Sr Quantitative Financial Analyst

2 months ago

Newark, United States Bank of America Full time
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

What would you like the power to do?
Bank of America's Global Risk Analytics (GRA) organization has a high impact opportunity for a Senior Quantitative Financial Analyst within its Consumer Loss Forecasting (CLF) team.
The GRA group is a quantitative group which delivers models, tools, and analysis needed to effectively manage Risk and Capital. The CLF team provides insights via credit loss forecasts and related portfolio, model and forecast analytics on Bank of America's approximately $500 billion consumer loan portfolio (including Mortgages, Credit Cards, and Auto loans). This position will primarily focus on the US Credit Card and Business Card portfolios from a forecast administration standpoint, primarily for the CECL use case.

This role plays a critical part in the Bank's allowance and financial planning, stress testing, and risk management activities, with the main area of focus being Card CECL Forecast Administration. It requires combining knowledge of operational management with analytical skills to complete and enhance loss forecasting capabilities and ensure a strong end-product for stakeholder consumption.

The Senior Quantitative Financial Analyst interacts with a wide variety of stakeholders including peer loss forecasters, model operations, model developers, reserve, finance, enterprise stress testing, risk and the front line unit. The Analyst should be able to effectively communicate complex trends impacting the loss projection, including economic, modeling and consumer health concepts and trends.

The Analyst will interact with governance partners across Model Risk Management, PWC, and Corporate Audit to ensure policy adherence; this requires serving as thought leader to assess and evolve control change efforts covering end to end delivery of loss forecasting projections.

CECL Forecast Administration includes:
o Identifying needs and requirements for each Card CECL loss submission cycle in partnership with Allowance, inclusive of economic scenarios and forecast attributions; this includes coordinating needed runs with model execution team and confirming that timelines in each of the forecast calendar will enable timely submission
o Assessing loss model historical back-testing by component to facilitate recommended forecast adjustments; this includes presenting rationale to stakeholders, obtaining buy-in from partners, and working with model development partners to address model limitations o Creating crisp and executive-level forecast and analytics content for CECL Loan Loss Working Group meeting; this includes creating commentary to effectively explain trends, analyze loss projections and portfolio quality, and ensure forecast reasonability and readability
o Drive analytics pipeline covering model health and consumer ability to pay across Card
o Organizing across teams to ensure forecasting/analytics/modeling/control needs fulfillment
o Assists with Corporate Audits, PWC reviews, and quarterly SOX requirements impacting the Card loss submission (includes review and challenge evidence for each cycle, process flows and other governance documentation requirements)
o Leading Business Card CECL process optimization efforts to adopt a similar infrastructure as exists for Consumer Card; this entails participating in the model build process, providing guidance on required MIS, analyzing output, and partnering across GRA to drive strategic deployment. This project is targeted for 2Q25 deployment.
Each of these responsibilities require advanced analytical and quantitative capabilities, strong written and verbal communication skills, influencing resources from within the team and on other teams, and ability to identify core implications and connections within complex issues

Required Skills:
- Graduate degree in quantitative discipline (e.g. Mathematics, Economics, Engineering, Finance, Physics)
- 8+ years of experience in model development, statistical work, forecasting, data analytics or quantitative research
- Experience in Risk, Credit, Collections or Financial Operations with demonstrated track record of generating and communicating insights which improve performance and understanding
- Track record of driving change and advancing the status quo via strategic thinking across forecasting, analytics, automation of operations and control
- Strong business and financial acumen
- Attention to detail coupled with ability to simplify the complex
- Experience in data science and analysis, with excellent analytical skills
- Demonstrated ability to organize and work collaboratively across multiple teams and functions
- Strong written/oral communication skills, with the ability to adjust to both technical and executive audience
- Flexibility to work independently with little supervision and in a complex team environment
- Proficiency with Tableau, MS Excel, and PowerPoint

Desired Skills:
- Proven analytical ability and problem-solving skills as demonstrated through banking experience related to forecasting, analytics and operations with ability to pro-actively lead
- Experience meeting with internal/external examiners and responding to questions and required actions
- Previous demonstrated strong leadership / project management experience
- Consumer behavior analytics or risk modeling in a financial institution
- Programing skills (SQL, Python, R, LaTeX)
- Experience with CECL/DFAST/CCAR

Job Description:
This job is responsible for conducting quantitative analytics and complex modeling projects for specific business units or risk types. Key responsibilities include leading the development of new models, analytic processes, or system approaches, creating technical documentation for related activities, and working with Technology staff in the design of systems to run models developed. Job expectations may include the ability to influence strategic direction, as well as develop tactical plans.

