Vice President, Senior Business Finance and Control (Equity Finance)
Bank of America
Hong Kong, Hong Kong

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 mission.

Bank of America Merrill Lynch is an equal opportunities employer.

Position Description

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.

    The functions of the team includes :

  • Daily PL Explain Attribution and Substantiation
  • Front to back reconciliation.
  • PL Review, Reporting and Commentaries
  • Price Testing
  • New Deal Review / Substantiation
  • Reserve Calculations
  • Management Reporting (Revenue and Expense Analysis)
  • Value Added Business Support
  • Ownership of the Books and Records, Balance Sheet Control
  • Monthly and Quarterly Financial Disclosure Reporting
  • 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.

    Key Responsibilities

    Responsible for directing the day-to-day finance activities and business partner for the Equity business. Activities include strategic and annual planning and implementation, profitability analysis, forecasting and financial reporting.

    Manages partner relationships and associates. In addition to supervisory / administrative duties, individuals are actively involved in the execution of processes and assisting management in the development and implementation of policies and procedures.

    Key responsibilities will include :

    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
  • Operational Effectiveness

  • 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
  • Key Requirements

    In-depth understanding and experience in the Global Market business

    Other Skills

  • Ability to build SME knowledge within the group - provide appropriate level of business, product & process training to the team
  • 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 both locally & globally
  • Ability & confidence to tackle new concepts and ideas associate with on going change in the business
  • A Can do’ attitude, self-driven and proactive, ability to influence
  • Strong risk and control mind-set / culture
  • Strong people manage skills with a demonstrated ability to manage / influence teams at remote location
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