Bank of America-posted 2 months ago
Full-time
New York, NY
Credit Intermediation and Related Activities

This job is responsible for leading business analysis for a Line of Business (LOB) by producing all financial reporting and disclosures in partnership with senior management, front office, and other business stakeholders. Key responsibilities include applying a knowledge and understanding of product(s), processes, and inherent risks of a product, business or function to analyze and substantiate Profit and Loss (P&L) attributes and balance sheets, establish infrastructure for new products, and approve ledger journal entries. The Chief Financial Officer (CFO) Group is responsible for the overall financial management of our company. This includes accounting, financial and regulatory reporting, balance sheet management, financial planning and analysis, treasury, investor relations, corporate investments and tax. Global Banking and Markets Finance strives to be a valued business partner to the company's trading, corporate and institutional banking businesses. Our first priority is to operate a series of key control processes to ensure the integrity of GBAM's financial results. Then we build on these activities to offer performance insight to business leaders. The assets of Finance are its people.

  • Prepares and analyzes balance sheets and Profit and Loss (P&L) reports and validates postings and balances for a product aligned to a Line of Business (LOB) using knowledge of financial products, market risk profiles, and risk mitigation techniques and strategies
  • Supports the development of strategic and annual planning and implementation, performing profitability analysis, forecasting, and financial reporting for a product or general ledger account type
  • Oversees a set of product(s) or general ledger account(s) and maintains financial responsibility, including accountability for accuracy of financial reporting for Profit and Loss (P&L) activities
  • Partners closely with the front office, Operations, and Technology to define business finance processes and implement related technology solutions
  • Supports delivering, designing, maintaining, and enhancing Value at Risk Back-Testing (VBT) data and Management Information System (MIS) processes that may impact multiple product control businesses
  • Analyzes regulatory matters, such as the Comprehensive Capital Analysis and Review (CCAR) and Recovery and Resolutions Plans (RRP), to assess risk modeling practices within the bank
  • Oversight on the official daily P&L explain, P&L substantiation to market events, significant transaction review and its provision for VaR backtesting and other downstream
  • Monthly Independent Price verification on both Derivatives and securities positions. Have a basic understanding and knowledge of financial models
  • Calculation of the Valuation adjustment - Validation of appropriate application and use of models for books & records
  • Maintaining/updating valuation adjustment & IPV Desk Level Procedures (DLP)
  • Preparation monthly & quarterly revenue and balance sheet commentary to senior managers and regulators
  • Regulatory capital disclosures, Price Testing, Sector analysis, Stress Test and Forecasting
  • Volcker/Capital related validation activities such as Volcker balance sheet review, validation of Volcker and Capital attributes for books to ensure compliance with enterprise guidelines
  • Partner with Trading Desk, Trade Support, Operations, ECM and other partners on business support including new product review, accounting assessment, issue resolution
  • Coordination of the monthly close process and quarterly financial reporting requirements
  • Working on initiatives to simplify/automate manual processes
  • 5+ years hands on experience in Product Control or Finance group
  • BS/BA Degree required (Finance, Accounting preferred)
  • Global Markets experience
  • Global Rates market knowledge - familiarity with a broad range of asset classes
  • Derivatives product and valuation knowledge - consisting of technical expertise of models used to reprice complex transactions
  • Advanced experience skills with Excel and complex spreadsheets
  • Control focused, analytical, team oriented, comfortable with complex products
  • Excellent organizational, communication, and relationship management skill
  • Proven analytical skills including data reconciliation and interpretation
  • Ability to identify and deliver process improvements
  • Good business partnering skills
  • Fixed income or derivative experience
  • Inquisitive, willing to challenge the status quo and strive to improve processes
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