Job Description:
About us*
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!
Global Business Services
Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations.
Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation.
In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.
Process Overview*
The Interest Rate Analytics (IRA) team is responsible for daily, monthly, and quarterly monitoring of the bank’s balance sheet positioning as well as ad hoc analytics to support decision making across Treasury. The IRA team starts with the Bank’s spot data position and baseline forecast, then applies a variety of interest rate shocks – both parallel and non-parallel – to quantify and report the Bank’s IRR. The interest rate scenarios are largely focused on +/-100 basis points (bps) shocks, however, larger, and smaller shocks are also modeled, analyzed, and reported. The Bank has established risk limits for each metric across the various interest rate shocks, both at the Risk Appetite and non-risk appetite levels.
Job Description*
Principal subject matter expert responsible for forecasting the firms balance sheet and net interest income and/or monitoring and reporting on the firms interest rate sensitivity. Responsible for delivering a dynamic, accurate and disciplined forecast by product, LOB and Legal Entity under baseline and stress scenarios. Responsible for quality assurance and controls around pertinent external regulatory reporting and risk limits.
Balance Sheet Management (BSM) is a division within the CFO Group responsible for providing executive management with accurate and timely analysis of the balance sheet, net interest income (NII), and non-interest income across Actuals and Forecast. Information generated by this team provides the framework which allows the company to position its balance sheet consistent with its risk appetite and expectations for changes in interest rates. BSM maintains close partnerships with various groups across the enterprise, providing key input to critical processes and strategic decisions. Coordination with Global Risk, Model Risk, Funding Managers, and other Treasury teams facilitates strategic ALM decisions within a controlled framework.
Responsibilities*
Produce daily NII IRR report and provide summary of results
Demonstrate clear understanding of drivers on IRR and the ability to communicate results
Analysis of interest rate risk changes resulting from forecast changes
Assist with execution of additional routines including monthly and quarterly IRR reporting
Partner with team to identify continuous improvement on existing routines, leveraging new tools or emerging technology
Requirements*
Education*
CA/MBA/FRM/CFA (or pursuing CFA), or CPA a plus
Certifications If Any
Experience Range*
8 to 12 years
Foundational skills*
Strong understanding of the balance sheet and income statement, preferably in a banking setting
Experience and exposure to banking products.
Knowledge of basic interest rate risk principles
Proven track record of clear and concise verbal and written communication, comfortable escalating issues to management
Intellectual curiosity, regularly asking questions to enable rapid learning of a complex topic.
Self-starter with ability to be proactive and well organized.
Flexibility in joining meetings during US time zone hours.
Bachelor's Degree, and/or 7-10 years of experience in a relevant role in a financial institution.
Technical and ET skills to drive OPEX (SQL, VBA, Tableau, Alteryx, Python, AI)
Strong Excel skills
Strong attention to detail
Prior experience working in accounting or financial services
Analytical abilities/financial acumen/problem solving skills
Strong control mindset including ability to identify risks and build and maintain associated controls
Proficient in MS Office tools, especially Microsoft Excel & SQL skills
Ability to manage multiple priorities in a time-sensitive environment
Desired skills
Natural desire to understand intricate processes while seeing the big picture
Good business partnering skills
Experience improving and automating manual processes
Experience analyzing fixed income securities and interest rate derivatives
Work Timings*
12:30 PM to 9:30 PM
Job Location*
Mumbai