Vice President, Model Development I

Vice President, Model Development I

At BNY, our culture empowers you to grow and succeed. As a leading global financial services company at the center of the world’s financial system we touch nearly 20% of the world’s investible assets. Every day around the globe, our 50,000 employees bring the power of their perspective to the table to create solutions with our clients that benefit businesses, communities and people everywhere.  

We continue to be a leader in the industry, awarded as a top home for innovators and for creating an inclusive workplace. Through our unique ideas and talents, together we help make money work for the world. This is what #LifeAtBNY is all about.

We’re seeking a future team member for the role of Vice President, Model Development to join our Model Development team. This role is located in New York, NY in a Hybrid work environment.

About the team:

The quantitative model developer role sits in the Wholesale & Retail Modeling Group:

This position is responsible for developing, maintaining, implementing, and executing risk models for quantifying wholesale and retail credit risk inherent in the Corporation's business activities and processes.  These models calculate key risk metrics that are reported to Senior Management and the Board of Directors on a regular basis, a critical part risk management decision making. The developer will be responsible to identify problems that can be solved by the application of financial theory and the building of models which improves the firm's operations. This will entail investigating and selecting frameworks best suited to solve a problem and deciding on the scope of the solution.

In this role, you’ll make an impact in the following ways: 

• Develop, enhance, and document wholesale and retail credit risk modeling methodologies.  
• Develop, enhance, and document climate risk modeling methodologies for the Bank’s wholesale and retail portfolios.
• This role will assist in managing inbound questions, deliverables, and ad-hoc requests with an emphasis on accuracy and timeliness of meeting deliverables on prescribed timelines. 
• Execute corporate-wide standards for model development by creating options for theoretical frameworks, collecting the required data, supporting assumptions, and reviewing outcomes 
• Responsible for performance monitoring of models, identifying possible deterioration by comparing outcomes to established thresholds.
• Regular interactions (presentations, written communications etc) with business, technology, and other stakeholders in the bank such as Finance, Treasury, and Model Risk Management. 
• Good inter-personal and negotiation skills are a key factor to accomplishing goals when interacting in a complex, multiple-priority environment. Strong programming skills in Python and R is desired.

To be successful in this role, we’re seeking the following: 

• Master's Degree/PhD in a quantitative discipline, including financial engineering, mathematics, physics, statistics, economics, Operations Research, or similar. The candidate must have a quantitative and analytical background with a solid theoretical foundation coupled with strong programming, documentation and communications skills. 
• 0-2 years of relevant experience in financial services is preferred
• The candidate must have experience with complex quantitative modelling, numerical analysis, and computational methods using programming languages (such as Python and R) and have experience with database. 
• Internship experience in quantitative modeling positions for a leading financial institution / central bank, consulting firm or similar
• Experience in fixed income and equity pricing
• Extremely focused, detail oriented and highly productive with ability to synthesize large amounts of data and various viewpoints and summarize key concepts
• Excellent organizational and communication (verbal and written) skills
• A proven track record of executing against deliverables and meeting deadlines under pressure

At BNY, our culture speaks for itself. Here’s a few of our awards: 

• America’s Most Innovative Companies, Fortune, 2024
• World’s Most Admired Companies, Fortune 2024
• Human Rights Campaign Foundation, Corporate Equality Index, 100% score, 2023-2024
• Best Places to Work for Disability Inclusion, Disability: IN – 100% score, 2023-2024
• “Most Just Companies”, Just Capital and CNBC, 2024
• Dow Jones Sustainability Indices, Top performing company for Sustainability, 2024
• Bloomberg’s Gender Equality Index (GEI), 2023

Our Benefits and Rewards:

BNY offers highly competitive compensation, benefits, and wellbeing programs rooted in a strong culture of excellence and our pay-for-performance philosophy. We provide access to flexible global resources and tools for your life’s journey. Focus on your health, foster your personal resilience, and reach your financial goals as a valued member of our team, along with generous paid leaves, including paid volunteer time, that can support you and your family through moments that matter.  

BNY assesses market data to ensure a competitive compensation package for our employees. The base salary for this position is expected to be between $66,000 and $115,000 per year at the commencement of employment. However, base salary if hired will be determined on an individualized basis, including as to experience and market location, and is only part of the BNY total compensation package, which, depending on the position, may also include commission earnings, discretionary bonuses, short and long-term incentive packages, and Company-sponsored benefit programs. 

This position is at-will and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation) at any time, including for reasons related to individual performance, change in geographic location, Company or individual department/team performance, and market factors.

Salary : $66,000 - $115,000