Provide leadership and technical acumen and experience in the design, development, implementation and deployment of new models, analytic processes or systems approaches.
Critical to the role is to be able to provide current industry standards to develop innovative approaches to modelling problems.
Collaborate with stakeholders across the company to collect requirements and then develop and build modelling and technical solutions to meet them; and effectively communicate those solutions to stakeholders.
Provide insight and thought leadership into the implementation of new models, analytic processes or systems approaches.
Promote the adoption of industry best practice for model development, implementation and monitoring.
Collaborate 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.
Minimum Education Requirement: Master’s degree in related field or equivalent work experience
Required Qualifications:
Highly numerical degree (Masters required and PhD level desirable) in Statistics, Financial Mathematics, Applied Mathematics, Economics, Physics or Engineering
Several years of relevant work experience or equivalent educational training
Technical skills: Statistics, Probability Theory, Econometrics, Financial Mathematics
Experience developing and implementing large quantitative models, managing 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 team members
Organized, practical and execution focused with some project management experience.
Desired Qualifications:
Experience in financial risk modelling, Capital modelling, loss forecasting etc.
Knowledge of regulatory guidelines including CCAR, CECL, DFAST, ICAAP.
Good stakeholder engagement skills with an ability to collaborate with colleagues in other functions (business, risk and model validation)
Self-motivated and intellectually curious about both the role, supporting technologies and the wider bank.
Skills:
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.
