Bank of America
Quantitative Finance Analyst
Bank of America, New York, New York, us, 10261
Quantitative Finance Analyst
Charlotte, North Carolina;Jersey City, New Jersey; New York, New York
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.
The role is part of the Global Banking Model Risk Management team within Enterprise Model Risk Management. As part of second line of defense, the role has a unique opportunity to review a wide array of credit risk models used for stress testing and allowance, which encompasses loans and leases made to commercial borrowers of various industries and straddles multiple LOBs across the firm. In managing model risk in this space, the candidate will engage with various groups of internal stakeholders and external regulators, develop a deep understanding of the business, credit risk management, and apply analytical skills, finance theories and statistical analysis to real-world problems tied to critical business processes. To be successful in this role, the candidate will not only possess intellectual curiosity to stay abreast of leading modeling practice, but also display a genuine interest in tracking emerging risks and assessing their impact on the bank’s portfolio.
Responsibilities:
Conduct thorough reviews and critical assessments of models, focusing on conceptual soundness, assumptions, data integrity, performance, implementation, and documentation.
Develop and execute effective testing plans, benchmarks, and testing code to challenge models through empirical analyses and verify implementation accuracy.
Engage in ongoing model review activities, including independent validation, ongoing monitoring report review, and addressing action items as necessary.
Collaborate closely with Model Developers, Model Users, Credit Risk, and stakeholders to prioritize and complete validation activities, ensuring alignment with organizational objectives.
Provide support to senior management by delivering key findings and assisting in interactions with external regulators.
Write technical reports for distribution and presentation to various stakeholders, including model developers, senior management, audit, and regulatory authorities.
Minimum Education Requirement: Master’s degree in related field or equivalent work experience
Required Qualifications:
Master's/Ph.D. in Economics, Finance, Mathematics, Statistics, Engineering, Computer Science, or a related field.
Minimum of 3 years of experience in statistics and econometrics (time series, regression modeling, etc.)
Excellent coding ability in programming with Python, SAS or R.
Experience working with large and complex data sets using Excel or SQL.
Excellent communication and writing skills, with a keen attention to detail.
Demonstrated ability to work effectively in a team environment with a strong work ethic.
Desired Qualifications:
Experiences with commercial credit risk rating, capital estimation and loss forecasting
Deep understanding and knowledge of model performance measures
Extensive knowledge of banking regulations on credit risk, model risk and credit risk modeling methodologies.
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
Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.
To view the "EEO is the Law" poster, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/eeopost.pdf) .
To view the "EEO is the Law" Supplement, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/OFCCP_EEO_Supplement_Final_JRF_QA_508c.pdf) .
View the LA County Fair Chance Ordinance (https://dcba.lacounty.gov/wp-content/uploads/2024/08/FCOE-Official-Notice-Eng-Final-8.30.2024.pdf) .
Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (“Policy”) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.
To view Bank of America’s Drug-free Workplace and Alcohol Policy, CLICK HERE .
This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.
Charlotte, North Carolina;Jersey City, New Jersey; New York, New York
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.
The role is part of the Global Banking Model Risk Management team within Enterprise Model Risk Management. As part of second line of defense, the role has a unique opportunity to review a wide array of credit risk models used for stress testing and allowance, which encompasses loans and leases made to commercial borrowers of various industries and straddles multiple LOBs across the firm. In managing model risk in this space, the candidate will engage with various groups of internal stakeholders and external regulators, develop a deep understanding of the business, credit risk management, and apply analytical skills, finance theories and statistical analysis to real-world problems tied to critical business processes. To be successful in this role, the candidate will not only possess intellectual curiosity to stay abreast of leading modeling practice, but also display a genuine interest in tracking emerging risks and assessing their impact on the bank’s portfolio.
Responsibilities:
Conduct thorough reviews and critical assessments of models, focusing on conceptual soundness, assumptions, data integrity, performance, implementation, and documentation.
Develop and execute effective testing plans, benchmarks, and testing code to challenge models through empirical analyses and verify implementation accuracy.
Engage in ongoing model review activities, including independent validation, ongoing monitoring report review, and addressing action items as necessary.
Collaborate closely with Model Developers, Model Users, Credit Risk, and stakeholders to prioritize and complete validation activities, ensuring alignment with organizational objectives.
Provide support to senior management by delivering key findings and assisting in interactions with external regulators.
Write technical reports for distribution and presentation to various stakeholders, including model developers, senior management, audit, and regulatory authorities.
Minimum Education Requirement: Master’s degree in related field or equivalent work experience
Required Qualifications:
Master's/Ph.D. in Economics, Finance, Mathematics, Statistics, Engineering, Computer Science, or a related field.
Minimum of 3 years of experience in statistics and econometrics (time series, regression modeling, etc.)
Excellent coding ability in programming with Python, SAS or R.
Experience working with large and complex data sets using Excel or SQL.
Excellent communication and writing skills, with a keen attention to detail.
Demonstrated ability to work effectively in a team environment with a strong work ethic.
Desired Qualifications:
Experiences with commercial credit risk rating, capital estimation and loss forecasting
Deep understanding and knowledge of model performance measures
Extensive knowledge of banking regulations on credit risk, model risk and credit risk modeling methodologies.
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
Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.
To view the "EEO is the Law" poster, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/eeopost.pdf) .
To view the "EEO is the Law" Supplement, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/OFCCP_EEO_Supplement_Final_JRF_QA_508c.pdf) .
View the LA County Fair Chance Ordinance (https://dcba.lacounty.gov/wp-content/uploads/2024/08/FCOE-Official-Notice-Eng-Final-8.30.2024.pdf) .
Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (“Policy”) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.
To view Bank of America’s Drug-free Workplace and Alcohol Policy, CLICK HERE .
This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.