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Vice President, Business Finance and Control (Equity Finance)

Hong Kong, , Hong Kong

Job Description:

Your background

  • Ability to build SME knowledge within the group - provide appropriate level of business, product & process training to the team
  • Good understanding of Product Control and IPV function
  • 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 deliver 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 to influence team at remote locations
  • Ability and confidence to tackle new concepts and ideas associate with on going change in the business
  • A ‘Can do’ attitude, self-driven and proactive, be innovative and have the ability to generate new and creative ideas
  • Attention to detail, strong Excel skills, good working knowledge of accounting concepts
  • Good understanding of Global Market business and relevant experience is preferred
  • Candidates with emerging technology (Alteryx, Tableau, Workvia) experience is preferred

What you can expect

Line of business finance provide strategic counsel and analysis to the lines of business you support.  As the Business Finance and Control Officer, you will help monitor and offer insight on appropriate market metrics for the business, helping the drive the business to deliver its financial commitments and contribute to the overall strategy in a sustainable and controlled manner.  You will have the ultimate responsibility on the financial representation of the business you are supporting and take full 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 optimize and live Bank of America key values and culture.   Our vision is to be flawless at control, an innovator to drive operational excellence, a trusted partner for the business and be the financial conscience of Bank of America.

The functions of the team includes:

  • Daily PL Explain Attribution and Substantiation
  • Front to back reconciliation.
  • PL Review, Reporting and Commentaries
  • New Deal Review/Substantiation
  • Price Testing / Reserve Calculations
  • Management Reporting (Revenue and Expense Analysis)
  • Value Added Business Support
  • Ownership of the Books and Records, Balance Sheet Control
  • Monthly and Quarterly Financial Disclosure Reporting

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

What you will do

Responsible for directing the day-to-day finance activities and business partner for the Equity Prime Brokerage business. Activities include strategic and annual planning and implementation, profitability analysis, forecasting and financial reporting. Manages business partner and other key stakeholders relationships. In addition to supervisory / administrative duties, individuals are actively involved in the execution of processes and assisting management in the development and implementation of policies and procedures.

Key responsibilities will include:

P&L and Balance Sheet Control and Analysis

  • Preparation of daily/weekly/monthly P&L commentary and substantiation based on market events
  • Review and explain changes to daily/weekly/monthly balance sheet & substantiation based on transactional activity
  • Calculation of valuation adjustments & reserves, with responsibility over corresponding substantiation and commentary
  • Independent price verification analysis and reporting (daily, weekly, monthly)
  • 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 remediation

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;

Business Partnering

  • New Product Review - 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 optimization 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 organizational expenses; provide expense analytics and assist the business with recovering deal-related expenses.
  • Provide regular updates, analytics and commentary on the Global Banking and Markets’ externally disclosed quarterly performance

About Bank of America

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.

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.

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.

Job Band:

H5

Shift: 

Hours Per Week:

40

Weekly Schedule:

Referral Bonus Amount:

0

Job Description:

Your background

  • Ability to build SME knowledge within the group - provide appropriate level of business, product & process training to the team
  • Good understanding of Product Control and IPV function
  • 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 deliver 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 to influence team at remote locations
  • Ability and confidence to tackle new concepts and ideas associate with on going change in the business
  • A ‘Can do’ attitude, self-driven and proactive, be innovative and have the ability to generate new and creative ideas
  • Attention to detail, strong Excel skills, good working knowledge of accounting concepts
  • Good understanding of Global Market business and relevant experience is preferred
  • Candidates with emerging technology (Alteryx, Tableau, Workvia) experience is preferred

What you can expect

Line of business finance provide strategic counsel and analysis to the lines of business you support.  As the Business Finance and Control Officer, you will help monitor and offer insight on appropriate market metrics for the business, helping the drive the business to deliver its financial commitments and contribute to the overall strategy in a sustainable and controlled manner.  You will have the ultimate responsibility on the financial representation of the business you are supporting and take full 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 optimize and live Bank of America key values and culture.   Our vision is to be flawless at control, an innovator to drive operational excellence, a trusted partner for the business and be the financial conscience of Bank of America.

The functions of the team includes:

  • Daily PL Explain Attribution and Substantiation
  • Front to back reconciliation.
  • PL Review, Reporting and Commentaries
  • New Deal Review/Substantiation
  • Price Testing / Reserve Calculations
  • Management Reporting (Revenue and Expense Analysis)
  • Value Added Business Support
  • Ownership of the Books and Records, Balance Sheet Control
  • Monthly and Quarterly Financial Disclosure Reporting

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

What you will do

Responsible for directing the day-to-day finance activities and business partner for the Equity Prime Brokerage business. Activities include strategic and annual planning and implementation, profitability analysis, forecasting and financial reporting. Manages business partner and other key stakeholders relationships. In addition to supervisory / administrative duties, individuals are actively involved in the execution of processes and assisting management in the development and implementation of policies and procedures.

Key responsibilities will include:

P&L and Balance Sheet Control and Analysis

  • Preparation of daily/weekly/monthly P&L commentary and substantiation based on market events
  • Review and explain changes to daily/weekly/monthly balance sheet & substantiation based on transactional activity
  • Calculation of valuation adjustments & reserves, with responsibility over corresponding substantiation and commentary
  • Independent price verification analysis and reporting (daily, weekly, monthly)
  • 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 remediation

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;

Business Partnering

  • New Product Review - 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 optimization 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 organizational expenses; provide expense analytics and assist the business with recovering deal-related expenses.
  • Provide regular updates, analytics and commentary on the Global Banking and Markets’ externally disclosed quarterly performance

About Bank of America

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.

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.

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.

Learn more about this role

Full time

JR-21013728

Band: H5

Manages People:

Manager:

Talent Acquisition Contact:

Mitesh Rathod

Referral Bonus:

0

Street Address

Primary Location:
51 KWAI CHEONG ROAD, Hong Kong