Credit Officer II-Special Assets Group
About The Position
At Bank of America, the Credit Officer II in the Special Assets Group directly manages a high-risk, criticized, classified, or distressed commercial loan portfolio through all stages of the resolution process. The role develops, negotiates, and implements credit resolution strategies to maximize recoveries, minimize loss severity, reduce portfolio volatility, and protect the Bank’s interests. It requires adherence to bank policies and regulatory requirements, proactive risk identification and mitigation, and integrity and ethical conduct in all interactions. The officer assesses borrower performance, collateral support, guarantor strength, industry conditions, and legal considerations to determine resolution paths. They lead negotiations and manage recovery actions, prepare recommendations and portfolio updates for senior leadership and risk partners, and serve as the primary contact for stakeholders related to assigned relationships. The role also coaches and mentors junior associates. Bank of America describes an in-office culture with expectations and flexibility based on role responsibilities and business needs. The position is a first-shift role with 40 hours per week and is based at one of the listed offices in Chicago, New York, or Providence.
Requirements
- At least 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 borrower, sponsor, legal, and lender discussions.
- 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
- Manage a portfolio of complex criticized, classified, and distressed commercial credit relationships through all stages of resolution.
- Develop, negotiate, and implement comprehensive credit resolution strategies 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 strategies.
- Lead negotiations involving restructurings, repayment plans, settlements, discounted payoffs, collateral dispositions, note sales, and other recovery-focused solutions.
- Manage adversarial collection and legal recovery actions, including litigation, foreclosures, bankruptcies, and receiverships.
- 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.
- Oversee portfolio asset quality through effective risk management practices and conduct periodic portfolio reviews.
- Ensure compliance with bank policies and regulatory standards.
- 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; this role is currently benefits eligible.
- Access to paid time off.
- Resources and support for employees’ physical, emotional, and financial wellness.
- Eligible to participate in an annual discretionary incentive plan, with awards based on individual performance and behaviors, business line or group performance, and the overall success of the Company.
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
Education Level
High school or GED
