Job Description:
Overview (Bank overview, GBS India overview, Function Overview)*
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
We are committed to attracting and retaining top talent across the globe to ensure our continued success. Along with taking care of our customers, we want to be the best place for people to work and aim at creating a work environment where all employees have the opportunity to achieve their goals.
We are a part of the Global Business Services which delivers technology and operations capabilities to all Bank of America lines of business (LOB) and enterprise functions.
Our employees help our customers and clients at every stage of their financial lives, helping them connect to what matters most. This purpose defines and unites us. Every day, we are focused on delivering value, convenience, expertise and innovation for individuals, businesses and institutional investors we serve worldwide.
- BA Continuum is a nonbank subsidiary of Bank of America, part of Global Business Services in the bank.
Process Overview*
Global Markets Business Finance & Control (BF&C) is a division of Global Banking & Markets (GBAM) Finance responsible for the production and independent validation of Global Markets profit and loss and balance sheet. In this regard, BF&C will ensure, inter alia, that accounting policies are correctly and consistently applied, and that trading portfolios are appropriately valued.
The team prepares and reports P&L and balance sheet to the business and ensures the accuracy and integrity of the general ledger. We are responsible for daily service delivery and ensuring effective controls, transparent management information and becoming a center of excellence delivering process simplification and efficiencies. We work closely with front office, middle office, traders and valuation control teams to drive the control agenda across the business.
Job Description*
We are looking to recruit an individual with extensive experience of leading high performing teams that deliver financial control and financial reporting capabilities in Fixed Income with a focus on Global Rates business.
The position will have regular interaction with a broad range of senior stakeholders, including GBS leadership in India and GBAM Finance leadership in global locations and will be expected to leverage her/his extensive knowledge of processes and best practices within Finance, operations, risk management and talent management to ensure that the GBS team operates effectively as a key strategic component of the global GBAM Finance organization.
The individual will work in the P&L Production and Valuation control area covering the Fixed Income trading desks. The candidate will work closely with P&L controllers performing P&L production, P&L commentaries, Valuation controls including IPV. The candidate is expected to provide a high standard of analysis and explanation around any issues faced and work with FO, Tech, GVG to resolve the same. The candidate will therefore have considerable interaction with the respective Front Office, Middle Office, and Finance and Trade Capture teams so good communication and time management skills are an essential requirement for this job. The Primary products covered will include: All Rates Linear and Non-Linear Product across Fixed Income, FX, Credit and Equities. Outstanding financial control expertise in FICC products, familiarity with global markets businesses and first-class leadership skills are prerequisites.
Responsibilities*
- Supervise Production and Reporting of daily P&L to Front Office & Senior Management.
- Run and Supervise IPV, Valuation Control Activities, VA Computations, PRU-VAL process.
- Supervise Reconciliation of actual P&L with trader estimates and review flash/actual variance analysis.
- Work closely with the trading desks on position, P&L or other issues on an ad-hoc basis.
- Review Front-to-Back analysis & reconciliations of front office P&L and Balance Sheet to firm sub-ledgers,
- Assist with execution of month-end controls ensuring management vs financial P&L variances are within thresholds
- Analyze traders risk positions and understand and apply the Greeks (Delta, Vega Gamma) vs daily market moves.
- Control books, cost center and Business Units for line of business
- Liaise with various business partners such as Technology, Market Risk, Credit Risk, Operations and Finance to resolve
issues / queries.
- Develop, standardize & continuous improvement of existing processes & workflow.
- Monitor Testing/UAT for existing or new systems
- Remediation of issues in an autonomous yet timely manner considering the principles of control and the need to mitigate operational risk
- Optimize Operational Excellence act as innovator and change catalyst to drive process redesign and realize efficiency across the platform
- Partner with GBAM Finance LOB executives to evaluate current process design, identify opportunities for efficiency and drive adoption of agreed changes
- Manage team projects, direct group effort and day-to-day team activities.
- Manage and drive risk disciplines and internal controls to deliver the best outcomes for our clients and shareholders
- Be pro-active and engage control partners/ technology to identify and mitigate operational risks
Requirements*
Education*
Qualified Chartered Accountant/CPA /CFA / MBA from Tier I/II institute with relevant experience in Valuation Control or Product Control or Global Markets environment and organization of similar scale with US GAAP, IFRS, IAS reporting framework with an interest and aptitude for derivative products
Certifications If Any
- CFA / FRM certified candidates would be preferred
- Advanced education and/or enhanced technical qualifications are a plus
Experience Range*
12 to 16 years with at least 8+ years experience in Global Markets Valuation Control and/or Product Control role
Foundational skills*
- 12+ years of Banking and Financial Services experience and held a finance leadership position in an international environment with extensive knowledge of working in a Global Markets environment.
- Should have good understanding of financial markets, Derivatives & structured notes-their hedging, funding, credit risk etc.
- The individual should have a proven track record of working and experience of managing teams of 10+ individuals having a pedigree of tier 1/ tier 2 institutions and possess a comprehensive expertise in strategic planning for flawless delivery.
- Strong people management skills, including the ability to resolve people issues and motivate the team to deliver.
- Line experience coupled with a demonstrated ability to lead technology-based change.
- Proven experience of providing thought leadership to overcome challenges and lead without direct authority, excellent skills with an ability to manage the group of fast paced team supporting multiple business verticals.
- Strong verbal and written communication skills, and the personal ability to collaborate, operate, and communicate effectively with a culturally diverse group of peers and colleagues.
- Has the gravity to interact at all levels of management to support resolution of complex business issues.
- Demonstrated ability to work in a globally matrixes and significantly multi-geography, multi-cultural offshore service delivery environment.
- A convincing executive presence which conveys composure and confidence in all situations, the credibility and stature to carry stakeholders through influence rather than via the hierarchy.
- Individual should have the resilience to handle internal pressures and conflicts in dealing with multiple stakeholders.
Desired Skills
- Alteryx / Python / Tableau knowledge would be an added advantage
- Must be proactive and be a highly-motivated self-starter
- Effective communication skills with English proficiency
- Demonstrated ability to work in a high pressure environment
- Takes initiative and challenges existing processes and procedures in a proactive manner
- Strong team player
- Ability to analyze issues independently and derive solutions
- Analytical skills
- Inherent sense of principles of control through experience and sound judgment
- Reliability
Work Timings*
12:30 PM IST to 9:30 PM IST
Job Location*
Mumbai/ Gurugram
