Sr. BFC Product Associate- Global FX & LCT Trading
New York
**Job Description:**
+ **Bank of America commitment to Diversity and Inclusion** Were 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** Global FX and LCT Trading provides clients with market-making services in foreign exchange (FX) spot, swaps, forwards and options in G10 and emerging market currency pairs, local currency bonds and interest rate derivatives. The Global FX and LCT FX Trading line of business (LOB) is divided into eight discrete trading desks with trading operation in seventeen countries.The AMRS GFX Business Control and Finance team in New York supports the AMRS FX trading desks. This business serves our corporate, financial, and individual investor customers by offering a wide variety of foreign exchange products.
**Responsibilities include:**
**Daily P&L & Balance Sheet Core Finance Function**
+ Production and/or review of official daily P&L explain and its provision for VaR backtesting.
+ Oversight of trader T0 flashes and estimate to official T+1 P&L variances as business unit level.
+ Preparation of daily P&L commentary and substantiation to market events. Monthly & quarterly revenue commentary.
+ 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.
+ Balance sheet analysis (capital, liquidity, exposures etc) including inventory aging and its reporting.
+ Month end close, including Financial Disclosures and calculation and recording of netting entries
+ Determining and implementing appropriate accounting policies & procedures (with Accounting Policy).
+ Contributing to Governance process, operational error reporting and support of other internal control process, including SOX.
**IPV (Independent Price Verification) Functions**
+ Monthly Independent Price verification on both FX Derivatives products.
+ Validation of appropriate application and use of models for books & records.
+ Calculation of the Valuation adjustment. Maintaining/updating valuation adjustment & reserve policies.
+ Managing key accounting, legal entity, regulatory and P&L issues with the business.
+ Exercise of control oversight on behalf of the business.
+ Provision of financial expertise in the design, build, testing, and implementation of new Technology Platforms and Systems.
**Planning & 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.
+ Participation in the formulation of business strategy; plans; budgets; and forecasts.
+ Provide regular updates, analytics and commentary on Line of Business performance.
**Required skills include:**
+ BS/BA Degree required (Finance, Accounting preferred)
+ 5+ years of professional work experience within the financial services industry
+ Control focus, strong financial analytics experience, comfortable with complex products
+ Strong communication and presentation skills
+ Proven business partnering skills
+ Advanced experience skills with Excel and complex spreadsheet
+ Candidates must have the ability and willingness to continuously learn on the job, technical fluency, with ability to learn new systems quickly, ability to problem-solve and take ownership of process improvements, the ability to work in a fast paced environment.
**Desired Skills:**
+ MBA, CPA, CFA, or other advanced certification
+ Fixed income or interest rate derivative experience preferred
+ Experience with Bloomberg, or Hyperion/Essbase/SAP
**Job Band:**
H5
**Shift:**
1st shift (United States of America)
**Hours Per Week:**
40
**Weekly Schedule:**
**Referral Bonus Amount:**
2000
**Job Description:**
+ **Bank of America commitment to Diversity and Inclusion** Were 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** Global FX and LCT Trading provides clients with market-making services in foreign exchange (FX) spot, swaps, forwards and options in G10 and emerging market currency pairs, local currency bonds and interest rate derivatives. The Global FX and LCT FX Trading line of business (LOB) is divided into eight discrete trading desks with trading operation in seventeen countries.The AMRS GFX Business Control and Finance team in New York supports the AMRS FX trading desks. This business serves our corporate, financial, and individual investor customers by offering a wide variety of foreign exchange products.
**Responsibilities include:**
**Daily P&L & Balance Sheet Core Finance Function**
+ Production and/or review of official daily P&L explain and its provision for VaR backtesting.
+ Oversight of trader T0 flashes and estimate to official T+1 P&L variances as business unit level.
+ Preparation of daily P&L commentary and substantiation to market events. Monthly & quarterly revenue commentary.
+ 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.
+ Balance sheet analysis (capital, liquidity, exposures etc) including inventory aging and its reporting.
+ Month end close, including Financial Disclosures and calculation and recording of netting entries
+ Determining and implementing appropriate accounting policies & procedures (with Accounting Policy).
+ Contributing to Governance process, operational error reporting and support of other internal control process, including SOX.
**IPV (Independent Price Verification) Functions**
+ Monthly Independent Price verification on both FX Derivatives products.
+ Validation of appropriate application and use of models for books & records.
+ Calculation of the Valuation adjustment. Maintaining/updating valuation adjustment & reserve policies.
+ Managing key accounting, legal entity, regulatory and P&L issues with the business.
+ Exercise of control oversight on behalf of the business.
+ Provision of financial expertise in the design, build, testing, and implementation of new Technology Platforms and Systems.
**Planning & 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.
+ Participation in the formulation of business strategy; plans; budgets; and forecasts.
+ Provide regular updates, analytics and commentary on Line of Business performance.
**Required skills include:**
+ BS/BA Degree required (Finance, Accounting preferred)
+ 5+ years of professional work experience within the financial services industry
+ Control focus, strong financial analytics experience, comfortable with complex products
+ Strong communication and presentation skills
+ Proven business partnering skills
+ Advanced experience skills with Excel and complex spreadsheet
+ Candidates must have the ability and willingness to continuously learn on the job, technical fluency, with ability to learn new systems quickly, ability to problem-solve and take ownership of process improvements, the ability to work in a fast paced environment.
**Desired Skills:**
+ MBA, CPA, CFA, or other advanced certification
+ Fixed income or interest rate derivative experience preferred
+ Experience with Bloomberg, or Hyperion/Essbase/SAP
**Shift:**
1st shift (United States of America)
**Hours Per Week:**
40
Learn more about this role
Full time
JR-22066201
Band: H5
Manages People: No
Travel: No
Manager:
Talent Acquisition Contact:
Jeannie Jones-Pickering
Referral Bonus:
2000
Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.
To view the "EEO is the Law" poster, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/eeopost.pdf) .
To view the "EEO is the Law" Supplement, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/OFCCP\_EEO\_Supplement\_Final\_JRF\_QA\_508c.pdf) .
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To view Bank of Americas Drug-free workplace and alcohol policy, CLICK HERE .
