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 a diverse and 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.
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Job Description:
This job is responsible for establishing the price testing methodology for complex portfolios of instruments and risks. Key responsibilities include ensuring execution of price testing is consistent with methodologies and market conditions in partnership with the Product Finance control team, determining uncertainty reporting and metrics, monitoring pricing and liquidity risk, and escalating issues. Job expectations include partnering with model developers and validation teams, implementing new models, challenging price testing methodologies, and driving the development of new methodologies.
LOB Job Description:
Valuation Specialist in the Americas Global Valuation Group (GVG) Methodology team at Bank of America. GVG is part of the Global Banking and Markets CFO group, providing valuation and independent price verification (IPV) guidance/support to Business Finance & Control teams. Valuation Specialists possess broad knowledge of financial markets and products with a quantitative background suitable for critically evaluating the results of valuation control procedures applied.
Responsibilities:
- Develops and enhances technical valuation policies and standards, improving methodology, documentation, and Valuation Controls (VCs)
- Conducts technical analysis of existing methodology development, VC execution, reporting, and governance processes, identifying areas of improvement for VC areas in scope including Independent Price Verification (IPV), IPV & Fair Value Hierarchy Classification, Fair Value Adjustments, Valuation Uncertainty metrics and Prudent Valuation Adjustments
- Drives improved controls over proxy data, overrides, calibration error, model risk, and untested parameters/risks while improving valuation uncertainty metrics, market data back testing, and governance
- Collaborates with Traders, Market Risk, Model Risk Management, Front Office Quants, Product Controllers, and senior managers on valuation related matters while communicating complex valuation matters to senior management, Auditors, and Regulators
- Defines Fair Value Hierarchy classification and substantiation approaches, such as creating the framework for products risks, and portfolios
- Performs data analytics to better understand valuation uncertainty, independent data quality, liquidity, observability, and trends
- Leads strategic projects supporting valuation analytics and architecture
Key Responsibilities:
- Develop and enhance Valuation Control Methodology for Derivatives, including IPV, Valuation Adjustment, Valuation Uncertainty and Fair Value Hierarchy
- Deep dive IPV result and address valuation issues with Trading Desk and Product Controller
- Work with Quant and Model Validation to improve model governance, identify model limitation and initiate/validate Valuation Adjustment methodology
- Leverage expert knowledge of financial markets, products and consensus data to understand valuation trending, liquidity and uncertainty
- Collaborate with Market Risk to develop and upgrade methodology for Liquidity Reserve, Close-out-Cost and Concentration Reserve
- Drive Operational Excellence by automating the workflows with an End-to-End solution
- Coordinate with global Valuation teams to drive global consistency in Valuation Control execution, reporting and governance
- Communicate complex valuation findings and challenges to Senior Management, Auditors and Regulators
- Work as mentor to junior teammates and build up technical talents
Skills:
- Analytical Thinking
- Attention to Detail
- Data Modeling
- Risk Analytics
- Risk Modeling
- Financial Forecasting and Modeling
- Price Verification and Valuation
- Problem Solving
- Scenario Planning and Analysis
- Business Acumen
- Business Analytics
- Consulting
- Influence
- Reporting
Required Qualifications:
- Minimum 5 years of experience working in a large, complex financial services organization performing valuation control / risk management / model development
- Expertise on derivative products in Fixed Income, Currencies and Commodities, as well as corresponding Pricing Models
- Knowledge of XVA (CVA, FVA, etc.) and Structured Notes pricing is strongly preferred
- Strong leadership skills with a track record of collaborating with and influencing others
- Professional communication skills with ability to communicate complex issues in a simple manner
- Programming skills with ability to develop valuation model and automate workflows, Python experience preferred
- Experience of regulatory and senior management interaction
Desired Qualifications:
- Master's degree in Quantitative Finance, Financial Engineering, Physics, or Mathematics
Minimum Education Requirement: Bachelor's degree in Quantitative Finance, Financial Engineering, Physics, or Mathematics
Shift:
1st shift (United States of America)
Hours Per Week:
40
Pay Transparency details
US - NY - New York - 1100 Ave Of The Americas - Two Bryant Park (NY1540)
Pay and benefits information
Pay range
$169,000.00 - $250,000.00 annualized salary, offers to be determined based on experience, education and skill set.
Discretionary incentive eligible
This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.
Benefits
This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.