VP, Private Bank Strategy & Relationships

Fidelity • Boston, MA

7d

About The Position

The VP, Private Bank Strategy & Relationships serves as the Treasury point of contact for FMR LLC’s private banking relationships and oversees the strategy, performance, governance, and risk management of those relationships and Fidelity’s portfolio of minority investments in banks. The role supports FMR LLC and Devonshire Investments on banking services and requires extensive interaction with senior leaders across the company. It reports to the SVP Bank Strategy Technology Services.

The position oversees bank administration activities, helps business units optimize use of private bank partners’ balance sheets, and facilitates investment in new private bank partners in coordination with Corporate Development. This includes price negotiation, due diligence, legal document negotiations, and preparation of investment approval materials. The role also directs Fidelity’s private bank performance management program and related assessment and reporting systems.

The VP monitors partner and investment performance, product overlaps, and reliance on bank partners; coordinates development and launch of products with relevant FMR groups; and supports appropriate governance, controls, policies, and contingency planning. The role works with Treasury Risk, Treasury Operations, Technology Risk Management, AI Innovation, Human Resources, and bank partners on system improvements and technology implementations.

Requirements

• Ability to oversee a portfolio of minority investments in banks while pursuing the interests of FMR, LLC.
• Ability to deepen and build FMR’s external private and public banking relationships.
• Knowledge to contribute to or lead the structuring of credit facilities, loan agreement negotiations, and deposit placements with banks.
• Deep understanding of financial services and banking business models and regulatory constructs.
• Understanding of the fintech landscape.

Responsibilities

• Serve as the Treasury point of contact for FMR LLC’s private banking relationships.
• Provide oversight, controls, and management for bank administration activities for private bank partners, as appropriate.
• Partner with business units to determine optimal use of private bank partners’ balance sheets.
• Facilitate investments in new private bank partners with Corporate Development, including price negotiation, due diligence, legal document negotiations, and preparation of investment approval materials.
• Provide strategic direction and oversight for Fidelity’s private bank performance management program.
• Ensure the bank assessment system continues to meet stakeholder requirements and enhance it as appropriate.
• Oversee development and maintenance of reporting for senior management, operations management, and internal and external day-to-day personnel.
• Ensure appropriate participation across the organization.
• Monitor Fidelity product overlaps with private bank partners to optimize engagement, including bundling.
• Oversee the portfolio of minority investments in banks and monitor their financial performance.
• Coordinate new product development with relevant groups across FMR.
• Execute new product launches or implementations, including required legal documents and process establishment.
• Track the performance of products launched with private bank partners.
• Ensure appropriate FMR governance, including Board seats and quarterly CFO calls.
• Create a forum for bank portfolio companies to share best practices and ideas.
• Address audit and risk findings and develop adequate controls, policies, and procedures in response.
• Monitor reliance on bank partners and their exposure to financial market changes, and develop contingency plans for extreme financial market conditions.
• Coordinate with Treasury Risk, Treasury Operations, Technology Risk Management, AI Innovation, and Human Resources to implement improvements and upgrades to key systems and work with bank partners on new technology implementations.

Benefits

• Comprehensive health care coverage
• Emotional well-being support
• Retirement benefits
• Paid time off
• Parental leave
• Charitable giving employee match program
• Educational assistance, including student loan repayment and tuition reimbursement
• Learning resources to develop your career
• Bonus or other variable compensation, depending on position and eligibility requirements

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Education Level: No Education Listed