Finance Product Controller

Job content

Job Title: Finance Product Controller

LOB:The CFO Group

Corporate Title:Assistant Vice President

Location:Chester

Bank of America:

Bank of America Merrill Lynch provides comprehensive market, industry, product and advisory expertise to more than 140,000 businesses around the globe. With unrivalled insight and access delivered by dedicated relationship teams, we connect clients with the right opportunities in more than 150 countries throughout Europe, the Middle East and Africa, Asia Pacific and the Americas.

Bank of America Merrill Lynch’s Europe, Middle East and Africa (EMEA) footprint comprises of 32 cities across 23 countries on three continents. The company is a long-established participant in the European markets, with a presence since 1922. Currently over 14,000 associates are based in EMEA.

Globally, Bank of America Merrill Lynch serves clients and customers in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500, nearly 96 percent of the Fortune Global 500 and 33 percent of the FTSE 100.

Overview of the Role:

This is a fantastic opportunity for an experienced Finance Product Controller to join our established CFO Group based in Chester. The role will be for EMEA & AMRS Equity Derivatives, Financial Management & Strategy Team and the role involves the execution of key CFO deliverables detailed below.

In return, this role can offer excellent career progression opportunities, ongoing training and support and excellent work life balance.

Responsibilities:

Daily P&L & Balance Sheet – Reporting & Oversight:

• Preparation of daily P&L commentary and substantiation based on market events
• Review of material new deals
• Calculation of valuation adjustments & reserves, with responsibility over corresponding substantiation and commentary
• Review of changes to daily balance sheet & substantiation based on transactional activity

Core Financial Oversight Functions:

• Independent price verification analysis and reporting (daily, weekly, monthly)
• Weekly, Monthly & Quarterly revenue commentary
• Maintaining valuation adjustment & reserve calculations such that they’re in-line with current policies
• Balance sheet analysis (capital, liquidity, exposures etc.) including inventory aging, and reporting (Managerial and Regulatory)
• Determining and implementing appropriate accounting policies & procedures (with Accounting Policy)
• Managing key accounting, legal entity, regulatory and P&L issues with the business
• Month end close, including Financial Disclosures and calculation / recording of netting entries
• Exercise of control oversight on behalf of the business
• Participation in the New Product Review and Appropriation Request processes: modelling structures, process scenarios, review, and control
• Contributing to Governance process, operational error reporting and support of other internal control process, including SOX
• Provision of financial expertise in the design, build, testing, and implementation of new Technology Platforms and Systems

Planning & Reporting:

• Act as key member and advisor to Line of Business Senior Management team, providing decision support analysis and advice on the optimisation of business activities with regards to accounting rules, regulatory issues and legal entity structures
• Development and analysis of key performance metrics
• Participation in the formulation of business strategy; plans; budgets; and forecasts
• Provide regular updates, analytics and commentary on Line of Business performance
• Manage the expense approval process for both deal-related and organisational expenses; provide expense analytics and assist the business with recovering deal-related expenses.
• Provide regular updates, analytics and commentary on the GBAM’s externally disclosed quarterly performance

The Team:

The Equity Client Solutions Business, Finance Analysis team is comprised of 20 dedicated professionals, with associates based in both London and Chester.

The primary function of the Equity Business, Finance Management & Strategy team is to provide control & business advisory guidance. Key business partners are the Trading Desk, Global Valuation Group (GVG), Credit & Market risk, Regulatory Reporting and the RWA team.

The Equity Business, Finance Management & Strategy team supports the Equity Trading Desk; this comprises Equity Client Solutions, Equity Execution Services, Equity Synthetics and Securities Lending and Equity Asset Management Services.

This role is to support the Equity Client Solutions business, which makes secondary markets in European equity derivatives (Single Stock and Index Options, Emerging Markets, Exotics products, Fund Derivatives and Corporate Derivatives).

Core Skills:

• Degree educated or equivalent
• Qualified CFA or Accountant (ACA, ACCA, CIMA or equivalent
• Previous CFO Banking experience
• Good working knowledge of accounting concepts
• Good understanding of Product Control and IPV function
• Knowledge of Derivative Exotic products
• Proven Excel skills with the ability to build and use spreadsheets
• Demonstrable risk identification and management Bank of