What are the responsibilities and job description for the Operations Analyst - Letters of Credit position at Ally Financial?
General information
Career area
Loan Administration/Operations
Work Location(s)
300 Park Avenue, NY
Remote?
No
Ref #
19422
Posted Date
03-10-25
Working time
Full time
Ally and Your Career
Ally Financial only succeeds when its people do - and that’s more than some cliché people put on job postings. We live this stuff! We see our people as, well, people - with interests, families, friends, dreams, and causes that are all important to them. Our focus is on the health and safety of our teammates as well as work-life balance and diversity and inclusion. From generous benefits to a variety of employee resource groups, we strive to build paths that encourage employees to stretch themselves professionally. We want to help you grow, develop, and learn new things. You’re constantly evolving, so shouldn’t your opportunities be, too?
Work Schedule: Ally designates roles as (1) fully on-site, (2) hybrid, or (3) fully remote. Hybrid roles are generally expected to be in the office a certain number of days per week as indicated by your manager. Your hiring manager will discuss this role's specific work requirements with you during the hiring process. All work requirements are subject to change at any time based on leader discretion and/or business need.
The Opportunity
The Operations Letter of Credit (LC) Associate has LC experience handling irrevocable Standby LC’s for middle market leveraged deal structures servicing Agented or Non-Agented deals.
Individuals at this level can perform and coordinate all Letters of Credit activities. Primary Responsibilities include the direct handling of the Letter of Credit process specializing in Standby LC’s.
In addition, this position includes the administration of key segregated duties including Wire instruction set-up for Clients, Co-Lenders and Agents and perform OFAC screening. The individual has a working knowledge of Operational Procedure, Sarbanes Oxley (SOX) and Risk frameworks and controls. Operations personnel at this level can handle their assigned workload with minimal supervision.
The Operations Letter of Credits Associate should have experience working on the Loan IQ system or other Commercial Lending Loan systems.
The Work Itself
The Operations Associate is well-versed in all letters of credit activities, can perform, coordinate, and administer the following responsibilities:
- Letter of Credit applications, approvals, issuance, and amendments for Direct Deals as the Issuing Bank (Ally Bank) and on behalf of other Issuing Banks.
- Monitor Evergreen LC's with sufficient time to address renewal dates.
- Outbound Wire set-up, OFAC screening and daily funding activities to support new business and daily servicing requirements.
- Operations Control responsibilities including the reconciliation of Letter of Credit activities and various month end reporting activities.
- Actively prepare for and participate in the month/quarter end closing process to ensure letters of credit processing activities are completed on a timely basis.
- Participate in Disaster Recovery activities/readiness including key information archival and work from home testing.
The Skills You Bring
- 1 year of Operational experience handling Standby Letters of Credit in the role of the LC Issuing Bank , 3 years LC experience is highly preferred
- Operational Control experience handling LC reconciliation activities.
- Excellent communication, verbal, written, interpersonal and organization skills
- Highly analytical, detail oriented with problem solving capability
- Ability to work independently with demonstrated time management skills
- High level of accountability and the ability to effectively prioritize tasks
- Highly motivated, self-starter
- Technical: Computer literate, including: Word, Excel
- Knowledge on the Loan IQ / related systems with 5 plus years of hands on operations processing preferred
#LI-Onsite
How We'll Have Your Back
Ally's compensation program offers market-competitive base pay and pay-for-performance incentives (bonuses) based on achieving personal and company goals. Our Total Rewards program includes industry-leading compensation and benefits plus additional incentives that are designed to meet your needs and those of your family so you can get the most out of your career and your life, including:
- Time Away: 11 paid holidays, 20 paid time off days, and 8 hours of volunteer time off, yearly (paid time off is prorated based on start date)
- Planning for the Future: plan for the near and long term with an industry-leading 401K retirement savings plan with matching and company contributions, student loan pay downs and 529 educational save up assistance programs, tuition reimbursement, employee stock purchase plan, and financial learning center and financial coach access.
- Supporting your Health & Well-being: flexible health and insurance options including medical, dental and vision, employee, spouse and child life insurance, short- and long-term disability, pre-tax Health Savings Account with employer contributions, Healthcare FSA, critical illness, accident & hospital indemnity insurance, and a total well-being program that helps you and your family stay on track physically, socially, emotionally, and financially.
- Building a Family: adoption, surrogacy and fertility assistance as well as paid parental and caregiver leave, Dependent Day Care FSA back-up child and adult/elder care days and childcare discounts.
- Work-Life Integration: other benefits including Mentally Fit Employee Assistance Program, subsidized and discounted Weight Watchers® program and other employee discount programs.
- Other compensations: depending on the role for which you are considered, you may be eligible for travel allowances, relocation assistance, a signing bonus and/or equity.
- To view more detailed information about Ally’s Total Rewards, please visit this link: https://www.ally.com/content/dam/pdf/corporate/ally-total-rewards-snapshot.pdf
Who We Are:
Ally Financial is a customer-centric, leading digital financial services company with passionate customer service and innovative financial solutions. We are relentlessly focused on "Doing it Right" and being a trusted financial-services provider to our consumer, commercial, and corporate customers. For more information, visit www.ally.com.
Ally is an equal opportunity employer committed to diversity and inclusion in the workplace. All qualified applicants will receive consideration for employment without regard to age, race, color, sex, religion, national origin, disability, sexual orientation, gender identity or expression, pregnancy status, marital status, military or veteran status, genetic disposition or any other reason protected by law.
We are committed to working with and providing reasonable accommodation to applicants with physical or mental disabilities. For accommodation requests, email us at work@ally.com. Ally will not discriminate against any qualified individual who is capable of performing the essential functions of the job with or without reasonable accommodation.
Base Pay Range: $65000 - $115000 USD
An individual's position in the range is determined by the specific role, the scope and responsibilities of the role, work experience, education, certification(s), training, and additional qualifications. We review internal pay, the competitive market, and business environment prior to extending an offer.
Incentive Compensation: This position is eligible to participate in our annual incentive plan.
Salary : $65,000 - $115,000
