Job Description :
About Bank of America :
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 35 countries.
In the U.S. alone, we serve almost all of the Fortune 500 companies and approximately 67 million consumer and small-business clients.
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 19 cities 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.
The Asia Pacific Equity Finance Group carries out the Business Finance and Control function in support of the Asia Pacific Region Equity 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 price verification. It has the ultimate responsibility on the financial representation of the business lines supported and any related GAAP disclosure requirements.
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, an innovator to drive operational excellence, a trusted partner for the business and be the financial conscience of Bank of America.
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 to support responsible growth.
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.
Responsible for directing the day-to-day finance activities and business partner for the Equity F&O business.
P&L Reporting / Analysis
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
Leading role in driving team projects, including 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
Experienced professional in Business Finance and Control functions
Qualified accountant with Product Control experience preferred; ideally in the Equities business
Strong product / business knowledge with strong control mindset
Proven track record in building / strengthening front-to-back controls
Strong analytical skills with a demonstrated ability to analyze business processes and workflows and delivery required project to a high standard
Excellent communication and interpersonal skills, be able to establish strong working relationships with a board range of stakeholders
Ability & confidence to tackle new concepts and ideas associate with on going change in the business
Proactive team player, be innovative and have the ability to generate new and creative ideas
A Can do’ attitude, proactive and self driven