Macro Derivatives Middle Office Analyst - Operations

U.S. Bank; Chicago (IL); On-site; USD 98,000 - 116,000; Full time

Job summary

U.S. Bank is seeking a Macro Derivatives Middle Office Analyst in a role that blends finance, operations, and technology.

You'll work with Trading, Risk, Technology, Finance, and Operations to support the lifecycle of macro derivatives across Interest Rate, FX, Options, and Treasury products in a dynamic trading environment.

Qualifications

• Eight or more years of relevant work experience.
• High school diploma or equivalent.
• Experience supporting derivatives trading desks within a middle‑office or back‑office environment.
• Strong understanding of derivatives trade processing, trade lifecycle events, and position reconciliation.
• Advanced analytical, critical‑thinking, and problem-solving skills.
• Strong communication and relationship management abilities.
• Ability to manage multiple priorities in a fast‑paced environment.
• Advanced proficiency with Microsoft Office applications.
• Demonstrated experience using VBA and Python to automate processes, develop reporting solutions, or improve operational workflows.
• Experience with Power BI and Power Automate is preferred.

Responsibilities

• Support the daily processing and reconciliation of macro derivatives trades across multiple products and systems.
• Monitor portfolio risk and profit‑and‑loss activity to ensure accuracy, transparency, and operational integrity.
• Partner with Front Office trading teams and key business stakeholders to resolve issues and support strategic initiatives.
• Analyze workflows and identify opportunities to increase efficiency through automation and process improvements.
• Develop and maintain VBA and Python‑based tools that enhance reporting, reconciliation, and operational effectiveness.
• Participate in system enhancements, testing activities, and implementation initiatives.
• Serve as a subject matter expert between Front Office and downstream business partners.
• Maintain operational procedures, documentation, and controls to support audit, regulatory, and governance requirements.

Skills

Derivatives knowledge

Trade lifecycle

Analytical thinking

Communication skills

Multitasking

MS Office

VBA and Python

Power BI / Power Automate

Education

High school diploma

Tools

Power BI

Power Automate

VBA

Python

Calypso

Job description

At U.S. Bank, we’re on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions and enabling the communities we support to grow and succeed. We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever-growing range of opportunities to discover what you excel at—all from Day One.

Job Description

Drive the Markets Behind the Trades

Are you energized by complex financial products, fast-paced markets, and solving operational challenges that directly impact trading activity? Do you enjoy combining analytical expertise with technology to improve processes and drive results? U.S. Bank is seeking a Macro Derivatives Middle Office Analyst to join our Markets Operations team. In this highly visible role, you'll work alongside Trading, Risk Management, Technology, Finance, and Operations partners to support the daily lifecycle of complex derivatives products while helping advance automation, operational controls, and process innovation. This is an opportunity to become a trusted business partner supporting Interest Rate, FX, Options, Futures, and Treasury products within a dynamic trading environment where your expertise, judgment, and problem‑solving skills will make a meaningful impact.

What You'll Do

• Support the daily processing and reconciliation of macro derivatives trades across multiple products and systems.
• Monitor portfolio risk and profit‑and‑loss activity to ensure accuracy, transparency, and operational integrity.
• Partner with Front Office trading teams and key business stakeholders to resolve issues and support strategic initiatives.
• Analyze workflows and identify opportunities to increase efficiency through automation and process improvements.
• Develop and maintain VBA and Python‑based tools that enhance reporting, reconciliation, and operational effectiveness.
• Participate in system enhancements, testing activities, and implementation initiatives.
• Serve as a subject matter expert between Front Office and downstream business partners.
• Maintain operational procedures, documentation, and controls to support audit, regulatory, and governance requirements.

Why This Role Stands Out

Gain exposure to a broad range of macro derivatives products, including Interest Rates, FX, Options, Futures, and Treasury products. Work directly with trading desks in a collaborative middle‑office environment. Influence automation and continuous improvement efforts using technology and data. Play a critical role in supporting trade activity, portfolio risk management, and operational excellence. Join a team where innovation, collaboration, and analytical thinking are highly valued.

Location: 3+ days in office at Chicago, IL or Charlotte, NC

Schedule: Monday – Friday between 7am-5pm local time

Qualifications

Basic Qualifications

• High school diploma or equivalent.
• Eight or more years of relevant work experience.

Preferred Qualifications

• Experience supporting derivatives trading desks within a middle‑office or back‑office environment.
• Strong understanding of derivatives trade processing, trade lifecycle events, and position reconciliation.
• Experience supporting interest rate derivatives, options, futures, treasury futures, and related products.
• Knowledge of international banking operations, foreign exchange products, derivatives, and applicable regulations.
• Advanced analytical, critical‑thinking, and problem‑solving skills.
• Strong communication and relationship management abilities.
• Ability to manage multiple priorities in a fast‑paced environment.
• Advanced proficiency with Microsoft Office applications.
• Demonstrated experience using VBA and Python to automate processes, develop reporting solutions, or improve operational workflows.
• Experience with Calypso is a plus.
• Experience with Power BI and Power Automate is preferred.

Location Expectations

This role requires working from a U.S. Bank location three (3) or more days per week.

Benefits

• Healthcare (medical, dental, vision)
• Basic term and optional term life insurance
• Short‑term and long‑term disability
• Pregnancy disability and parental leave
• 401(k) and employer‑funded retirement plan
• Paid vacation (from two to five weeks depending on salary grade and tenure)
• Up to 11 paid holiday opportunities
• Adoption assistance
• Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law

Review our full benefits available by employment status here.

U.S. Bank is an equal opportunity employer. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, and other factors protected under applicable law.

E-Verify U.S. Bank participates in the U.S. Department of Homeland Security E-Verify program in all facilities located in the United States and certain U.S. territories. The E-Verify program is an Internet-based employment eligibility verification system operated by the U.S. Citizenship and Immigration Services. Learn more about the E-Verify program.

Pay Range: $98,345.00 - $115,700.00

U.S. Bank will consider qualified applicants with arrest or conviction records for employment.

U.S. Bank conducts background checks consistent with applicable local laws, including the Los Angeles County Fair Chance Ordinance and the California Fair Chance Act as well as the San Francisco Fair Chance Ordinance. U.S. Bank is subject to, and conducts background checks consistent with the requirements of Section 19 of the Federal Deposit Insurance Act (FDIA). In addition, certain positions may also be subject to the requirements of FINRA, NMLS registration, Reg Z, Reg G, OFAC, the NFA, the FCPA, the Bank Secrecy Act, the SAFE Act, and/or federal guidelines applicable to an agreement, such as those related to ethics, safety, or operational procedures.

Applicants must be able to comply with U.S. Bank policies and procedures including the Code of Ethics and Business Conduct and related workplace conduct and safety policies.

Posting may be closed earlier due to high volume of applicants.

At U.S. Bank, we’re on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions and enabling the communities we support to grow and succeed. We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever‑growing range of opportunities to discover what you excel at—all from Day One.