The role

OakNorth runs an £8bn balance sheet with a small, senior Treasury team. Reporting to the Head of Treasury, you will own the execution of the bank's derivatives and FX activity and its investment portfolio, the sizing of its FX funding and liquidity positions, and support for capital and wholesale funding issuance — building the analytics behind those decisions. Treasury here is run as a measurable profit contributor rather than a cost centre, and the decisions taken on this desk are a material part of that.

This is a hands-on execution role rather than an oversight one. You will be pricing, trading, sizing and building the analysis behind your own recommendations, and presenting that work in senior forums including ALCO and to the CFO.

The role is deliberately front-office weighted, but the team is small and the remit is broad. There is genuine scope to build depth in the wider Treasury agenda — funds transfer pricing, liquidity and interest rate risk frameworks, and Board and regulatory work — for someone who wants it.

Principal responsibilities

Derivatives and FX

Execute interest rate swaps, cross-currency swaps and FX forwards across the bank's hedging programme. This is the most frequent trading activity on the desk and the centre of the role

Price, negotiate and execute with dealers across the counterparty panel, and evidence best execution

Own the FX risk position — including the USD lending book and intragroup exposures — and produce the exposure and hedging analysis that supports ALCO and Board reporting

Monitor collateral and margin flows under CSA arrangements, including the liquidity consequences of adverse mark-to-market moves. Supports expansion and onboarding with additional counterparts

Work with Finance on hedge designation and supporting documentation

Investment portfolio

Execute the gilt and HQLA investment programme against Board-approved mandates, using asset-swap spread and relative-value analysis to inform selection

Maintain and extend the portfolio construction tooling, including duration, maturity-ladder and concentration constraints

Size and roll the Treasury bill programme against deposit deployment windows

Support oversight of the externally managed AAA CLO portfolio, including trend and spread analytics and preparation for quarterly manager review

Support expansion of the investment instruments to develop the liquidity portfolio

Capital and funding issuance

Support the origination and execution of capital instrument issuance — Tier 2 and AT1 — working alongside the Treasurer, CFO and external advisers

Build and maintain the analysis behind issuance decisions, including sizing, pricing benchmarks and comparable market levels

Contribute to the development of wholesale funding options as the balance sheet grows, potentially spanning senior unsecured and secured issuance and securitisation

Funding and liquidity sizing

This part of the role is about sizing and direction. Operational execution and settlement sit with Treasury Operations; you set the strategy, size the transaction and steer the team.

Own USD liquidity end to end — determining how much liquidity is required in currency, and executing the cross-currency swaps that deliver it within Risk Appetite Limits

Set the sizing and collateral strategy for Bank of England repo facilities (ILTR and STR), instructing and reviewing rather than operating them

Steer the wider team on the analytical basis for funding and liquidity decisions, and review their output

Analytics and automation

We work extensively with AI-assisted development — Claude and Claude Code — inside a GitHub-controlled workflow. You do not need to be a software engineer, but you do need to be able to build a working analytical tool this way, or to learn to do so quickly.

Build, maintain and extend the desk's Python toolkit — pricing, sizing, limit monitoring and income attribution

Replace manual spreadsheet processes with repeatable, auditable and documented ones

Contribute to the Treasury Management System implementation and the Bloomberg data integration