ALM Associate Senior - Portfolio Management

PNC•Pittsburgh, PA

3d•$86,250 - $172,500•Onsite

About The Position

At PNC, our people are our greatest differentiator and competitive advantage in the markets we serve. We are all united in delivering the best experience for our customers. We work together each day to foster an inclusive workplace culture where all of our employees feel respected, valued and have an opportunity to contribute to the company’s success. As an ALM Associate Senior - Portfolio Management within PNC's Asset Liability Management organization, you can be based in NYC or Pittsburgh, PA. The ALM Associate Senior will support PNC's Chief Investment Office, which is led by PNC's Chief Investment Officer ("CIO") and responsible for managing over $200 billion in fixed income assets and derivative products within PNC Bank's investment securities and derivatives portfolio. The Senior Associate will work directly alongside senior portfolio managers and traders to develop credit and relative value views, evaluate investment opportunities, conduct research, and support credit modeling across structured products portfolios. The role also supports regulatory and risk initiatives that provide meaningful exposure to bank balance sheet management and ALM strategy. The ideal candidate is an analytically driven investment professional with a demonstrated commitment to developing deep expertise in structured credit markets. A top priority is a strong foundation in fixed income securities, with particular emphasis on familiarity with Asset-Backed Securitizations (ABS) and related structures. Working knowledge of structured products (ABS, RMBS, CMBS, CLO), cash flow modeling, and broader fixed income principles is strongly preferred. Proficiency in Python and SQL is preferred, and experience leveraging generative AI tools for research synthesis and workflow automation is highly desirable. Familiarity with bank balance sheets, interest rate risk management, and securitization-related regulatory frameworks is considered a plus. The candidate should also possess strong research and writing capabilities to effectively analyze, synthesize, and communicate investment insights. PNC is one of the largest banks in the US based on domestic assets, which totaled $603 billion as of Q1 2026.

Requirements

Strong foundation in fixed income securities, with particular emphasis on familiarity with Asset-Backed Securitizations (ABS) and related structures.
Working knowledge of structured products (ABS, RMBS, CMBS, CLO), cash flow modeling, and broader fixed income principles is strongly preferred.
Proficiency in Python and SQL is preferred.
Experience leveraging generative AI tools for research synthesis and workflow automation is highly desirable.
Familiarity with bank balance sheets, interest rate risk management, and securitization-related regulatory frameworks is considered a plus.
Strong research and writing capabilities to effectively analyze, synthesize, and communicate investment insights.
University / college degree, with 3+ years of relevant / direct industry experience.
Customer Focused - Knowledgeable of the values and practices that align customer needs and satisfaction as primary considerations in all business decisions and able to leverage that information in creating customized customer solutions.
Managing Risk - Assessing and effectively managing all of the risks associated with their business objectives and activities to ensure they adhere to and support PNC's Enterprise Risk Management Framework.

Nice To Haves

Familiarity with bank securitization programs and significant risk transfer (SRT) structuring is a plus.
Proficiency in Python and SQL is preferred.
Experience leveraging generative AI tools for research synthesis and workflow automation is highly desirable.
Familiarity with bank balance sheets, interest rate risk management, and securitization-related regulatory frameworks is considered a plus.

Responsibilities

Evaluate new-issue ABS, CLO, RMBS, and CMBS transactions for potential portfolio acquisition, including structural analysis, collateral review, cash flow modeling, and relative value assessment.
Analyze and recommend potential purchases and sales of securitized products to enhance portfolio performance.
Coordinate with portfolio managers, broker-dealers, and rating agencies to support investment decision-making.
Develop and maintain credit and relative value views across the structured products portfolio.
Perform ongoing collateral surveillance, spread analysis, and sector-level performance monitoring, including analysis of underwriting trends, prepayment and default dynamics, and macroeconomic factors affecting securitized credit.
Prepare analytics packages, trade recommendations, and reporting for portfolio managers and trader meetings.
Support credit model review and validations.
Conduct fundamental sector, market, and security-level analysis and synthesize findings into well-researched investment recommendations and sector theses.
Communicate views clearly to portfolio managers, traders, and senior staff, collaborating across internal and external stakeholders to inform portfolio strategy.
Support regulatory reporting, capital and liquidity exercises, loss reserving (CECL), stress testing, and model validation efforts for the structured products portfolio in coordination with risk, finance, and quantitative partners.
Maintain and enhance portfolio databases, dashboards, and classification systems.
Leverage Python, SQL, and generative AI tools to improve reporting accuracy, efficiency, and scalability.
Performs transaction and portfolio level analysis, conducts research and prepares reports.
Performs due diligence and statistical analysis related to portfolio management.
Utilizes a working knowledge of financial instruments for the bank's investment portfolio, including research and collection of relevant information.
Develops and maintains management reports that help the Group meet their goals and directives.
Using discretion, identifies problems in analytics and develops solutions.
Interacts with internal/external service partners, including broker dealers and/or analytics providers, and leverages their knowledge.
Administers and performs defined processes and procedures.
Maintains knowledge of markets and macroeconomics.
Assesses the potential impact of these on ALM and the assigned business unit.

Benefits

medical/prescription drug coverage (with a Health Savings Account feature)
dental and vision options
employee and spouse/child life insurance
short and long-term disability protection
401(k) with PNC match
pension and stock purchase plans
dependent care reimbursement account
back-up child/elder care
adoption, surrogacy, and doula reimbursement
educational assistance, including select programs fully paid
a robust wellness program with financial incentives
maternity and/or parental leave
up to 11 paid holidays each year
9 occasional absence days each year, unless otherwise required by law
between 15 to 25 vacation days each year, depending on career level; and years of service