Job Description:About usAt 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 and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates' physical, emotional, and financial wellness through affordable, competitive and flexible benefits. We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve. Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs. At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!
Global Business ServicesGlobal 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 Operations provides operations support to the Global Markets Business of Bank of America Merrill Lynch. Key Business activities include back office and middle office operations related to securities, derivatives, futures, options, currencies (FX) and commodities. Key functions includes Trade Processing & settlement, Inventory Management, Cash Management, Asset Services, Collateral Management, Reconciliation, and Client & Product Data.
The candidate should possess knowledge in Asset Services or skill gained through work experience in Global Securities Operations. It is an Individual Contributor role with responsibility to deliver critical to quality metrics for the lines of businesses that he/she supports. May recommend solutions to moderately complex problems lead or train other associates or supervise (functionally) highly routine work. The candidate should also possess leadership, communication and problem solving skills. The candidate may perform a specialist role in Asset Services function performing routine transactions or functional activities. The candidate may also perform specialist roles like quality control, process level reporting of metrics, special projects for the line of business, etc. Incumbents would be Graduates / Post Graduates with 48 - 60 months of work experience with 18 - 24 months of experience of Asset Services team.
The Asset Services Processing team will be responsible for the following:
- Processing Income and corporate action events for House/Prime brokerage clients
- Reconciliation of Cash breaks, control accounts, tax accounts and fee accounts
- Investigation and Resolution of client queries on a timely basis
Job Description*(Provide a high level overview of the role and scope of responsibilities)
• Asset services process: Team Developer is responsible for understanding and processing dividend/coupon interest and corporate action event for Global Markets in a timely and accurate manner.
• Daily Processing of House and IPB Income/corporate actions events in an accurate, timely and consistent manner, in accordance with departmental procedures and to the agreed service levels.
• Resolution of any processing issues and liaison with other areas of Bank of America Merrill Lynch including Settlements, Trading Desk Support, Client Service Representatives, Finance & Middle Office, Technology, Product Data Support, Client On boarding Services and global Asset Services Departments. The job involves a high degree of daily communication and interaction with internal counter-parties, external custodians/agent banks and external clients.
• Daily reconciliation of control, suspense and bank accounts and daily resolution of reconciling items.
• Maintenance of customer service levels through speedy resolution of queries raised by Prime Brokerage clients and Middle office product controller.
• Daily allocation of client money.
• Compliance with all relevant Regulatory and BofAML Control Standards and policy requirements.
• To identify changes to processes and procedures that will improve control, efficiency, reduce risk and/or improve client services.
• Participation in user acceptance testing programs new business projects.
• Act as first point of escalation for Client Service Representatives, onshore management and offshore management.
• Reviewing common workbasket and workflow management.
• Ensuring timely resolutions of Queries/clarifications.
• Review of Errors to identify process and or training issues and address accordingly.
• Review of Reports and Metrics spreadsheet to identify gaps and address accordingly.
• Review of Escalations and Expedites for due diligence by teammates.
• Process Escalations in accordance to documented process and follow through to closure.
• Train associates on process and procedures and provide ongoing support.
• Work process and procedure gaps with Oversight team to closure
Responsibilities*Understand the sense of urgency of the business and need to be pay attention to detail.
Liaise with both internal/external contacts to resolve the discrepancies.
Monitor group mailbox for the team and respond to emails within 24 hrs
Ensure all notifications are processed timely and accurate
Ensure all the Votes are processed accurately
Ensure process SLAs are met based upon activity type
Ensure self meets corporate and department audit/compliance regulations
Refer exceptions to the Team Lead before deadlines
Identify potential areas for process improvement & highlight the same to the TL/AM
Strong work management skills and experience as SME in Corporate Actions.
Excellent Knowledge of financial and capital markets (equity and debt).
Working Knowledge of General Accounting (journal entries, debits/credits, color of entries and treatment in books etc.).
Demonstrates sense of urgency for meeting Service Level Agreements; earns business partner loyalty through accuracy, efficiency and courtesy.
Fair Analytical skills & eye for detail
Demonstrated ability to quickly learn new processes and tools and incorporate to work environment.
Must have excellent customer service skills.
Proficient skills in English language (speaking, writing and comprehension).
Time and organizational management.
Requirements*- Education*Graduate in Commerce, Accounting, Management or Equivalent degree in Finance or Post Graduates in Commerce, Accounting Management or Finance / MBA Finance
- Certifications If Any-NCFM or similar certifications will be added advantage
- Experience Range*4-5 Years' experience in Asset Service (Corp Act) or 4-5 Years of experience in International Bank - Dividend/Corporate Actions for Prime Brokerage Clients
Foundational skills*- Knowledge of Dividend/Coupon Interest, Corporate action,
- Excellent MS Excel skills, knowledge of 6 Sigma tools
Desired skills- Good Communication skills, written and verbal and Advanced MS Office & Excel, 6 Sigma certified
Work Timings*07:30 IST to 16:30 IST
Job Location*Hyderabad
