Manager/Staff Coordinator - Money Markets Directorate - Markets Group (Chicago-based)
At the Federal Reserve Bank of New York, the work we do is consequential and challenging. Our environment encourages growth and diversity. Our employees flourish in a team-oriented atmosphere and are dedicated to the important mission of the New York Fed. What we do:
The Markets Group at the Federal Reserve Bank of New York implements monetary policy on behalf of the Federal Reserve System, provides payments and custody services to foreign central banks, and acts as a fiscal agent for the U.S. Treasury Department. As part of these duties, the Market Operations Monitoring and Analysis Function (MOMA) within the Markets Group executes transactions in the open market and conducts detailed analysis of financial market developments in support of the monetary policy and financial stability decision-making process.
The Money Markets directorate of the MOMA function is seeking a Manager to oversee the Secured Money Markets staff. The manager will be responsible for the efficient, resilient and well-controlled execution of open market operations in secured money markets, including the standing overnight reverse repo facility, overseeing the production of high-quality monitoring and analysis of secured money markets and working closely with other managers in the money markets directorate to grow talent and effectively employ resources across the range of activities jointly performed in Chicago and New York sites. In addition to monitoring, analyzing and transacting in secured money markets, the staff contributes to full suite of Money Market Directorate activities, including the daily production of reference rates and analysis of banking reserves conditions and contributes to the MOMA function’s cross-market monitoring activities. Responsibilities:
Qualifications: What we are looking for:
- Lead a team of associates and analysts expected to achieve excellence in the execution of open market operations that support the Federal Reserve’s monetary policy operating framework, such as the standing overnight reverse repo operation, and delivery of high-quality money market analysis that inform policy discussions
- Lead or contribute meaningfully to memos and other projects pertaining to money market operations including modifications to existing monetary policy operations, development of new programs, improvements in resiliency and robustness, advancements in trade platform infrastructure, among others
- Promote a strong risk culture, regularly assessing risks and controls in areas of responsibility, identifying control improvements, escalating risk events in accordance with Bank and Group policies and overseeing initiatives aimed at mitigating risks, collaborating closely with second line risk managers and key stakeholders
- Establish and oversee the staff’s analytical agenda and ensure that the analytical output consistently meets the highest standards of quality through the provision of guidance and editing
- Provide comprehensive staff development, including on‐going coaching, regular feedback, and career development support, to staff in New York and in Chicago
- Support the MnM director to evolve a vision for the team and execute on strategic priorities
- Collaborate closely with the Money Markets management team and other business areas within MOMA and Markets on cross-functional business and management initiatives to, for example, contribute subject matter expertise, provide business requirements, and organize efficient allocations of resources across the two sites
- Cultivate relationships with colleagues in FRBNY, the Board of Governors, and other official sector agencies as well as the network of counterparties involved in secured money market operations
- Manage all staff administration such as asset management and access control, recruiting, and budget planning, and work closely with management on overall directorate administration, working closely with MOMA’s business partners
- Promote adherence to Bank and Group policies
The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
- Graduate degree in business, economics, finance, public policy, or a related discipline strongly preferred
- At least 7 years of relevant work experience, preferably in central bank policy and operations in financial markets or in treasury or liquidity portfolio management
- Demonstrated ability to effectively manage a high performing staff or lead complex projects, with an emphasis on creating strong team dynamics and a proven track record of driving results and managing change despite competing priorities and short time tables
- Proven ability to build relationships and work collaboratively across a variety of teams and functions to influence discussions, build consensus and achieve results
- Strong presentation skills, including the ability to lead concise and effective formal and informal discussions
- Strong written and oral communication skills, ability to articulate complex issues and make and critique recommendations for senior Federal Reserve audiences, including the FOMC
- Excellent organizational, planning, and problem solving skills with demonstrated track record of strong judgement and decision making ability
- Ability to contribute substantively to strategic management initiatives within MOMA, the Markets Group and the Bank
- Prior staff management experience or experience driving process improvement in a complex business required
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.
This position requires access to Federal Open Markets Committee Data 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. Why the Fed
Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of talented professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It is a challenge that demands the skills of a financial service professional and the intellectual curiosity of an academic—all combined with a passion for public service.
The Federal Reserve Bank of New York is committed to a work environment that respects and fully values the strengths and differences of its people. Working at the New York Fed provides talented professionals the chance to grow their skills at an institution that has served a critical role in the financial system of the United States and the world for over a century. An important component of the Bank’s diversity effort is our partnership with several professional non-profit organizations, including INROADS, JumpStart Advisory Group, NBDC Emerging Leaders, Seizing Every Opportunity, National Black MBA, Out for Undergrad, Prospanica and Reaching out MBA. Click here for more.