Credit Officer II-Special Assets Group

Bank of America • Chicago, IL

9d • $100,000 - $156,600 • Onsite

About The Position

At Bank of America, the Credit Officer II in the Special Assets Group directly manages a high-risk, criticized, or distressed commercial loan portfolio. The role develops, negotiates, and implements resolution strategies to reduce loss volatility and severity, while adhering to bank policies and regulatory requirements and maintaining high standards of integrity and ethical conduct.

The position manages complex criticized, classified, and distressed commercial credit relationships through all stages of resolution. It assesses borrowers, collateral, guarantors, industry conditions, and legal considerations; leads recovery-focused negotiations; and oversees legal actions such as bankruptcy, litigation, foreclosure, and receivership. The Credit Officer II also presents recommendations and portfolio updates to senior leadership and risk partners, serves as a primary contact for relationship stakeholders, and mentors junior associates.

Bank of America describes its workplace culture as collaborative and inclusive and is committed to an in-office culture, with role-specific flexibility based on responsibilities and business needs. This role is listed for locations in Chicago, New York, and Providence.

Requirements

• 7+ years of experience in middle market or large corporate loans, credit restructuring, or related risk management.
• Extensive knowledge of commercial lending, credit analysis, commercial loan documentation, collateral analysis, and commercial credit structures.
• Proven negotiation skills and experience leading discussions with borrowers, sponsors, legal representatives, and lenders.
• Strong financial analysis skills, including cash flow analysis, collateral evaluation, repayment capacity assessment, and enterprise valuation concepts.
• Ability to exercise sound credit judgment and make decisions in complex, time-sensitive situations.
• Industry knowledge across multiple sectors.
• High school diploma, GED, secondary school, or equivalent.

Nice To Haves

• Knowledge of business law, legal aptitude, strong knowledge of contracts, and knowledge of bankruptcy law.
• Ability to work independently on complex transactions while exercising sound credit judgment.
• Knowledge of ancillary banking products such as treasury services, derivatives, commercial cards, and deposits.
• Strong knowledge of commercial loan documentation.
• Knowledge of commercial credit structure.
• Strong negotiation skills.

Responsibilities

• Develop, negotiate, and implement comprehensive resolution strategies for distressed commercial credit relationships.
• Manage a portfolio of highly complex criticized, classified, and distressed commercial credit relationships through all stages of resolution.
• Execute strategies designed to maximize recoveries, minimize loss severity, and protect the Bank’s interests.
• Assess borrower performance, collateral support, guarantor strength, industry conditions, and legal considerations to determine resolution paths.
• Lead negotiations involving restructurings, repayment plans, settlements, discounted payoffs, collateral dispositions, note sales, and other recovery solutions.
• Manage adversarial collection and legal recovery actions, including litigation, foreclosures, bankruptcies, and receiverships.
• Ensure compliance with bank policies and regulatory standards.
• Oversee portfolio asset quality through effective risk management and conduct periodic portfolio reviews.
• Prepare and present strategy recommendations, credit approvals, and portfolio updates to senior leadership and risk management partners.
• Serve as the primary point of contact for borrowers, sponsors, attorneys, consultants, participating lenders, and other stakeholders.
• Establish and maintain collaborative partnerships with internal and external stakeholders.
• Coach and mentor junior associates in credit and corporate workout skills.

Benefits

• Industry-leading benefits.
• Access to paid time off.
• Eligible to participate in the annual discretionary plan, with awards based on individual performance and behaviors, line of business or group contributions, and overall company success.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Education Level: High school or GED