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Quantitative Finance Analyst - Military Veterans

at Bank of America

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 modeling projects for specific business units or risk types. Key responsibilities include developing new models, analytic processes, or systems approaches, creating technical documentation for related activities, and working with Technology staff in the design of systems to run models developed. Job expectations include having a broad knowledge of financial markets and products.

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
  • Supports 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
  • Supports model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetite
  • Supports the 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

Counterparty Credit Risk Portfolio Management (CCRPM) team manages counterparty credit risk across the firm at both TOH and legal entity level, ensures compliance with regulatory requirements for Counterparty Credit Risk (CCR) Management and remediates regulatory requests around gaps identified in the CCR frameworks. The role will oversee managing various limits (Stress Gap, Contingent Market Risk), monitoring secondary risk factors, point of weakness analysis of the CCR portfolios, and reporting to internal stakeholders and regulators. The role entails measuring CCR for all lines of businesses in the Markets division covering all traded products (fixed income, currency, commodities, equities).

Monitor industry/sector events and impacts to the CCR portfolio.
Identify and escalate material exposures through regular portfolio review routines. Work with CCR teams on mitigation requirements.
Analyze Stress Gap/ CMR/PE/Stress PE exposures by counterparties by sector.
Design custom scenarios for sectors/industries, present in the Traded Product Scenario Forum.
Incorporate newly developed secondary risk metrics into Portfolio Reviews for ECR/EC consumption.
Establish exposure reporting requirements to ensure risk analytics are visible and are socialized.
Perform What-If Pre-Trade Analysis for new trades.
Highlight key exposures to Enterprise Credit, Enterprise Credit Risk and Front Office.
Interface with the Business lines, GMC, and ECR to develop/enhance margin models, work with GRA/MRM to obtain model validation. Establish governance, review and recalibration.
Perform 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.
Participate in constructing CCR portfolio reviews along with specialized deep dives on specific counterparties.
Present analysis to senior management, including Market Risk, Enterprise Credit and Enterprise Credit, as well as Front Office Sales and Trading.
In this capacity, the person will need to leverage their expertise in CCR and traded products to highlight areas that warrant additional investigation, monitoring and discussion.
The analysis will encompass a range of counterparty exposure management techniques such as potential future exposure, stress testing, sensitivity analysis, wrong way risk.
The person will assist in managing of counterparty concentration limits at the counterparty level across asset classes.

Minimum Education Requirement: Master's degree in related field or equivalent work experience

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


Shift:
1st shift (United States of America)

Hours Per Week:
40

Jersey City, NJ

Bank of America

You’ve led troops, now help lead your community 

As a leader in the military, you motivated troops to get the job done. We value your ability to influence change and encourage you to continue that influence here and in our communities. Our Military Affairs Team proudly supports veterans in our communities through education and volunteer events. Together, we can create better communities and a brighter future for us all. 

First you fought for the American dream, now you can guide its future

You joined the military to protect a nation and its people. Let the same passion for making a difference lead you to a new career. At Bank of America, we’re proud that more than 6,800 veterans work for us. They’ve discovered that their desire to help others didn’t end with their service. Here, you’ll help our customers and clients connect to better financial lives.

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