Vice President
Bank of America · Gurugram, Haryana, India
- On site
- Full-time
- $250,000 / year
- Gurugram, Haryana, India
Job highlights
- Lead P&L production for APAC FX & LCT desks.
- Manage daily P&L delivery and analysis.
- Collaborate with front office and other teams.
- Oversee reconciliation and control functions.
- Drive process improvement and operational excellence.
About the role
About Bank of America
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. 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!
Global Business Services
Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations. Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation. In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.
Process Overview: Global Markets Business Finance & Control
Global Markets Business Finance & Control (BF&C) is a division of Global Banking & Markets (GBAM) Finance responsible for the production and independent validation of Global Markets' profit and loss and balance sheet. In this regard, BF&C will ensure, inter alia, that accounting policies are correctly and consistently applied, and that trading portfolios are appropriately valued. The team prepares and reports P&L and balance sheet to the business and ensures the accuracy and integrity of the general ledger. We are responsible for daily service delivery and ensuring effective controls, transparent management information and becoming a center of excellence delivering process simplification and efficiencies. We work closely with front office, middle office, traders and valuation control teams to drive the control agenda across the business.
Job Description: Vice President, Global Markets Business Finance & Control
Global Markets Business Finance & Control (BF&C) seeks to provide a support service with particular focus on the relationship between trading risk positions and P&L components. We are looking to recruit an individual to work in the P&L production area covering the Global FX & Local Currency Trading (LCT) desks in APAC Region. The candidate’s main responsibility will be to produce and deliver the daily P&L to front office, providing a high standard of analysis and explanation around any issues faced and daily revenue drivers. The candidate will therefore have considerable interaction with the respective Front Office, Middle Office, and Finance and Trade Capture teams so good communication and time management skills are an essential requirement for this job. Primary products covered will include foreign exchange, FX Options, FX Forwards, Fixed Income, Money markets, Interest rate derivatives both plain vanilla and exotics.
Responsibilities
- Supervise Production and Reporting of daily P&L and balance sheet to Front Office & Senior Management.
- Supervise Reconciliation of actual P&L with trader estimates and review flash/actual variance analysis.
- Work closely with the trading desks on position, P&L or other issues on an ad-hoc basis.
- Review Front-to-Back analysis & reconciliations of front office P&L and Balance Sheet to firm sub-ledgers.
- Assist with execution of month-end controls ensuring management vs financial P&L variances are within thresholds.
- Analyze traders’ risk positions and understand and apply the Greeks (Delta, Vega Gamma) vs daily market moves.
- Control books, cost center and Business Units for line of business.
- Supervise IPV, Valuation Control Activities, VA Computations.
- Liaise with various business partners such as Technology, Market Risk, Credit Risk, Operations and Finance to resolve issues / queries.
- Develop, standardize & continuous improvement of existing processes & workflow.
- Monitor Testing/UAT for existing or new systems.
- Remediation of issues in an autonomous yet timely manner considering the principles of control and the need to mitigate operational risk.
- Optimize Operational Excellence – act as innovator and change catalyst to drive process redesign and realize efficiency across the platform.
- Partner with GBAM Finance LOB executives to evaluate current process design, identify opportunities for efficiency and drive adoption of agreed changes.
- Manage team projects, direct group effort and day-to-day team activities.
- Manage and drive risk disciplines and internal controls to deliver the best outcomes for our clients and shareholders.
- Be pro-active and engage control partners/ technology to identify and mitigate operational risks.
- Attract, retain, and grow talent.
- Build a culture and process to identify, mitigate, and control operational risk.
Requirements
Education
- Qualified Chartered Accountant/CPA /CFA / MBA from Tier I/II institute with relevant experience in Product Control or Global Markets environment and organization of similar scale with US GAAP, IFRS, IAS reporting framework with an interest and aptitude for derivative products.
Certifications If Any
- CFA / FRM certified candidates would be preferred. Advanced education and/or enhanced technical qualifications are a plus.
Experience Range
- 10 to 16 years with at least 8+ years’ experience in Global Markets.
Foundational skills
- 8+ years of Banking and Financial Services experience and held a finance leadership position in an international environment with extensive knowledge of working in a Global Markets.
- Should have good understanding of financial markets, Derivatives & structured notes-their hedging, funding, credit risk etc.
- The individual should have a proven track record of working and experience of managing teams of 10+ individuals having a pedigree of tier 1/ tier 2 institutions and possess a comprehensive expertise in strategic planning for flawless delivery.
