Assistant Vice President, Business Finance & Control Product Associate
Bank of America
Hong Kong, Hong Kong

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.

Position Description

The APAC FICC team carries out the Business Finance and Control function in support of the regional LOB trading businesses primarily in Emerging Markets, Credit and Rates.

The BFC core responsibilities include but not limited to the following functions :

  • P&L review and oversight
  • New transaction review and substantiation as part of the due diligence process
  • Understanding of Front to back reconciliation and control
  • Independent price verification
  • Valuation adjustment and reserve calculations
  • Management reporting (revenue and expense analysis)
  • Ad hoc and value added business support
  • Month-end book close
  • Balance sheet control
  • Financial disclosure reporting
  • Management of scarce resources
  • Valued and trusted business partner to functions including FO, IT, Risk, Operations and Compliance.
  • Our vision is to be credible business advisors, flawless at the basics, and relentless focus on operational excellence and controls.

    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 stakeholders i.e.

    Market Risk, Legal Entity Controllers, Accounting Policy, Operations, Audit, Tax, Treasury, Technology.

    As an AVP 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.

    Products covered include bonds, CDS, repackaging products, funding trades etc. More detailed characteristics you will be expected to display are described below.

    Key Responsibilities

    P&L Reporting / Analysis

  • Understanding of significant P&L drivers e.g. market changes, new deals, book remarks, reserves etc.
  • Overview of 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

  • Overview of 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
  • Overview of 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

  • Leading role in driving team projects, including automation and process enhancement;
  • Always challenge the status quo and asking the why questions.
  • 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 Verification 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
  • Business Partnering

  • Advising on various elements such as accounting, funding and capital that impact business performance
  • Regular independent price review meeting, escalating issues, and tracking closure
  • Required

  • Must have Bachelor’s degree
  • Over 5 years work experience with market related products
  • Good working knowledge of accounting concepts
  • Control focused, analytical, team oriented, attention to detail
  • Self-driven with proven relationship management experiences
  • Comfortable working in a fast paced deadline driven environment
  • Strong communication skills both verbal and written
  • Strong Excel skills with ability to build and use spreadsheets
  • Desired

  • CPA or CFA is preferred but not required.
  • Securities, derivative and loan products
  • Valuation experience preferred
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