Assistant Vice President, Cash Management Services recruitment
Overview
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,700 ATMs and award-winning online banking with nearly 29 million active users. Following the acquisition of Merrill Lynch on January 1, 2009, Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Job Description
An exciting opportunity has become available for an AVP to support our Global Market Operations and Middle Office Group.
The position will require you to work closely with treasury dealers, securities settlements and other internal departments to balance and manage cash flows affecting the nostro accounts for the Global Market Operatons Business. Cash Management Services is very fast pace, dynamic business and will require someone that is able to prioritize work load, meet deadlines and is able to respond well to pressure.
Responsibilities
· Supervise and manage up to 5 staff including performance reviews and objective setting
· Escalation point for queries relating to Nostro and Funding
· Manage the cash held in the nostro accounts
· Perform mid day balancing of position and end of day tally of cash balances taking into consideration of currency cut offs. (do not fully understand this one would is it more " Ensuring all currency cut off's are met and end of day balances are flat?
· Monitor cash movements and work with internal departments to ensure all the cash balances are reflected and captured correctly in the system
· Manage the Confirmation and settlement process for Currency swaps, NDF, Money market and Foreign Exchange Transactions
· Work with the traders, for any last minute funding requirements which could affect the EOD cash balancing figure
· Check to ensure payments have been processed correctly
· Resolution of payment issues and reconciliation breaks
· Overall management and oversight for reconciling nostro balances and making manual adjustments if necessary for funding purposes
· Authorize and approve any changes to payment instructions or for loading of holidays in the system (Does this relate to static data changes? Potential issue on segregation of duties
· MIS/KRI reporting
· Work with the Investigations team on any post settlement queries
· Identify and implement process improvements which include promoting an STP environment.
Requirements
· Degree/Diploma with at least 5 years experience in banking industry with experience in Treasury and Securities Settlement
· Exceptional client service and relationship management skills
· Excellent staff management skills
· Ability to work well under pressure and meet tight and changing deadlines
· Proficient in the use of Microsoft Office (Excel, Word, Powerpoint)
· Experience of managing re-engineering of business processes including systems implementations
· Fast learner, proactive in nature and has excellent attention to detail.
· Able to work on Singapore public holidays. Strong team player who works effectively with others toward achieving objectives. Supports initiatives and responds to issues raised by others.