Assistant Manager, Model Validation Quant

Lloyds Bank plc; Greater London; Hybrid; GBP 63,000 - 71,000; Full time

Job summary

A leading banking institution in London is looking for an Assistant Manager in Model Validation Quant to join their Markets & AI Modelling team. The role involves delivering in-depth assessments of pricing models, benchmarking with C++ and Python, and compiling validation reports. Candidates should hold a Master’s degree in a quantitative field and possess strong problem-solving skills. Benefits include a generous pension contribution, annual bonuses, and flexible working arrangements. This role offers a hybrid working model with at least two days in the office.

Benefits

Generous pension contribution of up to 15%

Annual performance-related bonus

Share schemes including free shares

28 days’ holiday, with bank holidays on top

Wellbeing initiatives and parental leave policies

Qualifications

• Master’s degree or higher in a quantitative discipline or equivalent experience.
• Solid theoretical understanding of derivative pricing models and stochastic calculus.
• Strong understanding of financial derivatives and risk modelling.

Responsibilities

• Perform theoretical assessments of pricing models across various asset classes.
• Benchmark Front Office pricing models using C++ and Python.
• Compile comprehensive validation reports detailing findings.

Skills

Problem-solving skills

Time management skills

Strong written and verbal communication

Ability to work independently

Education

Master’s degree in a quantitative discipline

Tools

C++

Python

Job description

Overview

Assistant Manager, Model Validation Quant

Location: London, 33 Old Broad Street

Salary: £63,711 - £70,790

Hours: Full-time

Working pattern: Hybrid working (spend at least two days per week, or 40% of time, at an office site).

Job Description

An exciting opportunity to join the Model Risk Office at Lloyds Banking Group. You will be part of the Markets & AI Modelling team, which covers pricing models, counterparty risk models, and AI technology. The team provides independent review and challenge of derivatives pricing models used for valuation and risk management to ensure rigorous standards and robust practices across operations.

• Deliver in-depth theoretical assessments of pricing models across various asset classes.
• Independently benchmark Front Office pricing models using C++ and Python.
• Perform qualitative analyses and stress tests to measure model performance.
• Compile comprehensive validation reports that clearly detail findings and recommendations.
• Develop, enhance, and maintain internal tools that support and streamline the model validation process, contributing to the team’s overall efficiency and impact.

Requirements

• A Master’s degree or higher in a quantitative discipline (e.g., Mathematics, Physics, Quantitative Finance) or equivalent experience in a quantitative role.
• A solid theoretical understanding of derivative pricing models, stochastic calculus, partial differential equations and Monte Carlo methods.
• Excellent problem-solving and time management skills.
• Strong written and verbal communication skills, with the ability to articulate complex mathematical concepts clearly and concisely.
• Ability to work independently, meet deadlines, and perform well under time pressure.

Useful experience

• Prior experience in a Model Validation or Front Office Quant role.
• Programming experience in C++ and/or Python including library architecture design.
• Strong understanding of financial derivatives and risk modelling.
• Ability to critically evaluate model performance and identify limitations.
• Familiarity with regulatory expectations related to model risk.

About working for us

Our ambition is to be the leading UK business for diversity, equity and inclusion, supporting customers, colleagues and communities. We offer reasonable workplace adjustments for colleagues with disabilities, including flexibility in office attendance, location and working patterns. As a Disability Confident Leader, we guarantee interviews for a fair and proportionate number of applicants who meet the minimum criteria for the role with a disability, long-term health or neurodivergent condition through the Disability Confident Scheme.

Benefits

• Generous pension contribution of up to 15%*
• Annual performance-related bonus*
• Share schemes including free shares*
• Flexible benefits to suit your lifestyle
• 28 days’ holiday, with bank holidays on top
• Wellbeing initiatives and parental leave policies

We keep your data safe and explain what we need and why. We strive for a values-led culture and an inclusive workplace where all colleagues can make a real difference. Join us to help drive change in finance.