1,752 jobs for "Manager, Benefits"

Job Description:

About Us

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 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 Services

Global 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 &Middle Office provides operations support to the Global Markets Business of BAML. Key Business activities include back office and middle office operations related to securities, derivatives, futures, options, currencies (FX) and commodities. Key functions in the middle office include trade control, product control and balance sheet management. While in the operations groups the key functions are Trade Processing & settlement, Inventory Management, Cash Management, Asset Services, Collateral Management, Reconciliation, Client & Product Data management.

Job Description

Derivatives Collateral Operations manages the margining for the OTC, Repo Derivatives & Foreign Exchange businesses and Repo agreements. Collateral Management is a tool to control & reduce the bank's credit exposure risk on Derivative trades.

The Collateral Operations Unit monitors daily margining for customers across various products (Rates, Commodity, Structured Credit, Equity, Foreign Exchange, and Repo, Futures & Options). The Counterparty's net exposure is evaluated each morning in order to determine collateral requirement. Margin Calls are made and received by Collateral Analyst and collateral exchanged. Team is also responsible to perform Data quality checks, monitor feeds from upstream into collateral system, run margin calculations, onboarding/static setup of new agreements into collateral application, Security Optimization, Journal processing, liquidity and regulatory reporting.

Responsibilities

Participate in IT initiatives and transition projects and strive to build standardized, integrated, controlled infrastructure

Lead and drive global projects from India coordinating with global stakeholders

Identify and assess risk and monitor issue reporting and remediation by applying the company's standard Risk Framework

Design and publish appropriate Controls/metrics for operations control, using business intelligence and analytics software

Data Quality checks on the upstream feeds and coordination with tech teams in resolving issues

Coordination with onshore team in decision making on upstream feed issues with due consideration to the impact

Running swing report highlighting the day over day changes for benefit of margin teams

Staying on top of prolong DQ issues, discuss and chased for status updates with upstream and tech team over BL/ Emails & Group Chats

Verification of call details originating from internal applications and exchange margin call notices with clients

Constant updates with correct RAG status to the users of collateral applications and calculations

Follow-up on margin calls due for payment where we do not have receipt of counterparty confirmation

Verification of settlement instructions before releasing cash /securities as collateral

Month end interest settlements with clients on collateral balances

MIS, reporting of operational and trading exposures to management

Maintenance of data in relation to points of contact internal and external and additional information necessary to effectively and efficiently resolve disputes

Working closely together with Static data team, Settlements, Traders, and clients to ensure accurate information is updated within our processing database

Responsible for monitoring and clearing items on the daily breaks/exception reports, Clearing aged breaks

Generate and publish daily control reports including MTM Swings, cash/security fails, zero MTM, Stale prices, open aged calls, etc.

Requirements

Education - UG/PG

Experience Range Manager: 10+ years

Foundational skills

Excellent communication skills (both verbal and written)

Flexible to work in night shifts

Strong knowledge of investment banking, capital markets & Derivatives

Methodical and organized mindset, with strong control background and attention to detail with regards to ensuring data integrity

Excellent organizational skills are required with the ability to prioritize daily workload, work accurately and efficiently under pressure

To be flexible in their attitude and approach, and be willing to work extra hours during the week with overflow of volume and to provide cover for holidays planned and unplanned.

To be able to communicate effectively, and clearly escalate queries to clients and Onshore Team verbally and written.

Maintain established productivity levels as per SLA

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Desired skills

Experience in OTC/Repo/F&O Derivative Collateral Management/Portfolio Reconciliations/Margin Management

Knowledge of regulations such as Dodd Frank, EMIR, CFTC, etc would be and added advantage

Market knowledge on Derivatives & Fixed income, recent trends and global changes

Work Timings 12: 30 PM IST - 12:30 AM IST (Deferred shift)

Job Location -- Gurugram

About Bank of America

Bank of America provides people, companies, and institutional investors with industry-leading financial products and services.

Size: 10,000+ employees
Industry: Financial Services

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