Quantitative Finance Analyst

Quantitative Finance Analyst

Charlotte, North Carolina, United States;Atlanta, Georgia

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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.

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Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations.

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 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

Overview of Global Risk Analytics (GRA) and Enterprise Independent Testing (EIT)

Bank of America Merrill Lynch has an opportunity for a Quantitative Financial Analyst within our Global Risk Analytics (GRA) function. Global Risk Analytics (GRA) and Enterprise Independent Testing (EIT) are sub-lines of business within Global Risk Management (GRM). Collectively, they are 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 and EIT partner 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 and EIT drive innovation, process improvement and automation.

Overview of Consumer Model Development

The Consumer Model Development & Operations (CMDO) team is part of Global Risk Analytics. It provides quantitative solutions to enable effective risk and capital management across the Retail and Global Wealth & Investments Management (GWIM) lines of business. The team places strong emphasis on delivering world class quantitative solutions for Front Line Unit (FLU) model owners and stakeholders through a disciplined and iterative development process. The team has responsibilities across a number of areas :

Quantitative Modeling - Develop and maintain risk and capital Models and Model Systems across Retail and GWIM product lines. Models and Model Systems provide insight into many risk areas, including loan default, exposure at default (EAD), loss given default (LGD), delinquency, prepayment, balances, pricing, risk appetite, revenues and cash flows.

Quantitative Solutions Engineering - Architect, implement, maintain, improve and integrate quantitative solutions on strategic GRA platforms. Outputs include GRA libraries that perform consumer risk model calculations, analytical tools, processes and documentation. Partner in defining, adopting, and executing GRA's technical strategy.

Risk and Capital Management Capabilities - Build best in class quantitative solutions that enable the Retail and GWIM lines of business to effectively manage risk and capital, through the application of the disciplined BAU development process that includes extensive interaction with the FLU model owners and stakeholders throughout the quantitative lifecycle.

Infrastructure - Partner in driving forward the infrastructure to support the goals of GRA through code efficiencies, and expansion of quantitative capabilities to better leverage infrastructure and computational resources.

Documentation - Deliver concise, quantitative documentation to inform stakeholders, meet policy requirements, and enable successful engagement in regulatory exams (e.g., CCAR, CECL) via automated, modularized, and standardized documentation and presentations.

The Quantitative Finance Analyst will interact with a wide variety of stakeholders including risk managers, model developers, operations, technology, finance, and capital.

The main responsibilities will involve :

Software development : implement, maintain, improve and integrate quantitative solutions on strategic GRA platforms. Development takes place almost entirely in Python, with some C++ for high performance components.

Maintain code quality through best practices, unit testing and code quality automation.

Understand the whole product, its modules, and the interrelationship between them, while being an expert in the assigned component or module.

Possess advanced domain knowledge and show great customer focus. Leverage skills in methodologies and build, release, and deployment processes.

Partner in defining, adopting, and executing GRA's technical strategy.

Identify and apply new software development techniques to support enhanced granularity of risk management capabilities. Employ elevated intellectual curiosity and an acute sense of innovation.

Elevated intellectual curiosity with acute sense of innovation to identify and apply new statistical and econometric techniques to support enhanced granularity of risk management capabilities

Articulating the overall holistic picture of model performance, with clear conclusions regarding accuracy and remediation areas as required

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

Required Qualifications : Successful candidates will have a minimum 5 years relevant experience and will possess the following skills :

Strong Python software development skills

Familiar with software design principles : separation of concerns, single responsibility, DRY, etc.

Understanding of algorithms and data structures

Experience with Linux operating system and command line tools

Experience with version control systems, i.e., Git

Knowledge of SQL

Strong communication skills and ability to effectively communicate quantitative topics to technical and non-technical audiences

Strong team player able to seamlessly transition between contributing individually and collaborating on team projects; Understands that individual actions may require input from manager or peers; Knows when to include others

Experience implementing models into various production environments

Demonstrated leadership skills; Ability to exert broad influence among peers

Strategic thinker that can understand complex business challenges and potential solutions

Sees the broader picture and is able to identify new methods for doing things

Ability to work in a large, complex organization, and influence various stakeholders and partners

Ability to work in a highly controlled and audited environment

Exceptional programming skills in high performance python

Exceptional Terabyte-scale Spark programming and optimization

Desired Qualifications : The ideal candidate will possess the following skills and experience :

GRA Core Platform (GCP) experience

Familiar with systems architecture concepts : service based, layered, microservices, scalability patterns

Experience with engineering complex, multifaceted processes that span across teams; Able to document process steps, inputs, outputs, requirements, identify gaps and improve workflow

Experience creating, optimizing, and debugging software solutions deployed into distributed computing environments (experience with Spark is a plus)

Familiar with use of vectorization and data locality concepts to optimize software efficiency

Experience with high performance Python libraries, i.e., Numpy, Numba, Cython

Experience with LaTeX

Familiarity with SDLC tools : unit testing libraries, Jira, Jenkins

Consumer Financial Product Industry 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

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, 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.

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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.

Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations. Should you be offered a role with Bank of America, your hiring manager will provide you with information on the in-office expectations associated with your role. These expectations are subject to change at any time and at the sole discretion of the Company. To the extent you have a disability or sincerely held religious belief for which you believe you need a reasonable accommodation from this requirement, you must seek an accommodation through the Bank's required accommodation request process before your first day of work.

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