Job Description:
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We're devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
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Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
Location Overview:
Our London office is based just a stone's throw from the magnificent St. Paul's Cathedral on bustling King Edward Street. Here you'll find modern workspaces and a state-of-the-art auditorium space. In addition, we're proud to host an onsite restaurant that shares our commitment to sustainability by providing delicious seasonal menus which have been created with the planet in mind. Make sure to take time for yourself and head up to our rooftop terrace and take in the spectacular views across London. Finally, your physical wellness is well-catered for with our onsite gym facilities and medical centre.
Global Markets Credit (GMC) organization is responsible for credit underwriting, ongoing monitoring and portfolio management of Global Markets (GM) financing and traded products transactions. GMC is a global organization which partners directly with Global Markets FLU (Front Line Unit) teams in relation to client selection, structuring and underwriting activities to drive revenue growth while maintaining appropriate risk disciplines. GMC will also coordinate engagement with key control partners including Global Risk, Finance, Credit Review and Audit in accordance with our Risk Framework and internal and external standards.
The GMC FMI ( Financial Market Infrastructure) team is responsible for effective management of credit and trading risk exposures within established parameters. In particular it provides risk assessment, transaction structuring, execution, and risk profile monitoring for FMIs globally. The FMI team partners with teams across Global Corporate & Investment Banking, Global Banking & Markets, and Global Transmission Services to build an efficient risk/reward portfolio while maintaining robust risk discipline. Integral to our mission is our partnership with other parts of the Risk organization, e.g., Enterprise Credit Risk and various Global Market Risk functions.
The Financial Market Infrastructure ("FMI") Associate is an experienced team member critical to robust risk management and credit processes, with primary account responsibility for a portfolio of FMIs, consisting mainly of central counterparties ("CCPs"), but also exchanges and other FMI clients. This includes client selection, risk profile assessment, underwriting, structuring, accurate and timely risk rating, documentation and the ongoing monitoring of counterparty names. The FMI Associate will be expected to:
- Carry out credit due-diligence and written analysis on their FMI portfolio, incorporating financial, business and industry analyses, in order to identify and mitigate risks relating to their portfolio of names.
- Ensure timely submission of approval and monitoring documents in accordance with policy and priorities set with risk and business managers, and participate in portfolio and risk reviews.
- Self-identify issues, escalate problems expediently, provide views, recommendations, and clearly voice opinions on covered credit names to senior risk officers and business partners as appropriate.
- Have experience and knowledge of financial traded products, eg, FX, rates, equities, credit derivatives, futures & options, etc.
- Monitor and understand the key risk drivers in the derivative trading book of assigned counterparties.
- Stay up to date with the regulatory, political, and business environment in the region and have a view on how these impact clients. Follow key developments in relevant industries and monitor clients closely in order to identify and act on any risk quality deterioration. Recommend changes to exposure limits and risk ratings in a timely manner.
- Establish strong working relationships with business and functional partners, to build an efficient risk/reward portfolio by supporting bilateral, exchange traded, and client clearing initiatives, while maintaining robust risk discipline. Support the Business with clearing initiatives, eg, new memberships or the clearing of new products at CCPs. This includes pariticpation in the full credit on-boarding process from initial business request to final approvals.
- Actively participate in execution of loan and derivative transactions from a credit risk standpoint, including structuring and negotiation of legal documentation, liaising with external counsel, and working with business partners as appropriate.
Essential:
A Credit Officer is expected to understand and manage the counterparty credit risk exposure of individual counterparties. This will include:
- Strong Financial Services work experience.
- Strong credit analytical skills and risk judgement, and ability to rigorously defend a point of view, both to Risk and senior business partners.
- Familiarity with relevant regulations and appreciation of issues impacting FMI industry participants with respect to systemic risk mitigation and changing regulatory requirements.
- In-depth knowledge and relevant credit experience of CCPs and Asia Pacific financial institutions and regulated markets.
- Thorough understanding of a broad range of derivative products, including an ability to dissect risk drivers and portfolio sensitivities.
- Familiarity with derivatives documentation (eg, GMRA/ISDA/CSA) and loan documentation.
- Sound product/technical knowledge across lending products.
- Bachelor's degree with a concentration in finance and/or accounting preferred.
- English language skills
Benefits of working at Bank of America:
UK
- Private healthcare for you and your family plus an annual health screen to help you manage your physical wellness with the option to purchase a screen for your partner
- Competitive pension plan, life assurance and group income protection cover if you become unable to work as a result of a disability or health reasons
- 20 days of back-up childcare including access to school holiday clubs and 20 days of back-up adult care per annum
- The ability to change your core benefits as well as the option of selecting a variety of flexible benefits to suit your personal circumstances including access to a wellbeing account, travel insurance, critical illness etc.
- Access to an emotional wellbeing helpline, mental health first aiders and virtual GP services.
- Access to an Employee Assistance Program for confidential support and help for everyday matters
- Ability to donate to charities of your choice directly through payroll and the bank will match your contribution
- Opportunity to access our Arts & Culture corporate membership program and receive discounted entry to some of the UK's most iconic cultural institutions and exhibitions.
- Opportunity to give back to your community, develop new skills and work with new groups of people by volunteering in your local community.
Bank of America:
Good conduct and sound judgment is crucial to our long term success. It's important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mind-set are the cornerstones of our Code of Conduct and are at the heart of managing risk well.
We are an equal opportunities employer and ensure that no applicant is subject to less favourable treatment on the grounds of sex, gender identity or gender reassignment, marital or civil partner status, race, religion or belief, colour, nationality, ethnic or national origins, age, sexual orientation, pregnancy or maternity, socio-economic background, responsibility for dependants or physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience.
We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements.