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FICC Business Finance Control Product Associate

New York, New York

Job Description:

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!

General Job Description:
This job is responsible for supporting business analysis for a Line of Business (LOB) by producing all financial reporting and disclosures in partnership with senior management, front office, and other business stakeholders. Key responsibilities include applying knowledge of product(s), processes, and inherent risks for a product, business or function to analyze and substantiate Profit and Loss (P&L) attributes and balance sheets, assist in production of regulatory matters analysis, and perform critical testing and calculations.

Responsibilities:

  • Supports with preparing and analyzing balance sheets and Profit and Loss (P&L) reports and validates postings and balances for a product aligned to a Line of Business (LOB) using knowledge of financial products, market risk profiles, and risk mitigation techniques and strategies
  • Performs month-end close and financial reporting, critical testing and calculations, and periodic analysis
  • Assists in the development of strategic and annual planning efforts and implementations and performs profitability analysis, forecasting, and financial reporting for a product or general ledger account type
  • Partners closely with the front office, Operations, and Technology to support defining business finance processes and implementing related technology solutions
  • Analyzes regulatory matters, such as the Comprehensive Capital Analysis and Review (CCAR) and Recovery and Resolutions Plans (RRP), to assess risk modeling practices within the bank

Specific Job Description:

Team Description:

The Fixed Income Currencies & Commodities (FICC) Finance team is part of the CFO organization. The primary focus of our team is to support the FICC business through the implementation and execution of key control processes including legal financial books and records, valuations control, regulatory matters, forecasting, P&L explain, and balance sheet analysis.  The desk trades in a range of products including Loans, Bonds, Equities, CDS, Swaps, Leases, Derivatives and Trade Claims. Key priorities for our team include proactive execution of controls, accurate reporting and analysis of financial results and forging strong relationships with business partners to assist in decision making.     

Areas of responsibility include:

·         Financial reporting and disclosures

·         General ledger close and reconciliations

·         Management reporting and analysis

·         Regulatory capital disclosures

·         Price Testing

·         Sector analysis

·         Stress Test and Forecasting

Process analysis, documentation of policies and procedures and evidencing of results are also of primary importance in this role. Trading desk support, including interpretation of accounting policies and ad hoc reporting, is another critical requirement. Throughout the tenure of the role, the teammate should gain exposure and acumen in the Global Markets/FICC area of the organization and develop or improve the following skills: GAAP (with a focus on Fixed Income), Management and Regulatory/SEC reporting, as well as written and oral communication skills.      

Detailed Responsibilities:

  • Supports with preparing and analyzing balance sheets and Profit and Loss (P&L) reports and validates postings and balances for a product aligned to a Line of Business (LOB) using knowledge of financial products, market risk profiles, and risk mitigation techniques and strategies
  • Experience with building and running reconciliations required in a product control role.  
  • Perform independent price verification of positions held by the trading desk
  • Performs month-end close and financial reporting, critical testing and calculations, and periodic analysis
  • Assists in the development of strategic and annual planning efforts and implementations and performs profitability analysis, forecasting, and financial reporting for a product or general ledger account type
  • Partners closely with the front office, Operations, and Technology to support defining business finance processes and implementing related technology solutions
  • Analyzes regulatory matters, such as the Comprehensive Capital Analysis and Review (CCAR) and Recovery and Resolutions Plans (RRP), to assess risk modeling practices within the bank

Required Qualifications:

  • Bachelor's Degree or equivalent work experience
  • 2-5 years financial industry/banking experience
  • Controller experience with a strong understanding of Risk, P&L and Financial Analysis  
  • Strong financial analytics experience
  • Advanced experience/skills with Excel and complex spreadsheets
  • Candidate must be able to work both independently and as team member
  • Strong communication and presentation skills
  • Strong problem solving and analytical abilities

Desired Qualifications:

  • Bachelor's Degree in Accounting/Finance

  

Skills:

  • Analytical Thinking
  • Attention to Detail
  • Financial Accounting
  • Financial Management
  • Reporting
  • Business Analytics
  • Critical Thinking
  • Data Quality Management
  • Financial Processing
  • Price Verification and Valuation

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-24022709

Manages People: No

Travel: No

New York pay and benefits information

New York pay range:

$84,400 - $120,000 annualized salary, offers to be determined based on experience, education and skill set.

Discretionary incentive eligible

This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

Benefits

This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.

Street Address

Primary Location:
1100 Ave Of The Americas, NY, New York, 10036