Transaction Management Ops Team Lead

Dallas, Texas

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 successful career with opportunities to learn, grow, and make an impact. Join us!

Job Description:

This job is responsible for overseeing the day-to day transaction processing operations function, and ensuring the team executes operations tasks with accuracy, timeliness and quality service. Key responsibilities include employee training, coaching, addressing employee inquiries, escalations, approvals, and team supervision ensuring accurate process execution. Job expectations include maintaining service quality, accuracy and escalating issues to management, as needed.

Responsibilities:

• Manages team workflow across various systems and provides process oversight and direction for accurate and timely completion of deliverables

• Provides day-to-day training and coaching to team while addressing employee inquiries and escalations

• Monitors team service levels, volume, performance metric reporting, escalating concerns where appropriate

• Conducts quality assurance reviews and provides routine supervisory manager approvals

• Researches complex operational and client requests, issues, and escalations to identify root cause and assist with remediation efforts and solutions

• Reviews processes to ensure effectiveness, and recommending process improvement and risk mitigation opportunities to senior management

• Supports risk management and audit processes, including identification of issues, development of mitigation strategies, and exam preparation

Skills:

• Attention to Detail

• Customer and Client Focus

• Oral Communications

• Prioritization

• Problem Solving

• Written Communications

• Account Management

• Analytical Thinking

• Coaching

• Mentoring

• Research

• Result Orientation

The Investment and Monetary Controls Teams play a significant role within Global Wealth & Investment Management and Private Bank. Our dynamic department is responsible for the custody and settlement of assets, as well as the invoicing and collection of revenue and sub-accounting services such as recordkeeping. Our teams are relied heavily upon for participation in projects and initiatives that help promote responsible growth for the business and our Clients. We focus on minimizing risk and promoting a positive Client experience. Teams interface daily with Financial Advisors, Investment Managers and Internal and External Business partners to provide all manners of operational support for Merrill Lynch and Private Bank accounts.

Opportunities exist for team members to develop leadership, project management and technological skills. We offer excellent career development opportunities to foster skills and talent.

The Balancing and Reconciliation Department’s responsibilities include but are not limited to the following:

•Manages the relationships and sub-accounting services for over 30,497 securities representing domestic and offshore Mutual Fund, Alternative Investment and Money Market positions

•Perform Transfer Agency and Sub-Accounting services that generate over $1 billion dollars on an annual basis

•Resolves Cash and Position discrepancies in over 600 Settlement and Custody ledger accounts for Mutual Funds and Alternative Investments

•Mitigates risk by supporting the accuracy of cash settlement, custody oversight, and dividend distributions for Mutual Fund, Alternative Investment and Money Market positions for U.S. Trust and Merrill Lynch Clients

•Provides Supplemental Data Reporting Services to improve operational efficiency for 74 Fund Groups

•Ensures a positive Client experience by delivering Clearance, Settlement, and Custody Services for 11.4 million domestic and foreign trades, 1.5 million corporate actions and 12.3 million income payments annually

The duties of this particular role include, but are not limited to:

•Monitor and analyze daily outages due to discrepancies for trades, corporate actions and non-trade transactions

•Make sure that Department standards are met and that updates are provided to management through either immediate communication and/or weekly highlights.

•Assist with updates to procedural documentation / process maps, and participate in system testing as needed.

•Participate in internal and Third Party audits

•Manage risk by identifying and escalating items appropriately

•Lead projects and special assignments as needed.

•A subject matter expert in break analysis and ability to assist with the resolution of daily outages

•Collaborative mindset with an ability to partner with internal/external partners to find resolution for inquiries

•Intellectually curious with a mindset focused on deep understanding of business processes supported

•Provide training and guidance to junior team members where necessary

Required Skills:

•Ability to prioritize and handle multiple job related duties efficiently while exercising sound judgment to ensure all quality measurements, deadlines and business objectives are met

•General knowledge of accounting and financial reporting

•Capability to think analytically and apply skill set to manage reconciliations

•Ability to handle multiple deliverables for either daily processing and/or expanded strategic initiatives

•Must have excellent written and verbal communication skills

•Ability to understand and explain workflow including systematic interfaces and the input/output flows of data processes

•Demonstrates attention to detail

•An understanding of technology and the ability to incorporate that understanding into process improvements

•Ability to work independently while effectively managing and finding resolution to complex situations

•Intellectually curious with a mindset focused on deep understanding of business processes supported

•2-3 years of experience relating to reconciliation, billing, project management, trading and/or managed products service support

•Knowledge of Various Product Types (Mutual Funds, Alternative Investments, Managed Products, etc.) within an operational setting

Shift:

1st shift (United States of America)

Hours Per Week:

40

Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.

To view the "Know your Rights" poster, CLICK HERE (https://u.go/0As7EN) .

View the LA County Fair Chance Ordinance (https://dcba.lacounty.gov/wp-content/uploads/2024/08/FCOE-Official-Notice-Eng-Final-8.30.2024.pdf) .

Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (“Policy”) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.

To view Bank of America’s Drug-free Workplace and Alcohol Policy, CLICK HERE .

This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.