Securities & Derivatives Group Manager Senior Vice President - Citi - #2088088

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Job Overview

Company Overview
Citi, a world-leading global bank, manages approximately 200 million customer accounts and operates in over 160 countries and jurisdictions. Citi offers a comprehensive suite of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. The bank is committed to helping clients achieve their strategic financial objectives through cutting-edge ideas, best-in-class products and solutions, and unparalleled access to capital and liquidity.

Job Background/Context
The Prime Finance Stock Lending department comprises four key areas: Client Services, Inventory & Collateral Management, Trade Support, and Control. This middle office role is situated within the Client Service group, providing essential support to the Stock Lending and Equity Finance trading desks across multiple regions. It involves the daily management of Stock Lending transactions for both Hedge Fund and Corporate clients.

Job Purpose
The successful candidate will be responsible for leading and overseeing the day-to-day activities of a Client Service team consisting of 16 employees. The primary tasks of this team are to deliver dedicated service needs for clients and to mitigate risk to Citi through the daily collateralization of stock borrows/loans, adhering to Citi's credit requirements. This management role demands a strong focus on exposure coverage for all clients at the close of business (COB), effective management of controls and risks, and a high level of product and industry knowledge in Prime Finance & Securities Lending. This is a high-profile role with exposure to large volumes and high-value items.

Key Responsibilities
The successful candidate will manage the Client Service team, with a focus on client book management and supervision of the team. The main tasks involved in this role include:

• Team Leadership & Escalation:
  • Management of the Collateral team.
  • Acting as an escalation point and ensuring timely escalation to Senior Management as required.
• Client & Trading Desk Communication:
  • Ensuring regular communication with clients and trading desks.
  • Focussing on excellent client service, covering all general Stock Borrow/Lend (SBL) issues.
• Relationship Management:
  • Coverage of both bilateral and triparty relationships, spanning Equity and Fixed Income.
  • Overseeing the development of client relationships, including setting up regular client-facing meetings.
  • Being recognized as the primary escalation point of contact for clients.
• Risk Mitigation & Controls:
  • Ensuring daily exposure reports are checked and covered for all Stock Lending Clients as part of an extensive end-of-day sign-off process.
  • Supervising the trade exception management system (XSTREAM), ensuring all exceptions are handled by the team in a timely manner throughout the day.
  • Supervising all cash/portfolio/collateral reconciliations and ensuring any breaks are cleared promptly by the team to prevent aging.
  • Serving as a key contact for internal Control teams and helping to lead during audit periods.
• Business & Project Initiatives:
  • Participating in new business initiatives (e.g., new processes & products).
  • Working alongside the Business to define new trading flows, key responsibilities, and seeing initiatives through to production.
  • Managing the delivery of projects raised through the team, from the creation of Business Requirements Documents (BRDs) and testing to project release.
• Cross-Departmental & Global Collaboration:
  • Liaising with Management in other Citi departments such as Product Control, Settlements, Prime Brokerage, and Asset Servicing.
  • Collaborating with Client Service teams in other global locations to streamline processes and share knowledge.
• Staff Management & Development:
  • Performing regular 1:1 meetings with all team members.
  • Being responsible for individual appraisals, development planning, and maintaining a skills matrix.
  • Actively involved in recruitment and staff retention through on-boarding and goal setting.
• Reporting & Compliance:
  • Documentation and publication of Management Information System (MIS) reports where required, including weekly/monthly reviews.
  • Supervising daily contract comparison with clients via Pirum/Equilend, ensuring the team takes action daily to prevent exposure and billing issues.

• Client Knowledge: Develop deep knowledge and understanding of the client base.
• Product & Process Expertise: Gain experience in Firm Financing, Stock Lending, Tri-party, and other key processes supporting Prime Finance through cross-training on different products and processes.
• Revenue Understanding: Develop an understanding of key revenue-generating aspects and opportunities within the Prime Finance Business.

• Thorough understanding of Securities Lending trade processing & life-cycle for significant product types (Equity/Fixed Income), including trade capture, P&L, settlements, and reconciliations for the stock borrow loan product area.
• Understanding of portfolio valuations and related collateral movements to manage exposure.
• Work experience in the Financial Services Industry is essential, with significant exposure to Prime products being a benefit.
• Client Service experience is essential.
• Demonstrated ability to schedule work, manage time effectively, and prioritize accordingly.
• Proven ability to build positive working relationships and collaborate with other departments and managers to understand the root cause of an issue and deliver timely and effective solutions.
• Degree qualification or equivalent, with specific experience in Prime Finance / Securities Finance.