Business Finance & Control Product Associate-Chief Financial Officer- Global Banking & Markets- XVA Finance
Bank of America
Location: New York, New York
Internal Number: 21084777
We're a culture that:
* Believes in responsible growth and has a proven dedication to supporting the communities we serve. * Provides continuous training and developmental opportunities to help people achieve their goals, whatever their background or experience. * Believes diversity makes us stronger, so we can reflect, connect to and meet the diverse needs of our clients and customers around the world. * Is committed to advancing our tools, technology and ways of working. We always put our clients first to meet their evolving needs
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
Global Banking and Markets Finance strives to be a valued business partner to the company's trading, corporate and institutional banking businesses. Our first priority is to operate a series of key control processes to ensure the integrity of GBAM's financial results. Then we build on these activities to offer performance insight to business leaders. The assets of Finance are its people.
Business Finance Officers/Control (BFO/BFC) Partners directly with our Front Office LOBs providing strategic guidance and insight; Performs the product control function to ensure the integrity of our financial results.
Team / Overview:
This is a Business Finance and Control line role supporting the XVA desk within Counterparty Portfolio Management. This role includes the analyzing and reporting of Daily, Weekly, and Monthly PnL, reviews of the balance sheet as well as updating valuation adjustments and independent price verification work. You will work closely with trading and other support partners such as Global Valuation Group, Market Risk and Trade Support.
With demonstrated success, you'll have the opportunity to advance in the BFC Product Role, with opportunities available at the Sr. Associate, Lead, and Sr. Lead level, to promote career advancement within the GBAM Finance organization.
You will be expected to lead and inspire team members, collaborate with the desk and other business partners, impose structure on complex issues and focus on delivering solutions in line with the long term strategic goals of the bank. More detailed characteristics you will be expected to display are described below.
Daily P&L & Balance Sheet - Reporting & Oversight
Production and/or review of official daily P&L explain and its provision for VaR backtesting.
Approval of daily sub-ledger P&L generated by Middle Office for reporting into Greensheets.
Responsibility for daily management adjustments to P&L
Daily P&L reporting to local and regional management.
Oversight of trader estimate to official T+1 P&L variances as business unit level.
Preparation of daily P&L commentary and substantiation to market events.
Review of material new deals.
Review and approval of changes to valuation adjustments & reserves.
Review of changes to daily balance sheet & substantiation to transactional activity.
Core Financial Oversight Functions
Price verification (daily, weekly, monthly).
Validation of appropriate application and use of models for books & records.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.