Threadneedle Street

Programmes available:

First Degree Graduates, First year internships, Penultimate Year Internship, Sandwich Student, School Leaver Programme

Responsible for:

BPFR is one of the Bank’s most fast-paced and business critical areas, offering a unique insight into some core functions and key operations of central banking. We settle high-value payments in real-time, provide banking services to systemically-important institutions and act as lender of last resort. Our routine activities are vital to the smooth functioning of the country's economy. We operate the United Kingdom’s Real-Time Gross Settlement (RTGS) system which holds accounts for financial institutions and allows them to settle payments, RTGS processes around £600 billion of transactions every day.  The Bank  acts as banker to the UK Government, other central banks (including storing and safe guarding their gold reserves) and, where there are financial stability reasons to do so, certain other financial sector firms. BPFR also, coordinates the implementation of any emergency liquidity assistance to individual banks. The Financial Risk & Resilience Division (FRRD) within BPFR provides forward-looking assessment and challenge of financial risks to the Bank’s balance sheet across all its financial operations, so that it can achieve monetary and financial stability.

What big issues might I be working on?

Recent graduates are working on such diverse issues as: which organisations should we provide services to; world-leading design of real-time settlement systems; making the most of opportunities to expand data in payments; and active contingency planning.  To give practical examples, two first year graduate entrants led work on increasing the transparency of our operations while three second year graduate entrants were founder members of the small team that devised the blueprint for the new real-time settlement system.

Entrants may also be involved in managing the financial risk around the Bank’s operations. As a practical example, joiners in this area have been responsible for creating reports for the Bank’s Court that show how much risk the Bank is exposed to from its monetary operations and foreign exchange business.   

What sort of things could I do here?

You can expect to find yourself in a stretching role, contributing towards developing and influencing policies and processes touching the heart of the financial system . Working in BPFR will give you the opportunity to develop key skills, including analysis, problem solving, relationship management and effective communication. The Bank plays an integral role in the functioning of the financial sector; as such we encourage an awareness of developments within the industry where we may need to respond to changes in the wider banking environment and government policy.

Work may include conducting analysis of information from various sources, including significant engagement with other financial authorities across the industry, and using this to communicate sound recommendations clearly to seniors. In FRRD new joiners perform very analytical work, linking databases and writing code to provide senior management with concise, accurate information to enable the Bank to act confidently in implementing monetary policy.  

What could I be doing day-to-day?

BPFR encompasses a diverse range of work streams.  Exactly what you will do will depend on your current workload. For example, one day you could be working on a paper on how to improve the efficiency of payments in the UK, and another you could be supporting your team when dealing with an operational issue arising from our daily responsibilities, or performing ad-hoc data analysis to support specific requests for information. Being flexible and able to prioritise your tasks are key skills for working with us.