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Economist

Atlanta, Georgia;

Job Description:

Overview of Global Risk Analytics
Bank of America Merrill Lynch has an opportunity for an Economist (B5) within our Global Risk Analytics (GRA) function. GRA is a sub-line of business within Global Risk Management (GRM). GRA is responsible for developing a consistent and coherent set of models and analytical tools for effective risk and capital measurement, management and reporting across Bank of America. GRA partners with the Lines of Business and Enterprise functions to ensure that its models and analytics address both internal and regulatory requirements, such as quarterly Enterprise Stress Testing (EST), the annual Comprehensive Capital Analysis and Review (CCAR), and the Current Expected Credit Losses (CECL) accounting standard. GRA models follow an iterative and ongoing development life cycle, as the bank responds to the changing nature of portfolios, economic conditions and emerging risks. In addition to model development, GRA conducts model implementation, data management, model execution and analysis, forecast administration, and model performance monitoring. GRA drives innovation, process improvement and automation across all of these activities.

Overview of Enterprise Risk Analytics
As a part of Global Risk Analytics (GRA), Enterprise Risk Analytics (ERA) is responsible for the development of cross-business holistic analytical models and tools. ERA consists of the following teams: 

  • Economic Scenario Generation (ESG) provides consistent and granular scenario generation capabilities for economic and market variables that enable multiple “what-if” outcomes for government regulators and other business uses. 

  • Enterprise Portfolio Analytics (EPA) provides portfolio surveillance visualization tools, utilizing advanced analytics (artificial intelligence/machine learning/natural language processing), to provide decision making support around the credit cycle, geo-intelligence, and thematic “what-if” analyses. EPA’s tools also support Enterprise strategic risk appetite and limits decisions for the bank’s risk and capital frameworks. 

  • Concentration Risk provides capital estimates to support annual regulatory requirements and legal entity-level capital management using tools and techniques focused on identification, measurement, and mitigation of concentration risks across countries, regions, sectors, and industries. 

  • Enterprise Capital Risk Analytics manages model performance monitoring and capital model issue resolution. 

  • Compliance Modelling & Analytics supports Enterprise needs around Fair Lending and Global Financial Crimes Compliance. 


Overview of the Role
Bank of America's Economic Scenario Generation Team is seeking to add a Jr. Economist who will be responsible for: 

  • Design, implementation, and delivery of economic scenarios for loss forecasting purposes, including but not limited to Enterprise Stress Testing (CCAR/DFAST/ECB), Allowance (CECL/IFRS-9), Corporate Planning, and Climate Risk

  • Development and implementation of econometric models for forecasting macroeconomic and financial variables

  • Creation and distribution of original and timely research to key risk and line of business stakeholders across the Bank

  • The team’s current coverage includes more than 1,200 U.S. national and regional macro and financial variables, as well as major international economic variables, including FX and interest rates. 

Position Overview

  • As part of the Economic Scenario Generation Team, the Jr. Economist will be expected to play an active role 

  • Working closely with model developers to ensure conceptual soundness of forecasting models and reasonableness of scenario forecasts

  • Development of analytical tools 

  • Writing scenario narratives

  • Production of original and timely research delivered to key Risk and Line-of-Business stakeholders

  • The successful candidate should be able to communicate complex information and explanations in a simple way, both verbally and in written form. The work of the team is fast-paced and intellectually challenging, and we interact daily with quantitative modelers, as well as senior bank management teams.

Required Education, Skills, and Experience

  • Masters with 3+ years industry experience

  • 3+ years economist experience in a major financial, public or international institution;

  • Expertise in macro-economic analysis and forecasting with a focus on empirical methods

  • Expertise in macro-economic scenario generation system design

  • Expertise in macro-economic scenario output review and narratives

  • Excellent verbal and written communication skills

  • Ability to work in a large, complex organization, and influence various stakeholders and partners

  • Self-starter; Initiates work independently, before being asked

  • Strong team player able to seamlessly transition between contributing individually and collaborating on team projects; Understands that individual actions may require input from manager or peers; Knows when to include others


Desired Skills and Experience

  • PhD in Economics, Econometrics or equivalent

  • Knowledge of financial markets, CCAR, stress testing, CECL/IFRS9;

  • Knowledge base of data sources, recent research and historical developments

  • Experience in time series analysis and macro modelling

  • Programming skills in Matlab, R, SAS, S, or equivalent;

  • Experience working or managing in a team environment

  • Proactive and passionate about working on complex problem solving

  • Strong attention to detail

Job Band:

H5

Shift: 

1st shift (United States of America)

Hours Per Week:

40

Weekly Schedule:

Referral Bonus Amount:

2000

Job Description:

