Location: UK: London

Start Date: Variable

Programme: Supported hiring into permanent roles with flexible working

Closing date: 5 September 2022

*Applications have now closed*

The Bank of England’s Markets Directorate is partnering with Women Returners to seek a Trading Desk Dealer/Analyst – Sterling Markets Division, Markets. The Bank of England welcomes professionals who have taken an extended career break to apply for this role.

Successful hires who have taken a career break of 2+ years will receive coaching support through the transition period from Women Returners. You may have taken time out for childcare or eldercare, for relocation, or for other reasons. You may have been working on a small-scale basis to fit around your other commitments or have not done any paid work for a number of years. The Bank is absolutely committed to having an inclusive environment. Improving the diversity and depth of experience of staff is something that the Bank is passionate about. Flexible working options are available, including part-time working.

About the Bank 

The Bank of England is the UK’s central bank with a mission to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation, made up of approximately 4,000 people – each committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

About the Markets Directorate

The Markets Directorate promotes monetary and financial stability by leading the Bank’s market operations, and by using their presence, expertise and influence in financial markets to inform and shape the Bank’s policy decisions and priorities.

The Markets Directorate currently includes 7 Divisions which are:

  • Sterling Markets
  • Foreign Exchange
  • Market Intelligence
  • Future Balance Sheet Unit
  • Financial Risk Management
  • Middle Office
  • Markets & Banking COO

Department Overview

The sterling operations desk sits within the Sterling Markets Division (SMD). The desk is responsible for the design and execution of market operations and communication of Bank policy to market participants – not least the key Monetary Policy Committee (MPC) policy decision itself! Their role includes:

  • Design and implementation of tools required to deliver the MPC’s policy decisions, and facilities to deliver liquidity insurance to safeguard financial stability;
  • Planning and running regular market interactions, including gilt and corporate bond auctions, Indexed Long Term Repo (ILTR) operations, gilt purchases for the Bank’s own investment portfolio and Discount Window Facility (DWF) test trades;
  • Analysing the performance and effectiveness of their operations and, where relevant, identifying improvements;
  • Monitoring developments in sterling markets, including designing and improving tools to analyse market reactions to key economic and monetary policy developments.

About the Role

This is a unique opportunity to join the sterling operations desk in a varied and exciting role! They are recruiting a number of Analyst and Senior Analyst opportunities in the team responsible for implementing monetary policy on behalf of the MPC, providing liquidity insurance to the financial sector and contributing policy advice and analysis on sterling markets.

The Bank is looking for enthusiastic and supportive team players, with a passion for financial markets and a desire to be at the heart of market operations. The role will have wide-ranging responsibilities covering three broad areas: operations; policy and analysis; and market intelligence. Time tends to be split relatively evenly across these three areas, although there may be some opportunity to flex this based on individual strengths and preferences.

Role Requirements

A strong candidate is likely to be able to demonstrate most of the following attributes and experiences. The role requirements will vary based on the seniority of the role you’re recruited into. They are currently looking for candidates at both Analyst and Senior Analyst levels, so they would strongly encourage you to apply even if you do not meet all the requirements listed below:

  • A keen interest in and understanding of financial markets and how they function.
  • Evidence of strong judgment and analytical skills. An interest to learn analytical tools such as R.
  • Demonstrate the ability to work calmly, accurately and collaboratively in time critical situations.
  • Evidence of initiative and problem solving skills.
  • Effective written and oral communication skills with the ability to explain complex and technical issues in the most appropriate way for the audience.
  • A track record of demonstrating strong time management skills, including balancing multiple tasks and meeting short and long-term deadlines.
  • Ability to work collaboratively and inclusively in team environments to deliver high quality outputs.
  • Evidence of presenting to and debating with senior stakeholders as well as in identifying and implementing improvements to policies and/or processes.
  • Ability to independently lead key analytical work and deliver through other members of the team and across teams.

Don’t meet every single requirement? At the Bank they are dedicated to building a diverse, inclusive and authentic workplace, so if you’re excited about this role but your past experience doesn’t align perfectly with every requirement in the job description, they encourage you to apply anyway. You may be just the right candidate for this or other roles.

Salary and Benefits

The Bank of England is a distinctive institution and their rewards are one of the things that set them 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.

This specific role offers a base salary of circa £35,700 –  £59,000 per annum (dependent on experience), along with a comprehensive benefits package as follows:

  • 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 their 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.
  • 25 days annual leave with option to buy up to 13 additional days through flexible benefits.
  • Private medical insurance and income protection.

About the Bank of England

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

The Bank is 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.

Where a role can be carried out from home, they are working towards colleagues spending at least half of their time in the office, so that we can all benefit from working together in person, while maintaining the flexibility offered by home working. From 6 June 2022, they expect colleagues to spend a minimum of 40% of their working time in the office per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their team.

They are also committed to making adjustments for candidates and employees where possible, and have partnered with external expert organisations to support them in this. The Bank of England is 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.

Read more about the Bank in this Returner Champion Employer profile.

How to Apply

For more information and to apply, please access the links below:

Trading Desk Dealer/Analyst – Sterling Markets Division, Markets

Application deadline is 5 September 2022.

The Bank anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.