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
  • Leads 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
  • Maintains and provides oversight of model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetite
  • Leads and provides 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
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

  • Senior Quantitative Risk Analyst

    2 weeks ago

    Newark, Delaware, United States Bank of America Full time

    Position Overview:As a Senior Quantitative Risk Analyst at Bank of America, you will play a pivotal role in enhancing our financial analytics capabilities. This position is situated within the Consumer Loss Forecasting (CLF) team, which is integral to our Global Risk Analytics (GRA) organization.Key Responsibilities:Conduct advanced quantitative analyses and...

  • Financial Analyst

    4 weeks ago

    Newark, United States firstPRO, Inc Full time

    Financial AnalystOur client is seeking a Financial Analyst! This is a newly created role due to growth and will support all aspects of corporate FP&A.Duties- Conduct quantitative research and analysis to support financial forecasting- Develop and maintain financial models for business forecasting- Perform in-depth financial analysis and provide...

  • Quantitative Finance Analyst

    2 months ago

    Newark, United States Bank of America Full time

    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...

  • Corporate Financial Analyst

    2 weeks ago

    Newark, Delaware, United States firstPRO, Inc Full time

    Corporate Financial AnalystfirstPRO, Inc is in search of a Corporate Financial Analyst. This position has been established due to the expansion of our operations and will encompass all facets of corporate Financial Planning and Analysis (FP&A).Key Responsibilities1. Execute quantitative research and analysis to facilitate financial forecasting.2. Design and...

  • Senior Rates Analyst

    2 weeks ago

    Newark, New Jersey, United States Axelon Full time

    Principal Staff Rates Analyst Company: Axelon Contract Duration: 12+ Months Compensation: $46/hr, W 2 Work Arrangement: Hybrid: Onsite and Remote As a Principal Staff Rates Analyst, you will be responsible for conducting comprehensive technical and financial assessments to formulate and secure regulatory endorsement for electric and gas rate structures and...

  • Senior Rates Analyst

    2 weeks ago

    Newark, New Jersey, United States Axelon Full time

    Principal Staff Rates Analyst Company: Axelon Contract Duration: 12+ Months Compensation: $46/hr, W 2 Work Arrangement: Hybrid: Combination of Onsite and Remote As a Principal Staff Rates Analyst, you will be responsible for conducting technical and financial assessments to formulate and secure regulatory endorsement for electric and gas rate structures, as...

  • Financial Analyst for Capital Markets

    2 weeks ago

    Newark, New Jersey, United States Broadridge Financial Solutions , Inc. Full time

    Position Overview:The Financial Analyst will be an integral part of the FP&A team, focusing on the Capital Markets division within Broadridge Financial Solutions, Inc.Key Responsibilities:- Collaborate closely with finance personnel and business leaders to manage, forecast, and deliver financial outcomes that align with business objectives.- Provide advanced...

  • Strategic Financial Analyst

    1 week ago

    Newark, New Jersey, United States PGIM Full time

    Job Classification: Finance & Accounting - Financial Analysis A DYNAMIC ENVIRONMENT WITH A FOCUS ON INCLUSION At PGIM, the global asset management division of Prudential, we are committed to enhancing financial services and making a significant impact on the lives of individuals while addressing financial challenges in a rapidly evolving landscape. We...

  • PGIM Quantitative Solutions

    4 weeks ago

    Newark, United States Prudential Financial Full time

    Job Classification:Investment Management - Investment OperationsWhat you will do:The Investment Operations Associate will have daily contact with various operations groups within PGIM Quantitative Solutions (PGIM QS), as well as the portfolio management team.  The Investment Operations Associate will be dealing with sensitive cash data, which is critical to...

  • Financial Planning Analyst

    1 week ago

    Newark, New Jersey, United States PGIM Full time

    Job Classification: Finance & Accounting - Financial Services A DYNAMIC GLOBAL ORGANIZATION WITH A COMMITMENT TO DIVERSITY At PGIM, the global asset management division of Prudential, we are dedicated to enhancing financial services and making a significant impact on the lives of individuals worldwide. Our mission is to address financial challenges in a...

