Director, Head of New York Product Control

 

 

 

Requisition ID: 206530

 Salary Range: 174,700.00 - 286,000.00 

Please note that the Salary Range shown is a guideline only. Salary offered may vary based on factors, including, but not limited to, the successful candidate’s relevant knowledge, skills, and experience.

 

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

 

Global Banking and Markets 

 

Global Banking and Markets (GBM) is a leading Canadian Capital Markets and Investment Banking business with a growing platform in the US and Latin America, operating globally for over 100 years. Scotiabank’s strong U.S. presence provides our clients an important bridge to this key global market for trade and investment flows across the Americas and the world. 

 

Global Banking & Markets provides a full range of investment banking, credit and risk management products and services relevant to the financing and strategic development needs of our clients. Our products include debt and equity financing, mergers & acquisitions, corporate banking, institutional equity sales, trading and research, fixed income products, derivatives, energy, foreign exchange and precious & metals. We also cross-sell the full range of wholesale products and services offered by the Scotiabank Group.  

 

Be part of an innovative, Global Capital Markets and Investment Banking business with a unique geographic footprint that puts capital to work for our clients across industries!  We work together to drive ambition for every future! 

Purpose

Product Control (PC) is part of the Global Banking and Markets Finance Group. Its primary functions relate to the front to back financial control of Capital Markets Trading business lines including the accurate and timely reporting of trading P&L and balance sheet items as well as the independent valuation of trading positions.

 

Specifically for this position the responsibility is to be the lead facilitator for the daily P&L production and reporting process for the  Rates, Credit and Emerging Markets  Fixed Income Business lines and the Equity and Primes Services business of Equity Business lines as well as the Investment Banking activity in SCUSA. This involves coordinating staff to ensure that daily P&L and attribution figures reported are accurate and signed-off by the Front Office. 

 

Act as main liaison to the Front Office and other operating units for daily operational issues, new business initiatives, system enhancements and valuation issues.  Play an active role in ensuring that NY PC's goals and objectives are aligned with and operate efficiently within regional regulatory frameworks and Scotia’s finance, risk control and governance policies. Validate the valuation of complex physical commodity and derivative portfolios by utilizing independent valuation sources. Ensure that daily and monthly accounting entries and reconciliations are validated and performed accurately and completely. Respond to inquires from the Front Office, other operational units and internal and external audit and regulatory bodies. Analyze and assess the impact to existing processes and to streamline activities whenever possible. Be an active value added participant in the broader initiatives supporting the Business Lines. 

 

What You’ll Do 

 

• Provide oversight, direction and guidance to staff  producing  daily P&L and attribution reports for Front Office and financial reporting purposes.  This includes complex technical conversations with Traders on P&L impact from option greeks
• Oversee teams in the investigation and resolution of P&L discrepancies arising from incorrect booking of trades, missing deals, system errors, valuation issues etc. Liaise with Front Office, TFRM and GWT. Inform senior management of any irregularities that may present potential exposure to the firm.
• Ensure agreement of the reported P&L to sub-ledger and general ledger.  Oversee teams managing the month end accounting process including balance sheet substantiation. 
• Calculate required valuation reserves and perform Independent Price verification on complex portfolio of derivatives and cash products.
• Challenge the Fro