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Assistant Vice President / Vice President, Senior Business Finance and Control (Equity Client Solution business)

Hong Kong, , Hong Kong

Job Description:

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 35 countries. In the U.S. alone, we serve almost all of the Fortune 500 companies and approximately 67 million consumer and small-business clients. 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 19 cities 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.

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. 

The Line of business finance teams provide strategic counsel and analysis to the lines of business.  The teams monitor and offer insight on appropriate market metrics for the business, helping to drive the business to deliver its financial commitments and contribute to the overall strategy.

The Equity Business, Finance & Controls team is to provide control & business advisory guidance. Key business partners are the Trading Desk, Global Valuation Group (GVG), Risk Management (Credit, Market & Operational risk), Regulatory Reporting, Accounting Policy Group, Tax, Treasury, Balance Sheet Capital/RWA team, and Technology & Operations.

The Equity Business, Finance & Controls team supports the Equity Trading Desk; this comprises Equity Client Solutions, Equity Execution Services, Equity Synthetics and Securities Lending and Equity Asset Management Services. 

Position Description

The Equity Client Solutions Business (ECS) Business makes secondary markets in APAC equity derivatives (Single Stock and Index Options, Emerging Markets, Exotics and Structured Products, Fund Derivatives and Corporate Derivatives).  The ECS Finance & Control Analysis is to provide control and business advisory guidance.  You will be expected to produce and take ownership for the main functions outlined below.  In addition you are expected to develop a solid understanding of the business, drive execution, sustain intensity and optimise and live BAML key values and culture. 

P&L and Balance Sheet Control and Analysis

  • Preparation of daily/weekly/monthly P&L commentary and substantiation based on market events
  • Review of material new deals
  • Calculation of valuation adjustments & reserves, with responsibility over corresponding substantiation and commentary
  • Independent price verification analysis and reporting (daily, weekly, monthly)
  • Review and explain changes to daily/weekly/monthly balance sheet & substantiation based on transactional activity
  • Decomposition of balance sheet for the business, understand key balance sheet drivers (including capital/liquidity/RWA/Assets) and identify any balance sheet optimization opportunities
  • Ensure validity of allocated/attributed balances as well as internal funding charge
  • Determining and implementing appropriate accounting policies and procedures with Accounting Policy
  • Managing key legal entity, regulatory and PL issues with the business
  • Month end Close, including Financial disclosures, calculation / recording accounting classification entries
  • Contributing to Governance process, operational error reporting and support of other internal control process, including Self-Identified Audit Issue and Operational Risk remediations

Operational Effectiveness

  • Leading role in driving team projects, including automation and process enhancement;
  • Ensuring a minimum of manual, stand alone processes are maintained. Where tactically used, ensuring a strategic solution is being sought.
  • Provision of financial expertise in the design, build, testing, and implementation of new Technology Platforms and Systems

Business Partnering

  • NPR - 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
  • Development and production of Financial Reporting for business reviews
  • Review Monthly financial and key performance metrics with Business and discuss key business strategy and plan

Planning and Reporting

  • Act as key member and advisor to Line of Business Senior Management team, providing decision support analysis and advice on the optimisation of business activities with regards to accounting rules, regulatory issues and legal entity structures
  • Development and analysis of key performance metrics
  • Participation in the formulation of business strategy; plans; budgets; and forecasts
  • Provide regular updates, analytics and commentary on Line of Business performance
  • Manage the expense approval process for both deal-related and organisational expenses; provide expense analytics and assist the business with recovering deal-related expenses.
  • Provide regular updates, analytics and commentary on the GBAM’s externally disclosed quarterly performance

Key Requirements

  • Good working knowledge of accounting concepts
  • Good understanding of Product Control and IPV function
  • Knowledge of Derivative products (Options, Forwards, Futures)
  • Strong business sense and control mindset, demonstrable risk identification and management
  • Strong analytical and problem solving skills with a demonstrated ability to analyze business processes and workflows and delivery required project to a high standard
  • Strong communication and interpersonal skills, be able to establish strong working relationships with a board range of stakeholders
  • Ability & confidence to tackle new concepts and ideas associate with on going change in the business
  • Self-driven and proactive, be innovative and have the ability to generate new and creative ideas
  • Attention to detail, strong Excel skills
  • Candidates with emerging technology (Alteryx, Tableau, Workvia) experience is a plus

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