Product Associate - Business Finance Control

Bank of America; London; On-site; GBP 65,000 - 85,000; Full time

Job summary

A leading financial institution in London is seeking a Product Controller to manage day-to-day P&L, balance sheet, and valuation controls. You will have opportunities for analysis and collaboration within a dynamic team, applying your accounting expertise to ensure compliance and governance. Candidates should ideally be qualified accountants or CFAs with strong analytical skills. This position offers a competitive benefits package including healthcare and retirement plans.

Benefits

Private healthcare

Competitive pension plan

Paid maternity and paternity leave

Flexible benefits options

Employee Assistance Program

Arts & Culture corporate membership

Volunteering opportunities

Qualifications

• Preferably Qualified Accountant or CFA with good working knowledge of accounting concepts.

Responsibilities

• Day-to-day P&L, Balance Sheet and Valuation control responsibilities.
• Identify and investigate valuation discrepancies.
• Analyse drivers of P&L and balance sheet movements.
• Engagement with the Accounting Policy Group.
• Ensure adherence to accounting policies.
• Work with GVG group for valuation control methodologies.
• Assist in GFF BFC process enhancement.
• Contribute to governance processes and audit engagements.
• Provide finance leadership on new product approvals.

Skills

Financial Accounting & Reporting Expertise

Financial Analysis and Reasoning Skills

Accounting Knowledge

Financial Acumen

Education

Qualified Accountant (ACA, ACCA, CIMA or equivalent)

CFA

Job description

Overview

Job Title: Product Controller - Equities

Corporate Title: Assistant Vice President

Location: London

Company Overview:

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!

Location Overview:

Our London office is based just a stone’s throw from the magnificent St. Paul’s Cathedral on bustling King Edward Street. Here you’ll find modern workspaces and a state-of-the-art auditorium space. In addition, we’re proud to host an onsite restaurant that shares our commitment to sustainability by providing delicious seasonal menus which have been created with the planet in mind. Make sure to take time for yourself and head up to our rooftop terrace and take in the spectacular views across London. Finally, your physical wellness is well-catered for with our onsite gym facilities and medical centre.

The Team:

Business Finance & Control (BF&C) forms part of the GBAM CFO Group and is responsible for valuation control and analysis, P&L substantiation, and balance sheet oversight. This role is supporting the EMEA Global Financing & Futures (GFF) business, which manages securities repo activity for Global Markets, as well as client Futures and Options. The BFC teams work closely with the Front Line Units, global valuations group (GVG), market risk, legal entity controllers and other support functions. The London-based GFF BFC team consists of four associates. The role will provide opportunities to present to senior Front Office and CFO management, both regionally and globally.

Responsibilities

• Day-to-day P&L, Balance Sheet and Valuation control responsibilities within the EMEA Global Financing & Futures (GFF) BFC team in London
• Identify and investigate valuation discrepancies and liaise with Front Line Units (FLUs), Risk, Operations and other finance teams to resolve issues.
• Analyse drivers of P&L and balance sheet movements, providing commentary and insight for management
• Engagement with the Accounting Policy Group to implement appropriate accounting policies and procedures.
• Ensure adherence to accounting policies relating to repos, including sale and repurchase accounting, as well as compliance with FIN41 and IFRS netting guidance for financial instruments.
• Working with the GVG group to ensure ongoing review & enhancement of valuation control methodologies and practices. Ensuring procedure documents are accurate and up to date.
• Assist in the streamlining and enhancement of all GFF BFC processes and becoming actively involved with system development ranging from technical enhancements and new product releases to automation of existing processes.
• Contribute to governance processes, operational error reporting and support of other internal control process, including SOX.
• Contribute to audit engagements, addressing queries on valuation, accounting treatment, and finance controls.
• Provide finance leadership on new product approvals, system implementations, and accounting policy changes affecting repo activity.

What we are looking for

• Preferably Qualified Accountant (ACA, ACCA, CIMA or equivalent) or CFA with good working knowledge of accounting concepts.
• Applies Financial Accounting & Reporting Expertise
• Applies Financial Analysis and Reasoning Skills
• Demonstrates Accounting Knowledge
• Demonstrates Financial Acumen

Benefits of working at Bank of America

UK

• At Bank of America, we strive to prioritise employees’ health and wellbeing – it’s what makes us a Great Place to Work.
• Private healthcare for you and your family plus an annual health screen to help you manage your physical wellness with the option to purchase a screen for your partner.
• Competitive pension plan, life assurance and group income protection cover if you become unable to work as a result of a disability or health reasons.
• We offer 26-weeks paid maternity leave, 16-weeks paid paternity leave and inclusive family leave arrangements for working parents and carers including 20 days of back-up childcare including access to school holiday clubs and 20 days of back-up adult care per annum.
• 20 days of back-up childcare including access to school holiday clubs and 20 days of back-up adult care per annum.
• The ability to change your core benefits as well as the option of selecting a variety of flexible benefits to suit your personal circumstances including access to a wellbeing account, travel insurance, critical illness, cycle to work etc.
• Access to free counselling through the Employee Assistance Program and virtual GP services through our private health care plan.
• Access to an Employee Assistance Program for confidential support and help for everyday matters.
• Ability to donate to charities of your choice directly through payroll and the bank will match your contribution.
• Opportunity to access our Arts & Culture corporate membership program and receive discounted entry to some of the UK’s most iconic cultural institutions and exhibitions.
• Opportunity to give back to your community, develop new skills and work with new groups of people by volunteering in your local community.

Bank of America

Good conduct and sound judgment is crucial to our long term success. It’s important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mind-set are the cornerstones of our Code of Conduct and are at the heart of managing risk well.

We are an equal opportunities employer and ensure that no applicant is subject to less favourable treatment on the grounds of sex, gender identity or gender reassignment, marital or civil partner status, race, religion or belief, colour, nationality, ethnic or national origins, age, sexual orientation, pregnancy or maternity, socio-economic background, responsibility for dependants or physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience.

We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements.