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Analyst / Economist - Financial Resilience Team

Employer
Bank of England.
Location
UK-ENG-London
Salary
Competitive
Closing date
7 Apr 2021

View more

Clearance Level
DV, SC, None / Undisclosed
Sector
Banking
Job Type
Permanent
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Job Details

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation. Each of its 3,600 people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

The Financial Strategy and Risk Directorate (FSSR) is responsible for assessing risks to financial stability from across the financial system and defining the Bank's strategy for responding to them. Key elements of this are: conducting financial stability risk assessment and research across all sectors and markets, to inform decision-making by FPC, PRC Board and MPC; providing support to microprudential supervisors; identifying appropriate policy responses including what macroprudential instruments the Bank needs, and designing the Bank's strategy for their use; delivering and developing the Bank's stress-testing framework; and developing public understanding and awareness of the FPC and establishing and delivering its framework for operation.

Department Overview

The Banks Resilience Division (BRD) is part of the Financial Stability Strategy and Risk (FSSR) Directorate. Our mission is to provide the Financial Policy Committee (FPC) with insight on the risks and resilience of the UK banking system. We support the design and calibration of macro-prudential policy tools, and analyse how banks react when these tools are used. Our work is framed under 3 pillars - financial resilience (capital, liquidity, funding), operational resilience, and structural resilience (business models, ring-fencing, FinTech). We deliver this mission by combining specialist understanding of banks with a thematic and systemic focus, to produce insightful, synthesised and compelling analysis. Much of our work is also relevant for the two of the Bank's other senior committees, the Prudential Regulation Committee (in the context of risks to banks), and the Monetary Policy Committee (in the context of the role of banks in the transmission mechanism of monetary policy).

We comprise around 30 analysts and economists with a wide range of backgrounds from across and outside of the Bank arranged in three teams.

Banks remain at the core of the financial system and understanding them is central to the financial stability objective of the Bank. It is an exciting time to work in BRD as we seek to navigate the crisis and its impact on banks' behaviour and future business model sustainability. Furthermore rapid technological change enables new competition, by both new banks and by non-banks, which brings both new opportunities and new risks to the sector.

The Division works closely with other parts of the Bank including Supervision, Prudential Policy, Resolution, Markets and Monetary Analysis, as well as the other FSSR Divisions (in particular Stress Testing and Macro-prudential Strategy).

Job description

We are recruiting for an Analyst or Economist to join BRD's Financial Resilience team. Our team is responsible for assessing the capital and liquidity resilience of the UK banking sector and the associated risks to financial stability arising from the banking sector. The role is focused on banks' capital resilience, and there is flexibility to work on liquidity and funding.

This is an opportunity to join a friendly and collaborative team of ten. Team members have a variety of education and work backgrounds including working in banks and elsewhere in the private sector, as well as in central banks and regulation.

Some team members have econometrics, coding or research skills and anyone with those skills would have opportunities to use and develop these. We look for the right skill mix across the team as a whole so these are not necessary skills for this specific role.

Above all, we are looking for a person with excellent analytical and communication skills, who can help drive forward and add new perspectives to the team's work. It's a great chance to be creative, on the cutting edge of advancing policy.

The team focuses on: providing analysis to FPC and senior colleagues on a range of capital and liquidity-related issues; recommending policy action to mitigate emerging risks; longer term project and research work to enhance the FPC's understanding of financial resilience; and providing the FPC with analysis of banks' resilience to support its quarterly cycle of meetings and policy decisions. The team is a centre of expertise for the Bank, and is able to fulfil this by bringing together knowledge of the evolving capital and liquidity positions of individual banks, including the impact of new policy as it develops, and applying this to the system as a whole.

Recent examples include developing a decision framework for committees to use to take action on bank capital through the COVID-19 crisis, designing a set of indicators to assess how strong action is needed, conducting analysis of what drives banks' risk appetite and lending behaviour under stress, and undertaking real-time analysis in the market disruption to assess the impact to banks liquidity positions and respond appropriately. In undertaking our work, a key objective is to link micro-prudential (firm specific), macro-prudential (system-wide) and monetary issues and perspectives.

We are looking for an intellectually curious, first-class problem solver with a track record of delivering high-quality analysis and a desire and commitment to apply this to making sure the financial system is safe and sound.

The successful candidate's responsibilities will be:
  • Producing high quality analysis of the UK banking sector : focusing on banks' capital resilience, you will contribute to some and lead other parts of the team's outputs, help develop our thinking and toolkits for analysing banks, and provide advice and challenge to wider Bank analysis.
  • Communicating our analysis to senior staff : you will explain and discuss our analysis for senior staff and policy committee members in presentations and in written papers, and you will draft briefings for senior staff and governors on ad hoc banking sector issues.
  • Build models and conduct research on the banking sector (if and where appropriate for your background) : you will build models or analyse large datasets to help monitor risks or explore policy questions.
  • Building relationships : our work benefits from good collaboration with other teams across the Bank.

FSSR is fully committed to diversity, inclusion and equality for all staff. Raising the diversity and depth of experience of staff is one of the key objectives of FSSR's strategic plan.

You can perform this role as part of a job share and/ or under flexible working arrangements. This is something we strongly endorse and support in FSSR.

Role Requirements

Minimum (Essential) Criteria
  • Drive and enthusiasm about contributing to financial stability in the UK.
  • Strong analytical skills to reach appropriate judgements based on sound arguments.
  • An ability to communicate clearly and convincingly, both in writing and speaking, by distilling complex issues into their essentials.
  • Demonstration of initiative in taking forward ideas.
  • Strong interpersonal skills, to collaborate strongly with stakeholders and to be able to persuade and influence colleagues and seniors.
  • Familiarity with Excel and related data analysis or presentation packages, and an ability to work with a wide range of data to prepare analysis, often in tight timeframes.
  • An aptitude to learn new technical knowledge to support the team's mission

Desirable (not essential) Criteria
  • Knowledge of the UK banking sector, and how it impacts financial stability.
  • Knowledge of the micro and macro prudential policy framework.
  • Experience of using R for analysis (we can teach you if you don't).
  • (Optional) you have experience of research and econometric/ statistical analysis



We anonymise applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed .

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 .

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, wellbeing initiatives including an on-site medical and dental unit.

This specific role offers a base salary starting from £45,900 plus benefits

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
• A discretionary performance award based on a current award pool and target award of 10%, with a maximum potential award of 25%
• 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

T he closing date for applications is 30 April 2021.

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