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. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.
Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being an inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.
Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations.
At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!
Job Description:
Global Funding (GF) is one of the key areas within Treasury. GF employees interact daily with internal and external constituents including front line units (FLUs), other Treasury functions such as Balance Sheet Management (BSM), Enterprise Capital Management (ECM), and Global Liquidity Management (GLM), internal control partners, regulators, market participants and investors. The mission of GF is to ensure Bank of America Corporation and all its subsidiaries are sufficiently funded at all times. The team utilizes its global presence to provide efficient funding strategies across the enterprise in the most cost effective manner, while managing the risks associated with those strategies.
The GF team manages enterprise liquidity and ensures that funding is maintained at levels sufficient to operate in normal and stressed scenarios. We are tasked to forecast the sources and uses of funds across a variety of entities and currencies, taking into account business input, the Corporation’s risk appetite and projected market conditions in order to manage effectively the Corporation’s key cash and liquidity positions. Implementation of our funding and hedging strategies necessitates flawlessly executing transactions with internal and external counterparties in accordance with liquidity and capital constraints, internal guidelines, legal limitations and regulatory directives.
A successful career in Treasury requires you to think critically about the many challenges facing our company and industry with an emphasis on attention to detail, teamwork and strong communication skills. The Treasury group provides an opportunity to gain broad knowledge about the company and its many businesses as well as the global markets in which we transact. Your day to day experience will be varied and challenging, and will allow you to extend your skills within various disciplines, such as market analysis, short-term money market execution and real-time liquidity risk management.
Responsibilities:
Funding execution
As per GF policies and procedures, provide daily rate setting and funding trade execution for designated legal entities in coordination with global partners.
Provide foreign exchange and derivative trade execution for Treasury needs.
Provide liquidity risk counsel and pricing consultation to lines of business (LOBs).
Funding forecasting
In concert with local and enterprise partners, analyze business plans and forward balance sheet for designated legal entities and develop an appropriate funding plan.
Work with business partners to develop an understanding of future business flows and risks.
Work closely with international peers to coordinate flows and promote efficiency.
Investigate and correct forecast misses in order to minimize future variance.
Risk management
Manage risks within established metrics consistent with the company’s risk appetite.
Hedge interest rate and foreign exchange exposures where necessary per policy.
Be a subject matter expert and consult with LOB’s on liquidity risk drivers and constraints.
Manage excess liquidity to meet statutory and operational requirements and achieve maximum efficiency.
Balance sheet governance
Monitor changes in assets and liabilities and understand causation.
Work with the FTP group to insure that practices and methodologies drive desired behavior.
Ensure that a robust control environment is maintained through compliance with all laws, regulation, policies, procedures and directives.
Other
Participate in technology enhancement projects.
Perform extensive ad-hoc financial analysis related to funding risks and opportunities.
Respond to spontaneous information/reporting requests both internally and from regulators.
Compliance with relevant local and applicable international regulations including Dodd Frank / Volcker rule.
Skills:
Undergraduate degree with quantitative focus / prefer finance, accounting or engineering major.
Strong understanding of markets, financial statements, liquidity and risk is preferred.
Relevant experience in Money Market /FX activities, Balance Sheet and Liquidity Risk management would be an added advantage.
Strong Excel skills are a must.
Word and PowerPoint proficiency.
Programming skills / process knowledge would be beneficial.
Strong ability to communicate effectively across a broad range of constituents including seasoned teammates, upper management and disparate business partners.
Skilled at building and maintaining strong relationships across the enterprise. Ability to deliver a difficult message while maintaining close working relationships.
Communicate clearly and concisely (in both English and Chinese), verbally and in writing, at all levels within the organization.