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Assistant Vice President

Mumbai, , India

Job Description:

About us*

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection.  Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

 Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Global Business Services

Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations.

Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation.

In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.

Process Overview*

Balance Sheet and Management (BSM) is a division within the CFO group responsible for providing executive management with accurate and timely forecasts of the balance sheet and net interest income (NII). Another critical function is the measurement and analysis of Interest Rate Risk (IRR) using various methods. This information provides the framework that allows the company to position its balance sheet consistent with its risk appetite and expectations for changes in interest rates.

BSM maintains close partnerships with various groups across the enterprise, providing key input to critical processes and strategic decisions. These partnerships focus on the following: (1) balance sheet composition and interest rate risk strategy, (2) strategic planning for the company’s three-year outlook with Corporate Planning and Finance, (3) setting the right strategy to accurately measure the profitability of assets and liabilities to ensure efficient usage of the balance sheet, (4) stress testing the balance sheet under adverse economic scenarios with the Global Stress Testing team and, (5) producing the balance sheet and NII forecast and supporting liquidity calculations in coordination with Global Liquidity Management

Job Description*

Global Finance Treasury BSM seeks to provide a first-class support service with particular focus on the relationship between trading risk positions and P&L components.

We are looking to recruit an individual to work in the Hedge Accounting (FAS 133) and P&L production area covering the Treasury/Fixed Income/FX trading desks. The candidate’s main responsibility will be to perform - ASC 815 (FAS 133) Hedge accounting on derivatives hedging bonds, manage hedge operations/reporting, produce and deliver the daily P&L to front office, providing a high standard of analysis and explanation around any issues faced and daily revenue drivers. The candidate will therefore have considerable interaction with the respective Front Office, Middle Office, Finance and Trade Capture teams so good communication and time management skills are an essential requirement for this job.

The candidate would be required to manage all the aspects of Finance functions for the business for a Sub-LoB/LoB (Line of Business), perform - ASC 815 (FAS 133) Hedge accounting on derivatives hedging bonds, manage hedge operations/reporting, analyze PnL & B/S moves, explain market driven events and review/approve journal entries.

Primary products covered will include:  Money Market, Bonds and FX etc.

Responsibilities*

• Essential Skill: Excellent working knowledge of ASC 815 (FAS 133) Hedge accounting & Core knowledge is FX and Fixed income bond accounting

• Essential Skill: Understanding of IFRS 9 principles and Product Account including AFS, MTM etc.

• Risk based attribution experience.

• Supervision of production and reporting of daily P&L to Front Office & Senior Management.

• Working closely with the trading desks on position, P&L or other issues on an ad-hoc basis.

• Assist with execution of month-end controls ensuring management vs financial P&L variances are within thresholds

• Analyze traders’ risk positions and understand and apply the Greeks (Delta, Vega Gamma) vs daily market moves.

• Drive strategic initiatives for the business finance functions.

• Influence the regional & global strategy of CFO group.

• Liaise with various business partners such as Technology, Market Risk, Credit Risk, Operations and Finance to resolve issues / queries.

• Execute and integrate new capabilities, as driven by local, regional and global objectives

• Development & continuous improvement of existing processes & workflow.

• Testing / UAT for systems work ranging from minor system releases to major system implementations.

• Remediation of issues in an autonomous yet timely manner considering the principles of control and the need to mitigate operational risk.

• Attract, retain and grow talent.

• Build a culture and process to identify, mitigate and control operational risk.

Requirements*

Education*

CA/MBA

 Certifications If Any

Experience Range*

10 to 14

 Foundational skills*

Good understanding of balance sheet and P&L of a banking entity, its structure, funding lines and drivers behind movements.

•                Good understanding of both banking and global markets products.

•                Intellectual curiosity and critical self-review.

•                Candidate must have a proven track record of communicating effectively with personnel from various areas within an organization and at different management levels.

•                Flexibility in joining meetings during EMEA and APAC time zone hours.

•                Self-starter to drive efficiencies and operational excellence.

•                Bachelor's Degree

•                6-9 years of experience in a relevant role in a financial institutions

•                Knowledge of emerging technologies such Alteryx and Tableau will be advantageous.

Desired skills*

•                Knowledge of Alteryx and Tableau

•                Prior experience with SAP eLedger (EPM, BEx)

•                Has a natural desire to understand intricate processes while seeing the big picture

•                Good business partnering skills

•                Experience improving and automating manual processes

Work Timings*

12:30 to 9:30

Job Location*

Mumbai

Learn more about this role

Full time

JR-24004456

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