Head of Bank Portfolio Management

001 The Northern Trust Company; Chicago (IL); On-site; USD 206,000 - 300,000; Full time

Benefits offered by this job

401k

Pension

Health insurance

Paid time off

Parental leave

Life insurance

Discretionary bonus

Well-being benefits

Job summary

The Northern Trust Company in Chicago seeks a senior Treasury professional to lead the firm's treasury strategy and hedging initiatives, driving liquidity planning and capital efficiency while reporting to senior governance bodies.

Ideal candidates bring deep fixed-income, ALM, and risk-management expertise with a track record managing large bank portfolios and complex hedging programs in a global environment. Competitive compensation offered.

Qualifications

• 15+ years in Treasury, bank portfolio management, or related disciplines.
• Experience in large U.S. or global banking institutions preferred.
• Strong understanding of fixed-income markets and interest-rate risk.

Responsibilities

• Lead strategy, construction, and management of Treasury portfolio.
• Design and execute hedging programs to manage risk and NII.
• Support liquidity, capital, and accounting management.
• Communicate with governance committees on risk and strategy.
• Develop forward-looking analytics and stress testing.
• Lead a global Treasury investment and hedging organization.

Skills

Treasury management

ALM

Fixed income

Hedging

Portfolio strategy

Risk management

Leadership

Education

Bachelor's degree in Finance or related field

Tools

Treasury systems

Risk analytics software

Job description

About Northern Trust As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions. Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide. With more than 135 years of financial experience and over 24,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

Key Responsibilities

1. Portfolio Strategy & Management: Lead strategy, construction, and management of the firm’s Treasury investment portfolio, optimizing yield, liquidity, duration, capital efficiency, accounting outcomes, and risk-adjusted returns across approved asset classes and portfolio classifications.
2. Structural Interest-Rate Hedging: Own the design and execution of Treasury’s structural hedging program, translating balance sheet exposures into hedge strategies that manage duration, repricing risk, NII volatility, economic value sensitivity, and accounting outcomes.
3. NII, ALM & Risk Optimization: Support sustainable NII and margin performance while partnering with ALM to manage interest-rate risk across NII sensitivity, EVE, DV01/PV01, key-rate exposures, deposit behavior, basis risk, optionality, and stress scenarios.
4. Liquidity, Capital & Accounting Management: Ensure investment and hedge strategies support liquidity resilience, HQLA, LCR/NSFR, monetization capacity, capital efficiency, RWA, AOCI/OCI, hedge accounting, and regulatory expectations.
5. Market Strategy, Execution & Governance: Serve as Treasury’s senior market strategist and execution leader, translating macro, rate, yield-curve, liquidity, and credit-market views into portfolio and hedge actions while ensuring disciplined execution, controls, policies, limits, and senior governance communication.
6. Analytics, Performance & Scenario Management: Establish forward-looking analytics, stress testing, scenario analysis, and performance attribution covering market movements, portfolio positioning, funding changes, hedge effectiveness, liquidity value, capital utilization, NII-at-risk, EVE sensitivity, and risk-adjusted return.
7. Leadership & Organization: Build and lead a high-performing global Treasury investment and hedging organization with clear accountability, strong talent development, succession planning, cross-functional collaboration, analytical rigor, disciplined risk management, and effective controls.
8. Decision Authorities: Subject to delegated authorities, recommend and/or execute decisions across asset allocation, duration, yield-curve and sector positioning, investment timing, securities transactions, hedge size, tenor and instrument selection, reinvestment strategy, liquidity positioning, and risk-limit utilization; escape material strategic changes to the Treasurer and appropriate governance committees.

Required Experience

15+ years of progressively senior experience in Treasury, bank portfolio management, asset-liability management, fixed income, interest-rate risk, balance-sheet management, or related disciplines. Significant experience within a large U.S., global, or systemically important banking institution strongly preferred. Demonstrated experience managing a substantial bank investment portfolio and/or structural interest-rate hedging program. Deep understanding of fixed-income markets and interest-rate derivatives. Significant knowledge of bank balance sheets, deposit behavior, liquidity, funding, capital, and NII dynamics. Experience presenting investment and balance-sheet strategies to Treasurer, CFO, CRO, ALCO, and other executive governance forums. Experience operating within sophisticated regulatory and risk-management frameworks. Demonstrated leadership of senior investment, Treasury, or balance-sheet management professionals.

Salary Range

$205,700 - $300,000 Salary range is a good faith estimate of base pay.

Benefits

• retirement benefits (401k and pension)
• health and welfare benefits (medical, dental, vision, spending accounts and disability)
• paid time off
• parental and caregiver leave
• life & accident insurance
• other voluntary and well-being benefits
• discretionary bonus program that may include an equity component

Work Authorization

Applicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa).

Working with Us

As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to an inclusive workplace and assisting the communities we serve.

Reasonable Accommodation

Reasonable Accommodation Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at [e-mail], or alternatively you can discuss your individual requirements with the recruiter you are working with.

Terms and Conditions

Terms and Conditions Candidate Privacy Notice California Applicant Privacy Notice Pay Transparency Nondiscrimination Provision (U.S) Transparency in Coverage Disclosure - North America Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If, because of a medical condition or disability, you need a reasonable accommodation for any part of the employment process, please email our HR Service Center or call 1-800-807-0302 (North America), [phone] (Asia Pacific), 1800-425-0333 (India), [phone] (Europe, Middle East and Africa) and let us know the nature of your request and your contact information.

APAC/INDIA EEO STATEMENT It is the policy and practice of Northern Trust to provide equal employment opportunities to all employees and applicants. Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age. All employment decisions will be made in a non-discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources’ decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.

Canada EEO STATEMENT Northern Trust is an Equal Opportunity Employer. Hiring and other employment decisions at Northern Trust are made without regard to race, colour, religion, sex, ancestry, national origin, ethnic origin, age, disability, citizenship, veteran status, sexual orientation, record of offences, marital status, family status, or any other characteristic protected by federal, provincial, or local law, regulation, or ordinance.

EMEA EEO STATEMENT It is the policy and practice of Northern Trust to provide equal employment opportunities to all employees and applicants. Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age. All employment decisions will be made in a non-discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources’ decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.

USA EEO STATEMENT It is the policy of The Northern Trust Company to afford equal opportunity in all phases of employment without regard to an individual's age, race, color, religion, creed, gender, national origin, citizenship status, marital status, pregnancy, sexual orientation, gender identity, gender expression, genetic tests and information, physical or mental disability, protected veteran status or any other legally protected status. EEO Know Your Rights (U.S)