HR at JPMorgan Chase
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JP Morgan Chase - Associate - Structural Interest Rate Risk (3-7 yrs)
J.P. Morgan is a leading global financial services firm, established over 200 years ago:
We are the leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. We have assets of $2.5 trillion and operations worldwide and operate in more than 100 markets. We have more than 243,000 employees globally. Our wholesale businesses include J.P. Morgan's Asset Management, Commercial Banking and the Corporate & Investment Bank which provide products and services to corporations, governments, municipalities, non-profits, institutions, financial intermediaries and high-net worth individuals and families. Our corporate functions support the entire organization and include the following functions: Accounting, Audit, Finance, Human Resources, Operations, and Technology.
Chief Investment Office, Treasury and Corporate (CTC) Risk manages the risk of the retained portfolio generated from the Chief Investment Office (CIO), Global Treasury, and - other- Corporate businesses (Firm-wide Pension Plan, Insurance programs, and Mortgage Servicing Rights).
The CIO manages the firm's structural interest rate and foreign exchange risks, and conservatively invests the firm's excess deposits. Interest rate risk is managed primarily via investment securities and interest rate derivatives as tools to manage the firm's asset liability mismatch. The firm's non-USD foreign exchange risk is managed through specifically defined hedging mandates. The CIO also manages the JP Morgan Retirement Plan and hedges the firm's Mortgage Servicing Rights.
Treasury manages the firm's capital, balance sheet, liquidity and funding strategy and positions, including short dated and secured funding, debt and capital issuance and buybacks, and liquidity risk management, as well as the company's rating agency relationships and corporate insurance activities.
SIRR team within CTC Risk is a global team that provides risk coverage for Structural Interest Rate Risk (SIRR) arising from bank's exposure to adverse movements in interest rates. The team looks at risk at Firmwide level, LOB levels and Legal Entity level. The team closely works with various stakeholders including LOB and firm Treasurers, corporate strategy, senior risk management, technology and other risk teams
Major responsibilities include -
- Manage a team of 3-5, establish and successfully deliver on team agenda
- Team will be involved in monitoring Firmwide interest rate risk using duration, convexity, stress, Earnings-at-Risk (EaR) for both USD and Non-USD metrics
- Lead the buildout of a robust ongoing surveillance framework for SIRR monitoring helping analyze periodical changes in risk and the associated impact
- Highlight, analyze and assess the impact of specific market events, change in strategy or trends on the current and projected balance sheet and income statement of the Bank
- Review of models and assumptions inventory from a risk coverage perspective
- Enhance and automate processes where applicable and actively collaborate with Middle Office and Risk reporting to implement new risk reports and processes to sign off when needed
- Prepare presentations for senior management, committees and/ or internal meetings on relevant analysis and projects
- Assist with regulatory requests regarding model updates/migrations
- Own and manage projects, collaborate across functions and global teams, and present analysis to relevant audience
Skills Required -
- An excellent academic record and Masters Degree in Business-Administration / Economics / Finance / Mathematics / Engineering (or CA) from a reputed institute is required; certifications in related quantitative field (CFA/FRM/other) is preferred
- Strong understanding of a bank's balance sheet, impact of monetary and fiscal policy on interest rate, global rate regimes etc will be preferred
- An active interest in global markets with good understanding of Fixed Income products including strong understanding of concepts such as duration and convexity
- Understanding of Options & Greeks with focus on mortgages and loans as they form a large part of firm's balance sheet
- Experience of working with or understanding of the industry standard risk governance and controls such as VaR, stress testing, various return measures and stress framework construction
- Excellent oral and written communication skills is a must
- Demonstrated ability to work effectively and independently across different businesses and functional areas especially in a global team setup
- Strong technical skills in Excel, PowerPoint, VBA and Bloomberg
- Experience of leading a team is strong plus