Description Department Overview The Markets Directorate promotes monetary and financial stability by using our presence, expertise and influence in financial markets to inform and shape the Bank's policy decisions and priorities; and is responsible for execution of the Bank's market operations and management of the balance sheet. Sterling Markets Division (SMD) is right at the heart of the Bank’s mission, with responsibilities ranging from running the Bank’s sterling balance sheet and bond portfolio, to informing and implementing monetary policy, providing liquidity to the financial system and administering the UK’s risk-free rate. Job description You will join SMD as a Senior Manager leading the teams which cover operational policy and applications. The team’s remit is broad and individuals can be involved in a wide variety of activity, including helping to design and implement new facilities from an operational perspective, understanding the impact of new policies or technologies on our existing operations, and handling applications from firms signing up to the Bank’s facilities and their ongoing access. The job includes: Leading the operations and operational policy team (including a small team of operational assistants), who: support the Bank’s sterling operations including data and publications on operations run the Asset Purchase Facility gilt lending programme day to day running of the Alternative Liquidity Facility are jointly responsible for business continuity and operational risk (the job holder will become one of SMD’s Operational Risk Officers) are responsible for general operational policy Leading the applications team who: handle new applications for, and any changes to, membership of the Sterling Monetary Framework and other facilities including the Contingent NBFI Repo Facility are responsible for Sterling Monetary Framework eligibility policy work with other teams around Markets, Legal Directorate and the PRA to try to ensure firms that need it have access to the Sterling Monetary Framework Helping to ensure high standards of execution and operational resilience across our market operations and processes. Acting as cover Senior Manager for the operation of the SONIA risk-free rate benchmark, including attending the SONIA Oversight Committee to remain sighted on key projects and issues. This is a people management role. This role involves leading a team of 14 staff, including two Scale E direct reports. You will be responsible for day-to-day management of the team and for defining roles and responsibilities. You will develop your team through sharing information effectively, mentoring and communicating a clear vision to ensure that staff are productive, engaged and motivated to deliver the area’s aims. This will include setting clear goals and stretching objectives that are aligned to those of the team, division and directorate. You will also be responsible for handling staff-related matters that may arise. Sterling Markets Division operates as “one team, one dream” and there is extensive cross-team collaboration and interlinkages. The job holder will work closely with the other Senior Managers in SMD to ensure those vital cross-team interlinkages and opportunities, and a strong culture of collaboration continues. Actively support Markets’ Diversity, Equity and Inclusion initiatives to attract and inspire the best people to work in SMD across all different types of roles. You will be a member of the SMD Senior Management Team with an opportunity to influence strategy for the wider Division. You will play a central role in implementing Markets’ strategy for Diversity, Equity and Inclusion, and you will be expected to lead in a manner which is human, humble and in step with the changing world, fostering an inclusive and open environment for discussion across the Division. As part of the SMD leadership team you will be expected to contribute to the division’s operational tasks, including taking part in the production process of the SONIA benchmark and providing cover as part of our split-site end of day cover arrangements. Role requirements Minimum/Essential Criteria Strong leadership skills - experience of delivering through others, leading diverse, impactful teams with a varied work portfolio. Proven ability to develop and support staff. A consistent track record of delivering under pressure through nimble prioritisation, making timely, robust operational decisions and recommendations using good judgement, often in the face of uncertainty and incomplete information. Strong commitment to operational delivery and appreciation for operational risk. Strong people skills, to develop formal and informal networks of stakeholders inside and outside the Bank. A demonstrable commitment to the Bank’s D,E&I agenda, and a track record of driving positive change in these areas. Strong communication skills, including the ability to present technical ideas simply and credibility with senior internal and external stakeholders. Curiosity, and a desire to build an understanding of how SMD’s operations function and can impact the work of other areas around the Bank. Desirable Criteria Interest in financial markets, why they matter for the Bank’s objectives, and how they operate in practice. Understanding of the Bank’s governance framework, risk management, and financial arrangements. Basic knowledge of the Bank’s Sterling Monetary Framework and how the Bank uses its balance sheet to implement monetary policy, or the ability and desire to develop this knowledge quickly. You do not need to be able to demonstrate all of the desirable criteria. Candidates should have an interest in developing those that they cannot demonstrate and a vision for how they would use the opportunity to learn. Number of direct reports: 2 Our Approach to Inclusion The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve. At the Bank of England, we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public. We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed. For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders. Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application. Salary and Benefits Information We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate. This position is based in our Leeds office, the role offers an annual salary of £95,470 - £110,160 (depending on skills and experience) In addition, we also offer a comprehensive benefits package as detailed below: A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year. A discretionary performance award based on a current award pool. A 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits. Private medical insurance and income protection. National Security Vetting Process Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice. The Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance. As such, our ability to employ individuals who require sponsorship for immigration purposes is limited. The Bank cannot guarantee that you and / or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful. Eligibility will therefore be considered on a case by case basis. The Application Process Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process. The assessment process will comprise of two interview stages.. This role closes on 2 February 2025. Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.