BA Continuum - Manager - Product Control

Overview

Bank of America is one of the world's largest 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. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 25 million active users. Bank of America offers industry leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Following the combination with Merrill Lynch, Bank of America has become:

- The largest brokerage in the world with more than 20,000 advisors and $2.5 trillion in client assets

- A leading provider of global corporate and investment banking services, including commercial lending, global high-yield debt, global equity and global M&A

- A global leader in wealth management, private banking, retail brokerage & investment management.

Job Description

About the Process

The Global Middle Office seeks to provide first-class support service to its various internal clients with a particular focus on the relationship between trading risk positions and P&L components. We are looking to recruit an individual to work in the Rates P&L / Product Control production area. The local team will be taking on p&l-related workflow from the U.S. Middle Office which largely supports the trading business in New York. The primary internal clients will be U.S. Front Office and Middle Office, however there will also be considerable interaction with Operations, Finance and Risk. In addition, increased interaction with Front Office traders can occur over time as additional processes are transitioned. The primary responsibility is to deliver accurate and timely p&ls and related control work. The workflow will be migrating to Gurgaon, India from both Chicago and New York.

Primary products covered will include: Fixed Income, Derivatives (Swaps & Futures) and FX (Spot, Fwd, NDF)

This role is a manager role involving oversight of personnel & workflow for a team of up to 5 full-time staff with a healthy mixture of analysts and team leaders (as individual contributors). A successful, high-performing candidate could see his or her role expand into the management of additional migrations (team members and workflow) in a reasonable period of time thus riding the wave of off shoring of Product Control functions by Bank of America to India in the next 3 - 5 years,

Responsibilities

Job Overview : Everyday Responsibilities

- Production and reporting of daily P&L to Front Office & Senior Management.

- Reconcile actual P&L with trader estimates and provide flash/actual variance analysis.

- Working closely with the trading desks on position, P&L or other issues on an ad-hoc basis.

- 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

- Liaise with various business partners such as Technology, Market Risk, Credit Risk, Operations and Finance to resolve issues / queries.

- Development & continuous improvement of existing processes & workflow.

- Testing / UAT for systems work ranging from minor system releases to major system implementations.

- Remediation of issues in an autonomous yet timely manner considering the principles of control and the need to mitigate operational risk.

Requirements

University degree - CGPA - 60% - Preference is a Finance or Mathematics related degree [e.g. Bachelor of Mgmt Studies (BMS) or Bachelor of Commerce (BCom) ]

Industry, Finance or Product Control experience - 8 years pertinent experience - Candidate should have a keen interest in the Rates, FX & Fixed Income product set with a good understanding of the products used (see above) and their pricing

Excel skills - Intermediate - Good working understanding of Excel is a must; ability to troubleshoot spreadsheet issues is also critical

Management skills - Personnel & Process - The right individual will have strong people skills and can multi-task to manage the challenges of Middle Office processes and personnel on an independent basis yet have the awareness to escalate potential issues to management in a timely manner

Good communication skills - Proficiency in English is a must - Candidate must have a proven track record of communicating effectively with personnel from various areas within an organization and at different management levels

Initiative-taker - High - Must be proactive and be a highly-motivated self-starter. Reactive and/or passive individuals need not apply

Shift Timings - Asia Shift - EMEA and APAC

Competencies:

- Effective communication skills with English proficiency

- Excellent client service mentality and approach

- 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

- Inherent sense of principles of control through experience and sound judgment

- Persistent, reliable and mature

- Good system skills with ability to learn front-end platforms

- Strategic thinker who can be creative and innovate

- Intense work ethic with history of proven strong delivery

- Strong adaptability skills to navigate a large organization to keep the focus on delivering for the business and client while minimizing time spent on low value additive activities