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Quantitative Finance Analyst

Jersey City, New Jersey

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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.

Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being an inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.

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

Quantitative Finance Analysts in Global Risk are responsible for designing and overseeing the implementation of common, reusable, and scalable software components. These components enable GRM’s data and analytical capabilities. These components can be domain independent (e.g., generic data quality tools over billions of rows of data) or domain specific (e.g., classification models for surveillance or testing framework for Global Markets processes). Quantitative Finance Analysts work with senior modelers, risk managers, and technologists to understand the current state and design the future state of data and analytics. Quantitative Finance Analysts have a combination of software engineering, big data, modeling and management skills and the ability to work across the entire spectrum of a big data stack – from data to logic to model to UI to UX.

+ Seek opportunities for consistent improvement in quality, efficiency, and processes

+ Partner effectively with senior stakeholders within GRA & EIT, Front Line Units, Technology, Audit and Compliance

+ Provide leadership and oversight to less experienced team members

+ Applying quantitative methods to develop capabilities that meet line of business, risk management and regulatory requirements

+ Understanding financial data: schemas, flow, size, data issues, data controls, etc.

+ Building performant big data pipelines

+ Use programming skills and knowledge of software development lifecycle principles to deliver high quality code for model and testing processes

+ Collaborate with key stakeholders across the Bank to understand modeling and testing business processes and requirements

+ Think outside the box of current industry standards to develop innovative approaches

+ Maintaining and continuously enhancing capabilities over time to respond to the changing nature of portfolios, economic conditions, and emerging risks

+ Source and evaluate data required for modeling and testing

+ Design and develop and implement models and tests

+ Produce clear, concise, and repeatable technical documentation models and tests for internal and regulatory purposes

Required Qualifications:

+ 5 +years of relevant experience in software engineering in Quantitative Finance or other industries

+ Strong Programming skills (e.g., Python) and solid understanding of Software Development Life cycle principles

+ Proven track record of seamlessly leading and executing enterprise-wide initiatives

+ The candidate must be a strong communicator and able to effectively explain the rationale and details of the methodologies to a broad set of audiences that include key senior stakeholders across the Bank, as well as auditors and regulators

+ Strong analytical and problem-solving skills

+ Candidates should have at least three of the following skills:

+ Experience applying quantitative methods such as modelling, data analytics, machine learning, and statistics to develop business solutions

+ Experience with large scale data sets with structured or unstructured data

+ Experience in building user facing applications over large amounts of data using technologies like React, Angular, JavaScript etc.

+ Experience implementing process improvements and automation

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

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

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.

To view the "Know your Rights" poster, CLICK HERE (https://www.eeoc.gov/sites/default/files/2023-06/22-088\_EEOC\_KnowYourRights6.12.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.

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.

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.