Bank of America
Quantitative Finance Analyst
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Job Title: Quantitative Finance Analyst
Corp Title: up to Assistant Vice President
Location: Bromley
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!
Location Overview:
Join our bustling Bromley office, situated in one of London’s greenest boroughs. Here you’ll find plentiful and easy commuting routes, with central London just 15 minutes away by train.
The Team:
Global Risk Analytics (GRA) as a sub-line of business within Global Risk Management (GRM). Responsible for developing a consistent and coherent set of models, analytical tools, and tests for effective risk and capital measurement, management, and reporting across Bank of America. GRA partners with the Lines of Business and Enterprise functions to ensure the capabilities it builds address both internal and regulatory requirements, and are responsive to the changing nature of portfolios, economic conditions, and emerging risks. In executing its activities, GRA drives innovation, process improvement, and automation.
Global Markets Risk Analytics (GMRA) is part of GRA. It is responsible for developing, maintaining, and monitoring counterparty credit risk and market risk models. GMRA also develops analytical tools to support regulatory, audit, and internal risk management needs for Global Markets.
This role sits within the Default Risk modelling team supporting the models used wherever we have IMA approval to quantify and capitalize the additional risks of default, rating migration, and base correlation movements on the portfolio.
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Responsibilities
- Development, testing, documentation, and maintenance of Default risk models: these will include risk factor simulation models, pricing models, aggregation models, as well as back-testing methodology
- Support of the Default Risk platform, including investigation and resolution of model-related system issues and practical quantitative support to model users.
- Improvements to model development infrastructure, such as test harnesses, support utilities, visualization tools
- Partner with internal groups including Capital, Risk, Technology, Model Risk Management, and Market Risk Management on model enhancement, performance testing, and documentation to remediate internal and external requirements.
- Prepare developmental evidence and document to support internal and external exams
- Identifying common themes across global markets along with improvement initiatives
- Communicating the results of this analysis to all model stakeholders including risk management, model development, model risk, senior management, and our regulators
- Supporting model development in confirming remediation of model issues prior to their being taken live
- Driving incremental improvement to our model performance assessment tool set across all business areas
Required Qualifications
- Master's degree or PhD required (preferably in Mathematics, Statistics, Physics, or related field)
- Experience working in quantitative modelling on behalf of a global financial institution
- Experience with mathematically sophisticated financial modelling
- Programming skills: key languages are C++ and Python; a solid understanding of sound software development qualities
- Up-to-date knowledge of industry trends and developments, a commercial instinct, and an understanding of sound risk management qualities
- Good written and oral communication, interpersonal and organizational skills, and ability to build and maintain relationships with personnel across areas and regions
- Ability to multitask with excellent time management skills
- Sense of focus and rigor in the completion of deliverables
- Pro-active behavior with capacity to seize initiative
- In-depth analysis and development of the bank’s IRC, CRM, and IDR models, using quantitative tools to understand model behavior, identifying and executing improvements to the model framework
- Engaging closely with all model stakeholders including risk management, model development, model risk, senior management, and our regulators to understand their expectations and plan delivery of improvements that meet their requirements
- Supporting bank-wide initiatives that impact these models – e.g., migration to Fundamental Review of Trading Book (FRTB), annual Comprehensive Capital Analysis & Review (CCAR) assessments
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Benefits of working at Bank of America (UK):
At Bank of America, we strive to prioritize employees’ health and wellbeing – it’s what makes us a Great Place to Work.
- Private healthcare for you and your family plus an annual health screen to help you manage your physical wellness with the option to purchase a screen for your partner
- Competitive pension plan, life assurance, and group income protection cover if you become unable to work as a result of a disability or health reasons
- We offer 26-weeks paid maternity leave, 16-weeks paid paternity leave, and inclusive family leave arrangements for working parents and carers including 20 days of back-up childcare including access to school holiday clubs and 20 days of back-up adult care per annum
- The ability to change your core benefits as well as the option of selecting a variety of flexible benefits to suit your personal circumstances including access to a wellbeing account, travel insurance, critical illness, cycle to work, etc.
- Use of a flex fund to use towards benefits
- Access to an emotional wellbeing helpline, and virtual GP services
- Access to the Peppy App which provides 1:1 support, consultations, and resources relating to men’s health, women’s health, fertility, menopause, and pregnancy & parenthood
- Access to a range of gyms, exercise classes, and wellbeing Apps through Wellhub, including Headspace and Calm
- Opportunity to give back to your community, develop new skills, and work with new groups of people by volunteering in your local area
Bank of America:
Good conduct and sound judgment is crucial to our long-term success. It’s important that all employees in the organization understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mindset are the cornerstones of our Code of Conduct and are at the heart of managing risk well.
We are an equal opportunities employer and ensure that no applicant is subject to less favorable treatment on the grounds of sex, gender identity or gender reassignment, marital or civil partner status, race, religious or similar philosophical belief, political opinion, color, nationality, ethnic or national origins, age, sexual orientation, pregnancy or maternity, socio-economic background, responsibility for dependants, or physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications, and experience.
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