The posting
Job Description:
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 is core to how we drive Responsible Growth. This includes our commitment to being a diverse and inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.
At Bank of America, you can build a success 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. l career with opportunities to learn, grow, and make an impact. Join us!
Job Description:
Global Credit Operations: Responsible for the fulfillment, servicing and protection of credit offerings for business banking, Global Wealth & Investment Management (GWIM), commercial and corporate clients as well as leasing and trade products This job is responsible for preparing and reviewing documentation in accordance with the bank's policies and procedures to facilitate closings with the client and ensure lien perfection. Key responsibilities include working on highly complex documentation, supporting Loan Administrators with their primary responsibilities, and assisting the Market Leader in directing workflow and performing quality assurance. Job expectations include working with company vendors, legal counsel, line partners, and clients to ensure world class documentation accuracy.
This role is responsible for the core day-to-day operations functions for Community Development Banking (portfolio size is ~1200 partnerships, $14B). This includes funding and booking new deals, cash receipts, updating financial models, preparing journal entries, monitoring cash accounts, reconciliation support, leading and directing daily responsibilities for team. This position will also from time to time be engaged in the testing of the in-house accounting system CARMA (Commercial Asset Risk Management Application). Business partners include the FLU, Global Banking Controllers team, Business Finance officers, Global Business Services, internal/external Audit.
Responsibilities:
- Reviews documents for accuracy, timely delivery, and necessary research requirements to ensure documentation reflects the appropriate transactional information and elimination of controllable rework
- Reviews the loan approval and loan documents prepared by counsel to ensure consistency and adherence to requirements
- Designs a robust filing and organizational process to assist in completing primary financial booking and initial loan funding
- Works closely with Client Managers, Credit and Portfolio Officers, agency management, internal and external legal counsel, and many internal operational support units to ensure seamless execution of transactions
- Serves as a point of contact on all investment related servicing matters for highly complex deals and delivers the highest level of service to the Line of Business and Finance while ensuring compliance with servicing agreements, government regulations, and the bank's policies with minimal supervision
- Completes fundings, cash receipts and bookings daily and ensures communications are timely and accurate
- Assists Equity Administrators and Asset Mangers with their primary responsibilities and helps in recording activities in the system of record and general ledger
- Monitors, researches, and instructs payment processing for return of capital payments, disbursements, and fees
- Prepares and posts journal entries on E Ledger and Oracle
- Maintains reconciliation exceptions/aging within acceptable level
- Responds to internal and external auditors on SOX key controls
- Updates financial models using the in-house Accounting System, CARMA
Require Skills:
- Minimum of 3 yrs. direct Accounting experience
- Experience with General Ledger entries
- Financial analysis and reporting
- Proficient experience with Legal Structures and Legal Forms
- Ability to prioritize and proactively manage responsibilities
- Effective problem solving skills and ability to perform independent research
- Excellent written and verbal communication skills
- Proficient computer skills, including Microsoft Suit
- Comfortable interacting with Front Line Unit and Finance teams
Desired Skills:
Bachelor’s degree in Accounting preferred
Commercial or asset based lending experience
eLedger
Prior experience with tax credit investments and/or real estate partnerships
Skills:
Problem Solving
Reporting
Communication, Written & Oral
Attention to Details
Organizational skills
Collaborative
Minimum Education Requirement:
Associate Degree in Accounting/Finance
Shift:
1st shift (United States of America)
Hours Per Week:
40
Pay Transparency details
US - IL - Chicago - 540 W Madison St - Bank Of America Plaza (IL4540), US - RI - Riverside - 3400 Pawtucket Ave - East Providence Call Center (RI1530)
Pay and benefits information
Pay range
$30.25 - $44.27 hourly pay, offers to be determined based on experience, education and skill set.
Discretionary incentive eligible
This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.
Benefits
This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.
