Job ref no.: CT3119337-01#7357

Business and Finance Control

HamlynWilliams

About Us

At Bank of America, we’re creating real, meaningful relationships with individuals, businesses and communities to help them focus on what matters most. Every day, we connect with 57 million customers, using our skills and expertise to help make their lives better.

We are committed to attracting and retaining top talent around the world to ensure we continue to deliver together for our customers, clients, and communities. Along with taking care of our customers, we want to be a great place for people to work, and we strive to create an environment where all employees have the opportunity to achieve their goals.

Partnering Locally

Learn about some of the ways Bank of America is making a difference in the communities we serve.

Global Impact

Learn about the six areas that guide Bank of America’s efforts to help make financial lives better for customers, clients, communities and our teammates.

Diversity and Inclusion

Each employee brings unique skills, background, and opinions. We see diversity and inclusion as our platform for innovation and a key component in our success.

Our Values

Learn about our four values that represent what we believe.

Position Description

The APAC FICC team carries out the Business Finance and Control function in support of the regional LOB trading businesses primarily in Emerging Markets, Credit & Special Situations and Rates. The BFC core responsibilities include but not limited to the following functions:

  • P&L review, analysis, commentary, reporting and oversight
  • New transaction review and substantiation as part of the due diligence process
  • 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
  • Management of scarce resources Our vision is to be credible business advisors, flawless at the basics, and relentless focus on operational excellence and control

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

  • Report daily balance sheet estimates, ensure accurate and timely reporting including an analytical review on significant movements and balances
  • Decomposition of a 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 the 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
  • Advising on various elements such as accounting, funding, and capital that impact business performance
  • Regular independent price review meeting, escalating issues, and tracking closure

Key Requirements Required

  • Must have a Bachelor’s degree
  • Over 8 years of work experience with market-related products, candidates with less experience will be considered as AVP
  • 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 the ability to build and use spreadsheets

Desired

  • CPA or CFA is preferred but not required.
  • Securities, derivative and loan products
  • Valuation experience preferred

If you are interested in this or similar roles, please contact Joyce Wang by clicking Apply Now.

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More job information
Job ref no. CT3119337-01#7357
Salary
  • N/A
Job Function
Industry
Employment Term
  • Full-time
Experience
  • 8 years - 13 years
Career Level
  • Middle management level
Education
  • Degree