Overview of Global Risk Analytics
Bank of America Merrill Lynch has an opportunity for an Economist (B5) within our Global Risk Analytics (GRA) function. GRA is a sub-line of business within Global Risk Management (GRM). GRA is responsible for developing a consistent and coherent set of models and analytical tools for effective risk and capital measurement, management and reporting across Bank of America. GRA partners with the Lines of Business and Enterprise functions to ensure that its models and analytics address both internal and regulatory requirements, such as quarterly Enterprise Stress Testing (EST), the annual Comprehensive Capital Analysis and Review (CCAR), and the Current Expected Credit Losses (CECL) accounting standard. GRA models follow an iterative and ongoing development life cycle, as the bank responds to the changing nature of portfolios, economic conditions and emerging risks. In addition to model development, GRA conducts model implementation, data management, model execution and analysis, forecast administration, and model performance monitoring. GRA drives innovation, process improvement and automation across all of these activities.

Overview of Enterprise Risk Analytics
As a part of Global Risk Analytics (GRA), Enterprise Risk Analytics (ERA) is responsible for the development of cross-business holistic analytical models and tools. ERA consists of the following teams: 

  • Economic Scenario Generation (ESG) provides consistent and granular scenario generation capabilities for economic and market variables that enable multiple “what-if” outcomes for government regulators and other business uses. 

  • Enterprise Portfolio Analytics (EPA) provides portfolio surveillance visualization tools, utilizing advanced analytics (artificial intelligence/machine learning/natural language processing), to provide decision making support around the credit cycle, geo-intelligence, and thematic “what-if” analyses. EPA’s tools also support Enterprise strategic risk appetite and limits decisions for the bank’s risk and capital frameworks. 

  • Concentration Risk provides capital estimates to support annual regulatory requirements and legal entity-level capital management using tools and techniques focused on identification, measurement, and mitigation of concentration risks across countries, regions, sectors, and industries. 

  • Enterprise Capital Risk Analytics manages model performance monitoring and capital model issue resolution. 

  • Compliance Modelling & Analytics supports Enterprise needs around Fair Lending and Global Financial Crimes Compliance. 


Overview of the Role
Bank of America's Economic Scenario Generation Team is seeking to add a Jr. Economist who will be responsible for: 

  • Design, implementation, and delivery of economic scenarios for loss forecasting purposes, including but not limited to Enterprise Stress Testing (CCAR/DFAST/ECB), Allowance (CECL/IFRS-9), Corporate Planning, and Climate Risk

  • Development and implementation of econometric models for forecasting macroeconomic and financial variables

  • Creation and distribution of original and timely research to key risk and line of business stakeholders across the Bank

  • The team’s current coverage includes more than 1,200 U.S. national and regional macro and financial variables, as well as major international economic variables, including FX and interest rates. 

Position Overview

  • As part of the Economic Scenario Generation Team, the Jr. Economist will be expected to play an active role 

  • Working closely with model developers to ensure conceptual soundness of forecasting models and reasonableness of scenario forecasts

  • Development of analytical tools 

  • Writing scenario narratives

  • Production of original and timely research delivered to key Risk and Line-of-Business stakeholders

  • The successful candidate should be able to communicate complex information and explanations in a simple way, both verbally and in written form. The work of the team is fast-paced and intellectually challenging, and we interact daily with quantitative modelers, as well as senior bank management teams.

Required Education, Skills, and Experience

  • Masters with 3+ years industry experience

  • 3+ years economist experience in a major financial, public or international institution;

  • Expertise in macro-economic analysis and forecasting with a focus on empirical methods

  • Expertise in macro-economic scenario generation system design

  • Expertise in macro-economic scenario output review and narratives

  • Excellent verbal and written communication skills

  • Ability to work in a large, complex organization, and influence various stakeholders and partners

  • Self-starter; Initiates work independently, before being asked

  • Strong team player able to seamlessly transition between contributing individually and collaborating on team projects; Understands that individual actions may require input from manager or peers; Knows when to include others


Desired Skills and Experience

  • PhD in Economics, Econometrics or equivalent

  • Knowledge of financial markets, CCAR, stress testing, CECL/IFRS9;

  • Knowledge base of data sources, recent research and historical developments

  • Experience in time series analysis and macro modelling

  • Programming skills in Matlab, R, SAS, S, or equivalent;

  • Experience working or managing in a team environment

  • Proactive and passionate about working on complex problem solving

  • Strong attention to detail

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-22016124

Band: H5

Manages People: No

Travel: No

Manager:

Talent Acquisition Contact:

Jillian Teeter

Referral Bonus:

2000

Jersey City pay and benefits information

Jersey City pay range:

$100,000 - $200,000 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, 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.