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Manager - Market Settlements Team, Banking, Payments & Innovation

Bank of England.
Closing date
1 Apr 2021

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Clearance Level
DV, SC, None / Undisclosed
Job Type
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Job Details

Banking, Payments and Innovation Directorate (BPI) supports the Bank's mission to maintain monetary and financial stability by using and sharing its expertise to: develop and operate resilient and efficient banking, payment and custody services; set and influence policy; and to promote innovation.

We are at the heart of the Bank both in terms of our core role in Monetary and Financial Stability, and the wide range of internal partners we collaborate with. The variety and immediacy of the work we do means we are one of the most outward facing and fast moving areas of the Bank, operating the UK's high value payments system and maintaining the Bank's readiness to provide Emergency Liquidity Assistance to banks and other financial institutions.

Department Overview

The Central Bank Operations Division (CBOD) brings together the Bank's expertise in securities operations and the provision of liquidity. As back office for the Bank's securities operations, we are responsible for providing securities custody and settlement services in support of the Bank's and HM Treasury's foreign reserves as well as to the Debt Management Office (DMO) and foreign central banks.

Job Description

This an exciting and interesting role managing the Market Settlement Team (MST) within CBOD.

A people management role, you will be responsible for day to day management of a team of around 13 people and for defining roles and responsibilities. The team comprises operational analysts and technical specialists working across live operations, projects and operational policy work. You will develop your team through sharing information effectively, mentoring and communicating a clear vision to ensure that your staff are productive, engaged and motivated to deliver the area's aims. This will include setting clear goals and smart stretching objectives that are aligned to those of the team, division and directorate.

We carry out a key role in support of the Banks's mission and are responsible for ensuring the efficient settlement of a range of transactions executed by Bank's Foreign Exchange and Sterling Markets divisions. The team's role is a diverse and expansive one, working closely with a varied number of teams from across the Bank including the trading desks, financial risk, legal teams and Middle Office. This role therefore offers a genuine opportunity to develop an understanding of a wide range of products, policies and schemes that the Bank implements under its monetary policy. And in turn to contribute to key decisions that have an impact within the Markets and Banking directorate.

Through membership of committees and control groups the job holder will play a pivotal role in influencing operational policy decisions and supporting the success of key projects. The team prides itself on continuous improvement and the flexibility to adapt to frequent change. In addition, the role is one of the busiest in the Banking directorate and as such prioritization and the accompanying decisions on risk and benefits is a fundamental part of the job holder's daily tasks.

As well as day-to-day operations we are heavily involved in the business delivery for a wide variety of system projects driven by regulatory change, operational improvements and risk and control. The role is responsible for ensuring MST stays aligned with legal, tax, regulatory, policy and audit requirements. Additionally, that credit, operational, financial and reputational risks are avoided or minimised; that control arrangements are appropriate and efficient and that we safeguard the Bank's assets.

The role holder will be part of the Central Banking Operations Division's management team, and will have the opportunity to contribute to, and take the lead on, initiatives across the wider area.

Number of direct reports: 5 with a total team of 13.

Role Requirements

Minimum Criteria
  • Existing people management experience
  • Experience delivering operations in a fast-paced environment
  • Experience delivering and supporting technology projects

Essential Criteria
  • An approachable, humble, compassionate and authentic leader with the ability to inspire, motivate and empower staff working in an operational function
  • Good written and verbal communication
  • Good organisational capabilities and ability to balance a broad range of responsibilities with a demonstrable experience of prioritisation
  • Strong influencing and partner leadership skills to ensure the team can deliver Bank policy in line with operational and risk tolerances

Desirable Criteria
  • Knowledge of the nature of the Bank's operations and their role in achieving the Bank's mission.

The team work from London, though during the national lockdown we are working from home. After lockdown restrictions have ended, travel to and from an additional site may be required 2 or 3 times per month.

As a unique institution, we have a reward package which sets us apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. We also offer a working environment which fully supports individuals through flexible working and wellbeing initiatives.

The base salary pay range for the position is £59,400 - £70,000 (subject to experience and skillset).

The total package also includes:

•A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year. The current cost to the Bank of providing this pension is 35% of your salary.

•A discretionary performance award based on a current award pool and target award of 10%

•A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits

•25 days annual leave with option to buy up to 13 additional days through flexible benefits

•Private medical insurance and income protection insurance

This role is London based.

We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working. This role is therefore open to job shares, flexible and part time working patterns.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV.

Please fully complete the application form questions as requested as any incomplete submissions may not be reviewed.

The closing date for applications is 22nd April 2021.

Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.

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