Vice President - Financial Stability & Banking Research
Vice President – Financial Stability and Banking Research
The Federal Reserve Bank of Cleveland is seeking a Vice President to lead the Financial Stability and Banking Research Group. The successful candidate will supervise a group of economists who engage in research on financial stability, banking and financial issues and who advise the Bank’s President on financial stability, banking, and monetary policy. During financial stability briefings, group members will provide insights drawn from basic research as well as from ongoing collaboration with the Supervision and Regulation Department. This position reports directly to the Executive Vice President of Research and Community Development.
Specific expectations of the role include:
Leading a team of economists in conducting high-quality academic research on financial stability and banking topics. Overseeing the development of the necessary expertise within staff required to inform policy decisions that strengthen the resilience of the financial system. Providing oversight for and continuous improvement in financial stability and banking briefings for the President in preparation for the Federal Open Market Committee meetings. Collaborating with bank supervisors on emerging risks to financial stability; expanding analytic capabilities, including models and tools, to identify and monitor emerging risks to financial institutions and markets. Extending networks within the Federal Reserve System, with other Bank supervisors, and with practitioners/agencies that specialize in financial stability while promoting the Bank as a center of expertise for the development and use of financial stability tools. Providing leadership in organizing conferences, seminars, and other innovative programs to build team capability and highlight department expertise. Representing the Bank and assuming leadership positions at the Federal Reserve System level, including developing, recommending, and implementing significant System initiatives, and participating in industry and professional organizations. Working with the Bank’s data manager to help assess analytical data needs and to ensure appropriate cross-functional access to data that supports collaboration. Working collaboratively with the other officers of the Research Department to actively promote employee engagement and research productivity.
CRITICAL BACKGROUND AND CAPABILITIES
The successful candidate will have substantive experience in leading a group of PhDs in conducting high-quality academic research, experience with quantitative tools applied toward identifying emerging risks related to financial stability, and an extensive publication record. A Ph.D. in economics or finance is required. A minimum of 5 years of management experience is highly desirable.
This position requires access to confidential supervisory information. Such access is limited to either:
(1) "Protected Individuals" as defined by the Immigration Reform and Control Act of 1986; or
(2) individuals who qualify under the Board of Governors of the Federal Reserve System’s rules for access to confidential supervisory information. Protected Individuals include, but are not limited to, U.S. Citizens, U.S. Nationals, and lawful permanent resident aliens (also known as "green card holders") who intend to become U.S. citizens.
Protected Individuals do not include (i) a permanent resident alien who fails to apply for naturalization within six months of the date the alien first becomes eligible to apply for naturalization and (ii) an alien who has applied on a timely basis, but has not been naturalized as a citizen within 2 years after the date of the application, unless the alien can establish that the alien is actively pursuing naturalization.
If you are selected for an interview, you will be required to present documentation of your eligibility to access confidential supervisory information prior to the interview.
Experience with a financial system regulatory/supervisory agency or substantive knowledge of financial markets and the banking industry, including knowledge of regulatory processes and banking laws and regulation. Experience using a range of analytical tools and models to perform risk analyses including but not limited to stress tests, macro analysis, and other analytical applications. Experience with identifying the strengths and weaknesses of potential models and have demonstrated ability to assess the effectiveness of model outcomes. Experience evaluating risk using a: Microprudential perspective – identifying risks within each firm;
Horizontal perspective – identifying risks across a number of institutions where there are common risks and exposures; and
Macroprudential perspective – identifying risks across financial markets and the financial system.
Ability to think strategically, to think outside of traditional reporting, and to conduct, apply, and interpret information that provides robust analytics. Experience in successfully overseeing, managing, and directing a team of researchers. Demonstrated ability to develop productive and collaborative relationships at all levels of the organization. Strong interpersonal skills with experience in communicating concepts, messages, and key information to benefit the function, the Bank, and key stakeholders. Excellent oral and written communication skills.
Please apply on-line and include a current CV, in pdf format, and a 5-7 page statement of qualifications, in pdf format, that outlines your qualifications in the following areas: leading the development and publication of high-quality academic research; understanding and assessing the risks to financial stability through research, risk analysis, tools, and models; integrating the analysis of bank supervisors and quantitative analysts with academic research and policy advice.
The Federal Reserve Bank of Cleveland, one of 12 regional Reserve Banks, serves the Fourth Federal Reserve District, which comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. The 12 regional Reserve Banks and the Board of Governors in Washington D.C. make up the Federal Reserve System, the central bank of the United States.
Our mission is to foster the stability, integrity, and efficiency of the nation’s monetary, financial, and payments systems in order to promote optimal economic performance across the country and within the Fourth District. Key strategic objectives are to
Deliver Innovative Solutions:
Proactively identify and develop solutions to transform Bank, System, and Treasury practices Strengthen Financial Stability:
Influence policy decisions to strengthen our nation’s financial stability Promote Economic Growth and Development:
Advance research on key drivers to regional and national economic growth to guide policy decisions Be the Voice of the Fourth District:
Be an influential voice in our region and provide leadership in the Federal Reserve System