Job Overview

Area Overview

The Credit Risk Management (CRM) function is responsible for analyzing the credit risk that the Federal Reserve Bank of New York (FRBNY) faces from its counterparties, as well as measuring and mitigating that risk. Credit risk at the Fed arises from discount window lending, Federal Reserve lending facilities and liquidity programs, open market trading activity, intraday credit, and other types of exposures. The group is expanding its credit analysis team responsible for assessing the credit risk of the Bank’s counterparties in secured and unsecured loans, repurchase agreements, intraday overdrafts, swaps, and other credit transactions. The credit team also participates in internal discussions concerning the trade-offs between policy benefits and risk exposure from extending credit, as well as other topical financial issues.

CRM is currently seeking a credit analyst with experience analyzing banks and broker-dealers, and the ability to also analyze other financial institutions and some corporates. The credit analyst will be responsible for creating financial spreadsheets, including basic sensitivity modeling and comparative financial ratio spreadsheets; assessing credit risk and other risks of counterparties; researching company and industry information; writing credit reviews and other analytical reports; following news and issues associated with a large portfolio of counterparties; and updating senior management on counterparty, sector, and portfolio risk issues. This position provides the opportunity to offer views on US and foreign financial institutions, to participate in systemically important analysis, and to contribute to highly visible central bank initiatives.

Job Responsibilities

Perform credit analysis on FRBNY’s lending and trading counterparties, which are primarily banks and broker-dealers, but also may include insurance and corporates.
Develop financial spreadsheet models and comparative ratio tables. Maintain and update a database of key financial metrics on counterparties.
Contact and periodically meet with FRBNY counterparties and their regulators to stay current on financial developments and sector information, to exchange ideas, and to perform due diligence.
Develop risk assessments aggregating multiple counterparties belonging to the same financial group (e.g. bank, broker-dealer, holding company, etc.)
Monitor and evaluate credit exposures to counterparties and recommend appropriate courses of action to mitigate risk.
Prepare reports on FRBNY’s credit risk portfolio and topical credit issues for the Bank’s senior management.
Contribute to the development and implementation of frameworks for conducting counterparty credit analysis, risk measurement, and reporting.
Develop and maintain relationships with critical stakeholders, including FRBNY business and support areas, depository institutions, primary dealers, custodians, regulators, and the Fed Board of Governors staff.
Provide a credit risk perspective to policy discussions.

Job Requirements

Bachelors or Masters degree.
Three to seven years of experience working in the credit risk management, credit analysis, fixed income/credit research, and/or equity research department(s) of a leading financial institution – preferably a large international bank, securities firm, or asset manager.
Credit training from a leading banking organization.
Experience analyzing banks and broker-dealers is essential. Additional background having analyzed insurance companies and/or corporates is helpful.
Familiarity with a wide range of securities types, especially related to their use as trading or lending collateral.
Familiarity with US and international bank accounting rules and Basel I & II.
Interest in creating and updating financial spreadsheets, and solid Excel and PC skills.
Accuracy and attention to detail.
Well organized and strong time management skills.
Excellent communication and writing ability, and good interpersonal skills.

This position requires access to confidential supervisory information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, U.S. permanent residents who are not yet eligible to apply for naturalization, and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so.

The Federal Reserve Bank of New York values and is committed to a diverse workforce.

Candidates must be eligible to work in the United States on a multi-year basis for other than practical training purposes (authorization under a student visa to engage in practical training does not satisfy this requirement).