- Strong people management skills, including the ability to resolve people issues and motivate the team to deliver.
- Line experience coupled with a demonstrated ability to lead technology-based change.
- Proven experience of providing thought leadership to overcome challenges and lead without direct authority, excellent skills with an ability to manage the group of fast paced team supporting multiple business verticals.
- Strong verbal and written communication skills, and the personal ability to collaborate, operate, and communicate effectively with a culturally diverse group of peers and colleagues.
- Has the gravity to interact at all levels of management to support resolution of complex business issues.
- Demonstrated ability to work in a globally matrixes and significantly multi-geography, multi-cultural offshore service delivery environment.
- A convincing executive presence which conveys composure and confidence in all situations, the credibility and stature to carry stakeholders through influence rather than via the hierarchy.
- Individual should have the resilience to handle internal pressures and conflicts in dealing with multiple stakeholders.
Desired Skills
- Alteryx / Python / Tableau knowledge would be an added advantage.
- Must be proactive and be a highly motivated self-starter.
- Effective communication skills with English proficiency.
- Demonstrated ability to work in a high pressure environment.
- Takes initiative and challenges existing processes and procedures in a proactive manner.
- Strong team player.
- Ability to analyze issues independently and derive solutions.
- Analytical skills.
- Inherent sense of principles of control through experience and sound judgment.
- Reliability.
Work Timings
07:00 AM IST to 16:00 PM IST
Job Location
Gurugram/Hyderabad/ Mumbai
Key skills/competency
- Vice President
- Global Markets
- Business Finance & Control
- P&L Production
- Derivative Products
- Financial Markets
- Risk Management
- Team Leadership
- Process Improvement
- US GAAP
Skills & topics
- Vice President
- Global Markets
- Finance
- Business Control
- P&L Production
- Derivative Products
- Financial Markets
- Risk Management
- Team Leadership
- Process Improvement
- Banking
- Financial Services
- US GAAP
- IFRS
- CFA
- FRM
- Forex
- Fixed Income
- Operations
- Hyderabad
- Gurugram
- Mumbai
How to get hired
- Tailor your resume: Highlight 10+ years in Global Markets finance leadership and experience with derivative products.
- Showcase leadership: Emphasize experience managing teams of 10+ and driving technology-based change in international settings.
- Quantify achievements: Provide examples of process improvement, operational excellence, and P&L analysis.
- Prepare for interviews: Be ready to discuss your understanding of financial markets, risk management, and your ability to lead cross-cultural teams.
- Demonstrate communication skills: Highlight your ability to collaborate and influence stakeholders at all levels.
Technical preparation
Behavioral questions
Frequently asked questions
- What specific financial products will this Vice President role at Bank of America focus on?
- This Vice President role in Global Markets Business Finance & Control will primarily cover foreign exchange, FX Options, FX Forwards, Fixed Income, Money Markets, and Interest Rate Derivatives, including both plain vanilla and exotic types.
- What are the key responsibilities of the Vice President in P&L production at Bank of America?
- The key responsibilities include supervising the production and reporting of daily P&L and balance sheets, reconciling P&L with trader estimates, analyzing risk positions using Greeks, and ensuring accurate financial reporting for trading desks.
- What educational background is preferred for the Vice President, Global Markets BF&C position?
- Bank of America prefers candidates who are Qualified Chartered Accountants/CPA/CFA/MBA from Tier I/II institutes with relevant experience in Product Control or Global Markets, and familiarity with US GAAP, IFRS, and IAS reporting frameworks.
- How important is experience with derivative products for this Vice President role?
- Experience and aptitude for derivative products are crucial. The role requires a good understanding of financial markets, derivatives, and structured notes, including their hedging, funding, and credit risk aspects.
- What kind of leadership experience is expected for the Vice President role at Bank of America?
- The role requires proven experience in leading finance teams of 10+ individuals in an international Global Markets environment, with expertise in strategic planning, people management, and driving technology-based change.
- Are there any preferred certifications for this position?
- While not strictly required, CFA or FRM certifications are preferred. Advanced education or enhanced technical qualifications are also considered a plus for this Vice President position.
- What is the expected experience range for this Vice President role at Bank of America?
- The role requires 10 to 16 years of overall experience, with at least 8 years specifically in Global Markets finance within the banking and financial services sector.
- What are the desired technical skills for the Vice President, Global Markets BF&C role?
- While not mandatory, knowledge of Alteryx, Python, or Tableau is considered an advantage. Strong analytical skills and an inherent sense of control principles are also highly valued.