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Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It is a challenge that demands the skills of a financial service professional and the intelligence of an academic—all combined with a passion for public service.
What we do:
The Large FBO Department in LFBO supervises the US Operations of large foreign financial institutions with varying levels of complexity, and are subject to different supervisory programs and applicable regulatory guidance. All the firms, however, are currently subject to requirements as outlined in Regulation YY- Enhanced Prudential Standards ("EPS") for Bank Holding Companies and Foreign Banking Organizations and the Federal Reserve's Consolidated Supervision Framework, outlined in SR 12-17. The department is organized along three portfolios, each led by a Team Leader, and consisting of a group of institutions.
The Supervisory Manager (SM) will oversee the execution of a tailored supervisory program for a portfolio non-IHC Large FBOs. This portfolio consists of 8 firms with wide range of U.S. asset size, business and risk profile complexity, legal entity structures, and supervisory remediation challenges. These firms had been supervised by applying different coverage models, with some firms having more dedicated resources. Going forward, a portfolio approach will be used to tailor supervisory attention to areas of greatest supervisory concern. This approach allows for the application of an appropriate supervisory program based on supervisory expectations, measured by regulatory requirements such as mandates, rules, Supervisory Letters (SR), and supervisory programs.
FBOs in this portfolio generally include firms with Consolidated U.S. Operations (CUSO) asset levels below $100 billion, and include several firms designated as G-SIBs. Business profiles consist of banking and nonbanking activities conducted through NY branches, other non-bank entities and other U.S. entities. These firms engage in credit extensions to U.S. and global corporates, acquisition and project finance, specialized lending, trade finance, securitization, syndicated finance, FX and Treasury trading businesses. Several of the firms maintain significant USD clearing operations for both affiliate and non-affiliate customers, and serve as a strategic presence for their respective global organizations based in Europe and Asia. The business activities of these firms generate the full range of financial and non-financial risks present in the industry today.
Your role as Supervisory Manager:
You will report to the Team Leader responsible for a portfolio of 10 Large FBO firms within the Large FBO Department in the LFBO Function.
You will manage the development and implementation of a supervisory program for a portfolio of 8 FBOs U.S. operations. You will direct, guide, and coach a cross-functional team responsible for evaluating several aspects of individual and portfolio of FBO governance, controls, liquidity and financial condition, and risk management capabilities.
You will synthesize these assessments and directing the team's appropriate supervisory execution to address any areas of weakness or knowledge gaps. In some instances, you may help execute on-site supervisory work.
The aforementioned responsibilities will be carried out through the SM's leadership of dedicated examiners with a broad range of industry and supervisory expertise. Consequently, the SM's ability to use the capabilities of team members and the support of the LFBO risk partners is critical for making well-informed judgments about the safety and soundness for this portfolio of firms.
In directing the supervisory execution for this portfolio and supporting the team's examiners, you will manage key partner relationships. For example:
FBO senior and executive management team. This regular interaction will help execute our supervisory work, and help communicate supervisory messages to the firm, and Board of Director representatives as needed.
Other SMs, CPCs, LFBO management, and leaders within the Bank and in the Federal Reserve System to share information, to provide critical insights into supervised firms, to help develop supervisory policy, and to obtain appropriate supervisory perspective.
Primary Functional Regulators (both domestic and foreign based) to identify and promote effective leveraging of supervisory perspectives to supervise CUSO in the context of material global organizations.
Qualifications: What we are looking for:
Unique combination of supervisory/regulatory experience and demonstrated ability to develop and direct others towards supervisory program execution.
Strong critical thinking and creativity skills, and the ability to see the "Big Picture" to arrive at sound supervisory judgments;
Experience absorbing large amounts of different information, synthesize complex ideas and explain them clearly;
Strong self-management skills, as evidenced by the ability to take initiative and lead the execution of assignments and produce results under time constraints within rapidly evolving priorities;
Your role will involve extensive interaction/collaboration with members of the team, colleagues on other teams in LFBO, including risk partners, a variety of other people who work in other parts of Supervision, other parts of the New York Federal Reserve Bank, parts of the Federal Reserve System, and other regulatory authorities in the United States, Europe and Asia;
Demonstrated ability of leading, guiding, and coaching staff to execute effectively and proactively develop solutions to potential constraints.
Master's degree (preferred), with 10 years of proven professional experience and demonstrated leadership, management, and supervisory/regulatory experience; working knowledge of financial industry / bank regulatory environment, financial analysis, financial market/investment banking instruments, and risk management is a plus;
Experience/knowledge of large financial institution supervision, FBO supervision (preferred), Applicable Supervisory Letters with a focus on SR 12-17, Regulation YY and Enhanced Prudential Standards.
Strong preference for Federal Reserve System Commissioned Examiner.
Our organization offers benefits that are the best fit for you at every stage of your career:
Fully paid Pension plan and 401k with Generous Match
Comprehensive Insurance Plans (Medical, Dental and Vision including Flexible Spending Accounts and HSA)
Subsidized Public Transportation Program
Tuition Assistance Program
Onsite Fitness & Wellness Center
Flexible Work Arrangements
Please note that the position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are permanent residents may be eligible for the information access required for this position if they sign a declaration of intent to become a U.S. citizen and pursue a path to citizenship and meet other eligibility requirements.
In addition, all candidates must undergo an enhanced background check and comply with all applicable information handling rules.
The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
This is not necessarily an exhaustive list of all responsibilities, duties, performance standards or requirements, efforts, skills or working conditions associated with the job. While this is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change.