CIT Group Inc.

  • SVP, Head of Quantitative Strategies

    Location US-NY-New York
    Job ID
    30473
    # Positions
    1
    Job Family
    Risk Management - Operational Risk
    Type
    Full-Time
  • Overview

    Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com.

    Responsibilities

    The individual will lead a quantitative modeling team which should serve as a center of excellence for quantitative model development at CIT. The position reports to the Head of Enterprise Risk Management. Models currently developed or overseen by the team or contemplated to be within the scope of the team’s mandate include a wide variety of credit models such as PD templates, LGD models, small ticket credit origination scorecards, behavioral PD models, deposit behavior modeling, economic capital models, and CCAR Stress Test models.

     

    Key Responsibilities include:
    • Coordinate best practices of model development across CIT and optimize existing investment and resources
    • Oversee ongoing development, refinement and enhancement of CIT’s PD and LGD grading systems and practices
    • Manage the quantitative analysts within the Quantitative Strategy team
    • Determine appropriate methodology for all credit grading templates
    • Improve delivery and use of credit grading tools
    • Work with model validation team to develop robust process and output to ensure accuracy of models
    • Support cross-function initiative such as the implementation of CECL guidelines and CCAR
    • Lead the implementation of economic capital concepts into the company’s capital attribution and planning processes, participate in departmental wide credit related issues and provide analytical supports when needed for corporate capital planning and analysis
    • Interface with key staff in CIT’s various business segments to identify business needs which could be supported by the team’s work
    • Oversee the model development processes being used by the team
    • Work with the team and key constituents to prioritize the team’s workflow and objectives
    • Facilitate effective challenge within the development process, both within the development team and with CIT’s independent model validation function
    • Support the implementation of models onto various IT platforms
    • Support the development of ongoing monitoring processes
    • Interface effectively with regulators

    Qualifications

    • Candidates should possess a PhD focused on quantitative disciplines such as Mathematics, Statistics, Physics, or Engineering or not less than a Master’s degree with a quantitative focus. An exception to these academic requirements could be made in the event an individual has a long history focused on quantitative model development team.
    • The ideal candidate should have significant experience in financial modeling, ideally in excess of 10 years.
    • A proven track record managing a quantitative team is also desirable.
    • Strong communication skills are required as is the ability to bridge the quantitative and non-quantitative worlds.
    • Proven successful direct interaction with Federal Regulators

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