Analyst – P&L Controller for ALM Treasury and Prime Solutions & Financing Activities
About BNP Paribas:
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 72 countries, with more than 202,600 employees, of which almost 155,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance.
In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the European leader in consumer lending.
BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
Prime Solutions & Financing businesses support trading activities across New York and London with customers from US, Europe, and Asia. ALMT NA serves the bank’s business lines for North America by providing funding to meet their cash requirements as well as placing their cash surpluses. This position is for a P&L controller supporting and controlling both these businesses in New York, and Montreal. The selected candidate will be part of the Global Markets P/L team which produces daily P/Ls and Explains for dedicated trading desks.
The role will encompass daily P&L responsibilities and the successful candidate will need to fully understand and explain the key P&L drivers. The individual will be required to establish effective working relationships with both Front Office and other areas of support. (E.g. Trade Support, VR&C, Market Risk, Finance & IT) - allowing for an integrated and proactive approach to the business’ requirements, understanding the lifecycles of the products traded and the systems and reporting mechanisms required to enable full control and accurate and appropriate information to be supplied. The Individual will join a “split team” organization with team members located in both Montreal and New York City, under a functional management located in New York.
- The preparation and supervisions of daily and monthly management revenues for the Prime Solutions & Financing activity, ALMT, and their reconciliation with the estimates of the traders and with the financial accounts
- Correct the Economic P&L with adjustments to the P&L at the most granular level (Deal level or P&L Explain effect level when relevant), within a unified categorization of adjustments across Business Lines. Inform FO trading of any issue or adjustment having an impact on FO risks or on Cash management.
- MO P&L is responsible to maintain an Audit Trail of all reconciliations, adjustments, FO sign-offs and MO P&L validations per Business perimeter to ease second level control and supervision.
- The participation in business development initiatives across BNP Paribas support functions and locations
- Analysis and reporting of daily P&L with detailed breakdown for multiple products including margin products, repo, equities, loan and deposits, treasuries, listed derivatives and IR swaps.
- Reconciliation of PnL to Front office estimates (when available) with detailed breakdown of P&L drivers
- Resolution of breaks between client/ counterparty settlement amounts and P&L control estimates
- Substantiation and resolution of Back office ledger vs. P&L systems cash breaks on a daily basis
- Ensuring the pricing configuration complies with trading strategy and internal controls, collaboration with V&RC and Risk required to enforce consistency
- Analysis, understanding and commentary on PnL using analytical tools
- Working with front office and trade support part of the middle office to resolve operational and booking issues
- Working with front office and market risk to finalize month end PnL validating Map and Reserves at the trading book level
- Collaboration with Risk to evaluate and explain cash and PV movements above established thresholds to facilitate risk reporting
- Ensuring the MTD management P&Ls are consistent with the final end of month general ledger P&L
- Monitoring the FX exposure of the group to analyze and report deviations from the mean
- Lead new systems deployment which is not limited to being part of TAC/NAC, gathering requirements, testing UAT database, ensuring results match expectations and reporting impacts
- Discussing and reviewing trading P&Ls with management
- Trader Support & Customer Service:
- Liaise with trading floor personnel and ensure a satisfactory resolution of all FO inquiries
- Interact with Operations functions and other infrastructure groups to support a ‘one team approach’
- Resolve all issues / conflicts and strive to meet or surpass the service level agreement
- Manage deadlines and objectives
- Ensure timely and efficient dissemination of data and the resolution of inquiries
- Identify and escalate time / risk sensitive issues to the team supervisor
- Cohesively explain and maintain own position, logically, in light of differing views
Minimum Required Qualifications:
- Bachelor’s degree or equivalent required
- 1-3 years of previous experience in P&L Control, Financial Control, or a Middle Office environment
- Superior attention to detail and accuracy
- Strong interpersonal and communication skills a must
- Ability to work in a fast paced environment
- Ability to work as part of a team in a “split team” organization
- Strong Excel & PC skills with proven ability to work with multiple systems
- Spirit of continuous improvement
- Display good relationship qualities, team spirit, and ability to work across teams
- Ability to effectively communicate to various audiences (senior, junior, trading, IT, non-technical, audit, etc.)
- Experience with Fair Value Hedging methodologies (Interest Rate hedging, currency hedging, etc.)
- Knowledge of funding methodologies cost of carry analysis, or other cash management related functions.
- Knowledge of liquidity P&L computation including balance sheet value at risk and liquidity transformation for cash products.
- Graduate degree in Finance, Accounting, Math , Engineering or other quantitative disciplines
- Fluency in financial markets with an emphasis on Financing activities
- Working Knowledge of some of the following products: margin products, stock borrow & loan, Repos, Equities, Listed Derivatives, Bonds, Interest Rate Swaps, Loan and Deposits.
- Knowledge of prime brokerage business and margining methodologies (Reg-T, USPM, Arranged Finance, Closed End Funds, etc.).
- Knowledgeable of the Greeks
- Working knowledge of Programming languages such as VBA, SQL & Python
- Experience in pricing, valuation or hedging of derivatives
FINRA Registrations Required:
- Not Applicable
BNP Paribas is committed to providing a work environment that fosters diversity, inclusion, and equal employment opportunity without regard to race, color, gender, age, creed, sex, religion, national origin, disability (physical or mental), marital status, citizenship, ancestry, sexual orientation, gender identity and gender expression, or any other legally protected status.