  • Financial Analyst, Capital Markets Specialist

    2 days ago

    Newark, New Jersey, United States Broadridge Financial Solutions , Inc. Full time

    Job SummaryBroadridge Financial Solutions, Inc. is seeking a highly skilled Financial Analyst to join our Capital Markets team. As a key member of our Financial Planning and Analysis (FP&A) team, you will play a critical role in supporting the Capital Markets business within the Global Technology and Operations (GTO) segment.Key ResponsibilitiesPerform...

  • Financial Analyst

    4 days ago

    Newark, United States nTech Workforce Full time

    Terms of EmploymentW2 Contract, 12 months The position is hybrid, with Tuesday-Thursday being in office.The office is located in Newark, DE. OverviewOur client is seeking a Financial Analyst who will be responsible for forecasting Line of Business construction projects, requesting budget and closing out projects.Responsibilities will include:Analyzing...

  • Financial Analyst

    3 days ago

    Newark, United States nTech Workforce Full time

    Terms of EmploymentW2 Contract, 12 months The position is hybrid, with Tuesday-Thursday being in office.The office is located in Newark, DE. OverviewOur client is seeking a Financial Analyst who will be responsible for forecasting Line of Business construction projects, requesting budget and closing out projects.Responsibilities will include:Analyzing...

  • Senior Financial Analyst

    3 weeks ago

    Newark, United States FirstPRO Full time

    Senior Financial Analyst August 2024 The Senior Financial Analyst will join a growing $500M+ services company with lots of opportunity for professional development. This role will be responsible for analysis of revenue and expenses, preparing budgets and forecasts, variance analysis, capital expenditure analysis, monthly reporting packages, and financial...

  • Senior Financial Analyst

    3 weeks ago

    Newark, United States firstPRO, Inc Full time

    Senior Financial AnalystAugust 2024The Senior Financial Analyst will join a growing $500M+ services company with lots of opportunity for professional development. This role will be responsible for analysis of revenue and expenses, preparing budgets and forecasts, variance analysis, capital expenditure analysis, monthly reporting packages, and financial...

  • Senior Financial Analyst

    1 week ago

    newark, United States firstPRO, Inc Full time

    Senior Financial AnalystAugust 2024The Senior Financial Analyst will join a growing $500M+ services company with lots of opportunity for professional development. This role will be responsible for analysis of revenue and expenses, preparing budgets and forecasts, variance analysis, capital expenditure analysis, monthly reporting packages, and financial...

  • Senior Financial Analyst

    3 weeks ago

    Newark, United States firstPRO, Inc Full time

    Senior Financial AnalystAugust 2024The Senior Financial Analyst will join a growing $500M+ services company with lots of opportunity for professional development. This role will be responsible for analysis of revenue and expenses, preparing budgets and forecasts, variance analysis, capital expenditure analysis, monthly reporting packages, and financial...

  • Senior Financial Analyst

    1 week ago

    newark, United States firstPRO, Inc Full time

    Senior Financial AnalystAugust 2024The Senior Financial Analyst will join a growing $500M+ services company with lots of opportunity for professional development. This role will be responsible for analysis of revenue and expenses, preparing budgets and forecasts, variance analysis, capital expenditure analysis, monthly reporting packages, and financial...

  • Principal Staff Rates Analyst

    3 weeks ago

    Newark, United States Axelon Full time

    Principal Staff Rates Analyst Newark, NJ 12+ Month Contract 46/hr, W 2 Hybrid: Onsite and Remote Need direct experience in utility cost of service analysis and/or rate design Provide technical and cost analysis to develop and gain regulatory approval for electric & gas rate designs and tariff special provisions, terms and conditions. Provide economic...

  • Principal Staff Rates Analyst

    4 weeks ago

    Newark, United States Axelon Full time

    Principal Staff Rates Analyst Newark, NJ 12+ Month Contract 46/hr, W 2 Hybrid: Onsite and Remote Provide technical and cost analysis to develop and gain regulatory approval for electric & gas rate designs and tariff special provisions, terms and conditions. Provide economic modeling and analysis. Assure communication and implementation of regulatory...