Job Description: About Bank of America Merrill Lynch:
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 40 countries. In the U.S alone, we serve almost all Fortune 500 companies and approximately 59 million consumers and small-business customers. 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 23 offices 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.
Position Description The Asia Pacific FICC Finance Group carries out the Business Finance and Control function in support of the Asia Pacific Region FICC business. The group is responsible for Front to Back reconciliation; Balance Sheet and PNL substantiation; Financial Disclosure reporting; PL Explain and New Deal Analysis as well as valuation control including price verification, valuation adjustment etc. It has the ultimate responsibility on the financial representation of the business lines supported and any related GAAP disclosure requirements.
The functions of the team includes:
Daily PL Explain Attribution and Substantiation
Front to back reconciliation.
PL Review, Reporting and Commentaries
Ownership of the Books and Records, Balance Sheet Control
Monthly and Quarterly Financial Disclosure Reporting
New Deal Review/Substantiation
Valuation adjustment Calculations
Fair Value Hierarchy and Liquidity
Performance Review (Revenue and Expense Analysis)
Value Added Business Control and Support (e.g., New product review, risk forum)
Management of scarce resource (Balance sheet, funding, capital, etc.)
Budgeting, Forecasting & Financial advisory on Business Strategy Business Finance & Control's core responsibilities include production and reporting of P&L and Balance Sheet on a daily basis, together with all the relevant month-end requirements that accompany it. Our vision is to be flawless at control, effective and efficient processors and credible business advisors.
The business is constantly evolving and moving into new markets and products. Business Finance & Control plays a key role in enabling business activity in a robust control environment. 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.
Key Responsibilities Key responsibilities will include:
Detailed P&L decomposition including escalation of material unexplained variances
Provide explanations for significant P&L drivers e.g. market changes, new deals, book remarks, reserves etc.
Complete daily reconciliation of estimate to actual, and ensure reporting website is updated with explanations for all material differences
Complete month-end financial legal close, P&L and balance sheet as well as management close Balance Sheet Reporting
Produce daily balance sheet estimates, ensure accurate and timely reporting including analytical review on significant movements and balances
Decomposition of balance sheet for the business, identifying opportunities to reduce adjusted assets
Complete month-end balance sheet reporting by internal deadlines, explaining movements or variances between estimates and final results
Ensure all balance sheet accounts are reconciled, escalating variances.
Ensure all reserve balances and valuation adjustments are reconciled and appropriately authorized
Ensure validity of allocated/attributed balances as well as internal funding charge Operational Effectiveness
Driving 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; New Product Development
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 Price Testing and Valuation adjustment
Perform independent price testing
Calculate/validate valuation adjustments and reserves
Working with the business and Global Valuation Group on valuation related issues
Monitor and analyze material reserve movements Partner with Business
Development and production of Financial Reporting for business reviews
Regular independent price review meeting, escalating issues, and tracking closure
Key Requirements In-depth knowledge of accounting, FICC (with a focus on Rates, FX) products and valuation. FRM or CFA or CPA certification is preferred but not required.
Highly developed reasoning and analytical skills
Strong Control mind-set.
Ability to communicate with a diverse audience (Traders, Market Risk Managers, Auditors, Accounting Policy Group, Middle Office, Operations)
Self-driven and proactive, ability to influence & challenge
Bank of America Merrill Lynch is an equal opportunities employer.