WFH/Hybrid - Hybrid
Laptop provided – Yes (Firm provides Laptop/Desktop).
Must to have skillset – Qualified or semi-qualified accountant, accounting experience with similar banks
Good to have skillset – Legal Entity control, Treasury control
Client is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries. As a market leader, the talent and passion of our people is critical to our success.
The Finance Division globally reports to the Chief Financial Officer and consists of some 3,000 employees worldwide. Finance protects the Client franchise by serving as guardian of the Firm’s books and records, and by contributing to firm wide risk management and risk reduction. This division maintains relationships with Client’s various industry and government regulators, and also serves as the conduit of financial information to the outside investment community. Finance plays a critical role as advisor to Client’s various businesses and its senior management team.
Global Corporate Controllers is responsible for the financial and regulatory reporting of the consolidated Firm and its legal entities, liquidity and funding control, accounting and regulatory policy and advisory, controllership of the Firm’s infrastructure areas and management the Finance risk and change programs.
Net investment currency exposure arises from the translation of non-USD subsidiaries’ assets and liabilities into USD, the Firm’s reporting currency. The CTA Controllers team in New York is responsible for managing the foreign exchange risk arising in the consolidation of global net investment exposures of Client. Due to the significant risk to the Firm equity created by unhedged net investments, this team has a pivotal role in managing the hedging and its subsequent designation for hedge accounting. The team’s primary objective is to minimize translation risk on the firm’s equity. The CTA team performs a range of functions including management, processing and validation of monthly net investment hedging; as well as month end reconciliation and control tasks to validate executed hedges. The team has considerable interaction with Tax, Legal Entity Controllers, Accounting Policy, Corporate Treasury and Treasury Controllers globally.
An opportunity has arisen for a permanent role within the team. The successful individual will work as part of the CTA Controller team, responsible for the management of the net investment currency risk, reporting and oversight of net investment hedge compliance. Net investment hedging follows a monthly cyclical process that involves capturing the movement in non-USD subsidiary assets, instructing forward hedges, ensuring that forward trades are captured correctly in the books subject to ASC 815 hedge accounting rules and entering CTA and related tax adjustments.
The role will include the following involvement and responsibilities:
- General Responsibilities:
- Facilitating the delivery of strategic support for the CTA FX "hedge accounting" process to Corporate Treasury
- Maintaining strong relations with all key stakeholders
- Escalation to CTA Senior Management of significant issues and proposed resolutions
- Monthly Responsibilities:
- Review and coordinate monthly net investment hedge execution and accounting to mitigate Currency Translation Risk to the firm
- Facilitate preparation, review and issuance of Hedging Instructions
- Ensure that the net investment hedges are designated in compliance with hedge accounting rules (ASC 815)
- Review month end substantiation to ensure adequacy in 3Rs system for applicable CTA-related Net Revenue and Balance Sheet Accounts
- Review all CTA-related reporting including analytics on net CTA P&L and Balance Sheet drivers
- Project/Ad hoc Responsibilities:
- Participate in and provide guidance for project initiatives to support all aspects of the CTA front-to-back process
- Daily interaction with Corporate Treasury, Operations, IT, and other key finance groups (Accounting Policy, Management Reporting, Balance Sheet Reporting, etc.); frequent interaction with global Treasury Capital Markets controller teams as needed.
This is not an exhaustive list of tasks, and responsibilities may change in line with the team and business needs.
- 2 to 5 years industry experience with focus on Finance/Controller background
- Strong communication skills, both verbal and written
- Demonstrable leadership qualities with a strong work ethic and team player mentality
- Ability to plan and execute against tight timeframes
- Strong organizational skill and strategic thinking
- Strong controls background with an ability to design, implement, enhance and monitor the effectiveness of existing or new controls
- Qualified with relevant Professional Qualification (i.e., CA).
Preferable, but not required skills and experience:
- Hedge accounting familiarity
- FX forward and swaps product knowledge or background
- Treasury or Legal Entity Control experience