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Job ref no.: CT3114387-01#8686

Assistant Vice President, Senior Finance Analyst, Business Finance & Control

Bank of America

Assistant Vice President, Senior Finance Analyst, Business Finance & Control

Hong Kong, Hong Kong

Job number: 18023780

About Bank of America Merrill Lynch:


Our purpose as a firm is to make financial lives better, through the power of every connection. Across the world, we partner with leading corporate and institutional investors through our offices in more than 40 countries. In the U.S alone, we serve almost all Fortune 500 companies and approximately 59 million consumers and small-business customers. We provide a full suite of financial products and services, from banking and investments to asset and risk management. We cover a broad range of asset classes, making us a global leader in corporate and investment banking, sales and trading.


Connecting Asia Pacific to the World


Our Asia Pacific team is spread across 23 offices in 12 markets. We are focused on connecting Asia to the world and the world to Asia, using our global expertise to ensure success is shared between us, our clients and our communities. Our regional footprint covers 12 currencies, more than a dozen languages and five time zones, placing us firmly among the region’s leading financial services companies.


Bank of America Merrill Lynch is committed to attracting, recruiting and retaining top diverse talent from across the globe. Our diversity and inclusion mission is to actively promote an inclusive work environment where all employees have the opportunity to achieve personal success and contribute to the growth of our business. Each of our global Employee Networks bring together employees, create dialogue and awareness in support of our Diversity and Inclusion mission.


Bank of America Merrill Lynch is an equal opportunities employer.


Position Description


As an AVP you will be expected to lead and inspire team members, collaborate with the desk and other business partners, impose structure on complex issues and focus on delivering solutions in line with the long term strategic goals of the bank. More detailed characteristics you will be expected to display are described below.


The APAC team carries out the Business Finance and Control function in support of the regional Emerging Markets trading business.


The functions of the team includes:

  • Daily p&l production, analysis, reporting and oversight
  • New deal review/substantiation
  • Front to back reconciliation and control
  • Independent price verification
  • Valuation adjustment and reserve calculations
  • Management reporting (revenue and expense analysis)
  • Ad hoc and value added business support
  • Month-end book close
  • Balance sheet control
  • Financial disclosure reporting

Business Finance & Control’s core responsibilities include production and reporting of P&L and Balance Sheet on a daily basis, together with all the relevant month-end requirements that accompany it. Our vision is to be flawless at control, effective and efficient processors and credible business advisors.


The business is constantly evolving and moving into new markets and products. Business Finance & Control plays a key role in enabling business activity in a robust control environment. You will be actively encouraged to develop close working relationships with the business and other key stakeholders i.e. Market Risk, Legal Entity Controllers, Accounting Policy, Operations, Audit, Tax, Treasury, Technology.


Key Responsibilities


P&L Reporting/Analysis

  • Detailed P&L decomposition including escalation of material unexplained variances
  • Provide explanations for significant P&L drivers e.g. market changes, new deals, book remarks, reserves etc.
  • Complete daily reconciliation of estimate to actual, and ensure reporting website is updated with explanations for all material differences
  • Complete month-end financial legal close, P&L and balance sheet as well as management close

    Balance Sheet Reporting

  • Produce daily balance sheet estimates, ensure accurate and timely reporting including analytical review on significant movements and balances
  • Decomposition of balance sheet for the business, identifying opportunities to reduce adjusted assets
  • Complete month-end balance sheet reporting by internal deadlines, explaining movements or variances between estimates and final results
  • Ensure all balance sheet accounts are reconciled, escalating variances.
  • Ensure all reserve balances and valuation adjustments are reconciled and appropriately authorized
  • Ensure validity of allocated/attributed balances as well as internal funding charge

Operational Effectiveness

  • Leading role in driving team projects, including automation and process enhancement;
  • Ensure all front to back breaks are understood, and escalated in accordance with standards
  • Ensuring a minimum of manual, stand alone processes are maintained. Where tactically used, ensuring a strategic solution is being sought.
  • Accurate analysis and recording of operational loss events;

New Product Development

  • Involvement in completion of New Product Review documentation for new businesses / products proposed by your trading desk, and the implementation of systems and process changes / improvements that are required

Price Verification and Valuation adjustment

  • Perform independent price testing
  • Calculate/validate valuation adjustments and reserves
  • Working with the business and Global Valuation Group on valuation related issues
  • Monitor and analyze material reserve movements

Business Partnering

  • Development and production of Financial Reporting for business reviews
  • Regular independent price review meeting, escalating issues, and tracking closure

Key Requirements


Required

  • Must have Bachelor’s degree
  • Over 5 years work experience with market related products
  • Good working knowledge of accounting concepts
  • Control focused, analytical, team oriented, attention to detail
  • Self-driven with proven relationship management experiences
  • Comfortable working in a fast paced deadline driven environment
  • Strong communication skills both verbal and written
  • Strong Excel skills with ability to build and use spreadsheets

Desired

  • CPA or CFA is preferred but not required.
  • FICC products + valuation experience preferred

Posting Date: 23/05/2018

Location:
Hong Kong, , 51 KWAI CHEONG ROAD ,
  • Hong Kong

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More job information
Job ref no. CT3114387-01#8686
Salary
  • N/A
Job Function
Industry
Employment Term
  • Permanent
  • Full-time
Experience
  • 5 years - 10 years
Career Level
  • Middle management level
Education
  • Degree