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Credit Suisse is a leading global wealth manager with strong investment banking capabilities. Headquartered in Zurich, Switzerland, we have a global reach with operations in about 50 countries and employ more than 45,000 people from over 150 different nations. Embodying entrepreneurial spirit, Credit Suisse delivers holistic financial solutions to our clients, including innovative products and specially tailored advice. Striving for quality and excellence in our work, we recognize and reward extraordinary performance among our employees, provide wide-ranging training and development opportunities, and benefit from a diverse range of perspectives to create value for our clients, shareholders and communities. We are Credit Suisse.
We Offer The Global Credit Products department builds and sells products across the Fixed Income spectrum. The available opportunity is crafted to work with the US Credit Repo desk to minimize fails cost across all Credit Products by identifying and validating borrow needs and improving processes on box management, cross regional flows and 144A/REGS conversions. This role should lead to PnL opportunities for the US Credit Repo desk as traders spend less time on reconciling positions and administrative issues and more time optimizing profitability. Also, this role should centralize much of the fails management performed by the individual cash traders and COOs across GCP. The newly created opportunity will not only benefit GCP as a department, but also alleviate pressure on downstream teams including Settlements who are already consumed with high trade volumes from the repo space (20,000 trades per month on average) and substantial daily email requests. Role Description:
Design processes to identify borrow needs by settlement location and date to be streamlined with the repo desk's current process.
Centralize all flows of information from Front Office, Prime Services and Back Office to validate requests, resolve bookings if needed, or realign positions where possible. Rather than receive information from various business lines directly, the new role can build a centralized approach streamlining the feed of information crafting process efficiencies.
1. Objective is to ensure all deliveries on Corporate/EM Bonds settle on a timely basis by either facilitating bookings and flows or working with repo desk to borrow bonds when economically feasible. In addition to BAU short sale coverage, reasons to borrow bonds may include: · Fails to receive · Timing gaps due to booking errors or counterparty errors · Delay in re-alignments · Delay in 144a/REGs conversions · Client deficits or pilfering 2. Repo Desk is developing a framework with Product Control to journal FTR Credits to the US Credit Repo desk to offset borrowing costs. This should be PnL accretive to GCP
Coordinate REGS/144A Conversions process to improve flows and identify settlement flaws.
Oversee all external fails claims. Ensure we are claiming FTD due to counterparty errors. Validate all FTR claims. Track daily accruals and provisions
Ad hoc requests by the business as needed and this can be developed over time as the role evolves. The initial ask will be to have a person in New York focusing on the design process, then continued discussion around a global model will be made once settled.
Additional responsibilities to be determined once the role is formalized allowing for heightened exposure to the business.
Undergraduate degree in Business, Economics, Finance or Accounting is an advantage!
Equivalent experience of 1-2 years in a similar role within Financial Services
Middle Office experience and or series 7 & 63 a plus but not necessary
Knowledge of Fixed Income a plus!
Are Proficient with Excel skills?
Customer Service attitude within regulatory and control limitations
Great Time Management skills
Ability to work independently
Ability to recognize and prioritize
Strong communication skills with all levels of the organization
Ability and Confidence to recognize and advance efficiency opportunities
Credit Suisse is an equal opportunity employer. Welcoming diversity gives us a competitive advantage in the global marketplace and drives our success. Credit Suisse complies with applicable federal, state, and local laws prohibiting discrimination in employment in every jurisdiction in which it maintains facilities. Subject to applicable law and regulatory requirements, Credit Suisse complies with state and local laws regarding considering for employment qualified individuals with criminal histories.