Department Overview

Banking Capital Policy Division leads on policy relating to banking firms' prudential balance sheet requirements, including issues related to capital quality; capital requirements for securitisation, credit and operational risk, and market and counterparty risk. The division plays an active role in policy development, implementation, evaluation, and horizon scanning, in close collaboration with staff across the Bank, and internationally via Basel groups. It plays an active role in cross-Bank work, including that related to responses to Covid-19, EU exit and FinTech. Analysis and research is undertaken across the Division to ensure that the Bank stays at the forefront of the intellectual debate on prudential policy.

Job description

An exciting opportunity has arisen within our team. We are responsible for policy related to traded risks, i.e. risks that arise when banks own and trade financial instruments like equities, bonds and derivatives. These include the risk of losses from changes in the price of financial instruments, from a counterparty defaulting, or valuation uncertainty. We develop and evaluate policies at both the domestic and international level. This includes identification and analysis of existing or emerging risks, and developing any policy response. We also support supervisors in the supervision of firms.

We are looking for someone with excellent analytical skills. Someone who is comfortable tackling topics that may be complex and unfamiliar, and work through the issues to find solutions. You will be happy by working with theory, data, or practice to build a case for the proposed policy approach. A background in economics, finance, or statistics, or other experience where detailed analysis and attention to detail will ensure success. You will be supported by a friendly, diverse and experienced team, and will have many opportunities to collaborate with other areas.

This is a very exciting time to join us! We contribute to high-profile work shaping the future UK policy framework and evaluating post-crisis reforms. As the rapid evolution and constant innovation of the financial markets will always present challenges to regulators, the nature of our work is intellectually stimulating.

Over time, team members gain exposure to the full range of our work. This includes contributing to or leading on specific issues as they arise and representing us in various internal and external engagements. The exact role can be tailored to the skills and experiences of the successful candidate, but as a start, you will play an important part in the following:

• Leading on either entire policy files, or components of the UK implementation of rules on market risk, counterparty credit risk, or interest rate risk in the banking book, including writing policy, analysis of impacts, and monitoring implementation.
• Supporting our work on other policy issues, including equivalence assessments and other questions around the regulatory framework.
• Assessing approaches by banks in relation to innovative financial products or structures (for example, recent work has looked at the risks of crypto assets).
• Contribute to local and bank-wide work streams and projects. Previous areas have included climate change or crypto.

Role Requirements

Minimum Criteria

• Some exposures to or basic understandings of finance, capital markets, financial instruments and associated risks, gained through career experience or academic study.

Essential Criteria

• Excellent analytical skills, experience in carrying out analysis and delivering high quality output and attention to detail.
• Excellent written and verbal communication skills, including the ability to explain complex technical issues accurately and succinctly, and to flexibly adapt communication styles to an audience with varied backgrounds.
• We do not expect you to have all the technical knowledge, but it is essential that you are interested in financial market risks and willing to learn and develop your expertise in the role.
• Excellent stakeholder management skills and ability to build constructive relationships with people of different seniority internally and externally.
• Ability to manage multiple work streams and work dynamically to accommodate shifting priorities and timelines.

Desirable Criteria

• Practical or theoretical knowledge and experience in prudential regulation, investment banking, financial markets and products, or relevant degrees such as finance, economics, law, mathematics and statistics.

The Bank values diversity and inclusion – we want to reflect the society we serve better, we want the best people to work for us and we want our workplace to be inclusive.  We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation.  One way we support diversity and inclusion is through our staff-run networks.

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 flexible working patterns. 

We are also committed to making workplace adjustments for all of our employees as needed, and also for candidates throughout all stages of the selection process. We are a member of the Disability Confident scheme, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

We anonymise applications so hiring managers will not be able to see your personal information such as name and address when reviewing your submission, including your CV and any other attachments.

To ensure that your application is considered, please fully complete the application form questions. Without this, the hiring managers will not have sufficient information to consider the application.

The closing date for applications is 08 February 2023.

Reward Package

The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.  

The salary range for this vacancy is approximately Â£36,860 - £43,650, dependent on relevant skills and experience. In addition, the total reward 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.
• A discretionary performance award based on a current award pool.
• A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.  (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%) 
• 26 days annual leave with option to buy up to 12 additional days through flexible benefits. (Note: effective from April 2023)
• Private medical insurance and income protection.