Middle Office - Derivative Specialist

At U.S. Bank, we’re on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions and enabling the communities we support to grow and succeed.  We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever-growing range of opportunities to discover what makes you thrive at every stage of your career. Try new things, learn new skills and discover what you excel at—all from Day One.

Job Description

The Middle Office – Derivative Specialist role supports the hedging activities for multiple trading desks within Treasury. The employee will manage the post-trade workflow for derivatives including trade capture, confirmation, clearing, and lifecycle events. This employee will specialize in supporting the derivatives trading desk that oversees asset and liability management and investment portfolio hedging, and related hedge accounting activities.  The middle office team is expanding its capabilities to include future opportunities related to collateral optimization, risk transfer / securitization transaction lifecycle support. 

 

ESSENTIAL FUNCTIONS: 

• Collaborate with the trading desk on derivative post-trade and hedge accounting workflows, including but not limited to, affirming, booking and linking of derivative trades and the related representation of the hedged item, hedge accounting documentation and reporting, monitoring, testing, and reporting of initial and ongoing hedge ineffectiveness PnL. 
• Provide post-trade support for the xVA desk, balance sheet Asset and Liability Management (ALM) hedging programs as well as wholesale funding activities 
• Complete post-trade capture, swap data reporting (“SDR Reporting”), electronic confirmation, and central clearing of derivatives including interest rate swaps, credit default swaps, foreign-exchange, and option derivative products 
• Perform official monthly derivative reporting, including hedge ineffectiveness PnL, trading activity, and hedge capacity forecasting 
• Interface with external counterparties to investigate and resolve discrepancies  
• Build, enhance, and maintain reporting analysis tools utilizing Power BI, Excel, Access, VBA, SQL, and Python 
• Support monitoring and ad-hoc reporting requests by internal risk partners (Audit, Compliance, Independent Price Verification (IPV), Market Risk, etc.) 
• Work with industry utilities and intermediaries (Central Clearing Houses, Futures Clearing Merchants (FCMs), Swap Data Repositories (SDRs), Swap Execution Facilities (SEFs), MarkitWire, etc.) to support the ongoing operations of the trading desk, position and trade maintenance, ongoing lifecycle events, and support implementation of changes to the business including new products and hedging needs 
• Respond to ad hoc requests from any of the supported trading desks 

 

BASIC QUALIFICATIONS: 

• Bachelor’s degree in Business, Economics, Accounting, Finance, or related field 
• Two to Five years of related experience 

 

PREFERRED QUALIFICATIONS:. 

• Experience in a middle office support role and/or equivalent experience supporting a derivatives desk 
• Familiarity with derivative products (specifically interest rate and credit derivatives) 
• Experience or familiarity with GAAP/FASB hedge accounting standards and methods, including Fair Value hedging and Cash Flow hedging 
• Strong analytical skills 
• Intermediate Microsoft Excel skills 
• Basic Microsoft Access skills 
• Ability to understand derivatives modelling concepts 
• VBA/other programming skills & experience is a plus 
• SQL experience a plus 
• Experience with Bloomberg a plus 
• Calypso experience a plus 
• Ability to work in a fast-paced deadline-driven environment 
• Excellent verbal, written, and interpersonal communication skills 
• Strong attention to detail 

 

The role offers a hybrid/flexible schedule, which means there's an in-office expectation of 4 or more days per week and the flexibility to work outside the office location for the other days. 

If there’s anything we can do to accommodate a disability during any portion of the application or hiring process, please refer to our disability accommodations for applicants.

Benefits: 

Our approach to benefits and total rewards considers our team members’ whole selves and what may be needed to thrive in and outside work. That's why our benefits are designed to help you and your family boost your health, protect your financial security and give you peace of mind. Our benefits include the following (some may vary based on role, location or hours):

• Healthcare (medical, dental, vision)

• Basic term and optional term life insurance

• Short-term and long-term disability

• Pregnancy disability and parental leave

• 401(k) and employer-funded retirement plan

• Paid vacation (from two to five weeks depending on salary grade and tenure)

• Up to 11 paid holiday opportunities

• Adoption assistance

• Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law

EEO is the Law

U.S. Bank is an equal opportunity employer committed to creating a diverse workforce. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, among other factors. Applicants can learn more about the company’s status as an equal opportunity employer by viewing the federal KNOW YOUR RIGHTS EEO poster.  

E-Verify

U.S. Bank participates in the U.S. Department of Homeland Security E-Verify program in all facilities located in the United States and certain U.S. territories. The E-Verify program is an Internet-based employment eligibility verification system operated by the U.S. Citizenship and Immigration Services. Learn more about the E-Verify program.

The salary range reflects figures based on the primary location, which is listed first. The actual range for the role may differ based on the location of the role. In addition to salary, U.S. Bank offers a comprehensive benefits package, including incentive and recognition programs, equity stock purchase 401(k) contribution and pension (all benefits are subject to eligibility requirements). Pay Range: $89,420.00 - $105,200.00 - $115,720.00

Job postings typically remain open for approximately 20 days of the posting date listed above, however the job posting may be closed earlier should it be determined the position is no longer required due to business need. Job postings in areas with a high volume of applicants, such as customer service, contact center, and Financial Crimes investigations, remain open for approximately 5 days of the posting listed date.

Salary : $89,420 - $105,200