Model Validation Quant - Assistant Manager

JOB TITLE: Model Validation Quant - Assistant Manager

SALARY: £63,000 - £67,000

LOCATION(S): London

HOURS: Full-time

WORKING PATTERN: Our work style is hybrid, requiring team members to spend at least two days per week, or 40% of their time, at our London office.

Join a dynamic team at Lloyds Banking Group where your quantitative expertise will drive model validation excellence in a fast-evolving financial landscape.

About this opportunity

An excellent opportunity has arisen for a highly motivated applicant to join the Model Risk Office at Lloyds Banking Group. This is an exciting opportunity to be part of a dynamic team in a changing and challenging environment, which offers considerable scope for personal development.

You will join the Markets & AI Modelling team which covers pricing models, counterparty risk models, and AI technology. Our team provides independent review and challenge of derivatives pricing models used for valuation and risk management—helping to ensure that the Group maintains rigorous standards and robust practices across its operations.

Day to day, you will:

• 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 evaluate model performance.

• Compile comprehensive validation reports that clearly document your 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

Why Lloyds Banking Group

We’re on an exciting journey to transform our Group and the way we’re shaping finance for good. We’re focusing on the future, investing in our technologies, workplaces, and colleagues to make our Group a great place for everyone. Including you.

What you’ll need:

• 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, and familiarity with, 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.

• The ability to work independently, meet deadlines, and perform well under time pressure.

And any experience of these would be really useful:

• 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 focus is to ensure we're inclusive every day, building an organisation that reflects modern society and celebrates diversity in all its forms. We want our people to feel that they belong and can be their best, regardless of background, identity or culture. We were one of the first major organisations to set goals on diversity in senior roles, create a menopause health package, and a dedicated Working with Cancer initiative. And it’s why we especially welcome applications from under-represented groups. We’re disability confident. So if you’d like reasonable adjustments to be made to our recruitment processes, just let us know.

We also offer a wide-ranging benefits package, which includes:

• A generous pension contribution of up to 15%

• An annual performance-related bonus

• Share schemes including free shares

• Benefits you can adapt to your lifestyle, such as discounted shopping

• 28 days’ holiday, with bank holidays on top

• A range of wellbeing initiatives and generous parental leave policies

Ready for a career where you can have a positive impact as you learn, grow and thrive? Apply today and find out more.