Senior Finance Analyst
- Hong Kong
- Permanent, Full time
- Bank Of America / Merrill Lynch
- 22 Sep 17
Senior Finance Analyst
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.
The APAC Global Non Linear (GNL) team in FICC carries out the Business Finance and Control function in support of the regional Rates trading business.
The functions of the team includes:
- Daily PL Explain Attribution and Substantiation
- Front to back reconciliation.
- PL Review, Reporting and Commentaries
- Ownership of the Books and Records, Balance Sheet Control
- Monthly and Quarterly Financial Disclosure Reporting
- New Deal Review/Substantiation
- Price Testing
- Valuation adjustment Calculations
- Fair Value Hierarchy and Liquidity
- Performance Review (Revenue and Expense Analysis)
- Value Added Business Control and Support (e.g., New product review, risk forum)
- Management of scarce resource (Balance sheet, funding, capital, etc.)
- Budgeting, Forecasting & Financial advisory on Business Strategy
Business Finance & Control's core values are:
- Finance process & controls: Flawless execution and minimizing operational risk
- Performance reporting: Insightful, accurate & timely reporting with global standardization & consistency
- Management of scare resources: Strengthen management of funding and capital; enhance analytical capabilities
- Business strategy: Be a valued business partner
- Leadership, engagement and development: Recruit, develop and retain the best talent in the industry; advocate for diversity & inclusion
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. More detailed characteristics you will be expected to display are described below.
- 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 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
- Development and production of Financial Reporting for business reviews
- Regular independent price review meeting, escalating issues, and tracking closure
- Must have Bachelor's degree
- Over 4 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
- Derivative products + valuation experience
- Strong Excel skills with ability to build and use spreadsheets
- CPA or CFA is preferred but not required.
Bank of America Merrill Lynch is an equal opportunities employer.
Posting Date: 22/08/2017
Location: HK--Hong Kong
Full / Part-time: Full time
Hours Per Week: 40