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- Tasks: Join our team to manage transactions and support clients with accuracy and efficiency.
- Company: Bank of America is dedicated to making financial lives better through responsible growth and inclusivity.
- Benefits: Enjoy competitive benefits, flexible work options, and opportunities for personal and professional growth.
- Why this job: Make an impact in a dynamic environment while collaborating with diverse teams and enhancing your skills.
- Qualifications: 2 years of experience in transaction management or financial operations; strong analytical and communication skills required.
- Other info: Overtime may be needed during tax season; proficiency in Microsoft Office is essential.
The predicted salary is between 28800 - 43200 £ per year.
Transaction Management Operations Analyst page is loaded
Transaction Management Operations Analyst
Apply locations Pennington time type Full time posted on Posted Yesterday job requisition id 24046582
Job Description:
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
Job Description: This job is responsible for moderately complex transaction and fulfillment processing, including the movement of assets into and out of accounts. Key responsibilities include reconciliation, settlement, and trade and transfer support, and providing quality service and operations support for internal business partners and external clients, in accordance with established guidelines and procedures. Job expectations include handling in operational processes which may carry medium to high levels of monetary risk and assisting in training less experienced team members.
Responsibilities:
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Performs moderately complex transaction processing and reconciliation with medium to large monetary impact according to the established written guidelines and procedures
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Responds to moderately complex client inquiries via numerous channels to support operational efficiency and quality client service
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Responsible for the analysis and resolution of moderately complex transactions requiring escalations and exceptions
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Proactively identifies risk and opportunities for process improvements based on an understanding of how the work impacts other operational units
Line of Business Job Description:
We are seeking a detail-oriented and analytical Transaction Management Ops Analyst to join the Cost Basis team. As a key member of the team, analyst will play a crucial role in ensuring the accuracy and compliance of transactional activities through diligent management of inquiries, requests, and exception reports via eTask. A strong understanding of company policies, procedures, and IRS regulations is crucial for success in this position.
Key Responsibilities:
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Transaction Processing: Efficiently and accurately process transactions using Profitability and Customer Enhancement (PACE), Tax Lot Correction (TLC) , or similar transaction management systems. This includes reviewing transaction details, verifying accuracy, and ensuring timely completion.
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Inquiry Handling: Respond to inquiries and requests from the client team/Trust Officers regarding cost basis adjustments, providing clear and concise information and resolution.
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Exception Management : Monitor and address exceptions identified through system-generated reports, investigating discrepancies, and implementing corrective actions as necessary.
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Compliance and Regulatory Adherence: Maintain a comprehensive understanding of company policies, procedures, and IRS regulations related to cost basis reporting. Ensure all transactions adhere to regulatory requirements and internal guidelines.
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Financial Analysis: Utilize your knowledge of financial statements and records to analyze cost basis information.
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Collaboration: Work closely with cross-functional teams within Private Bank to resolve transaction-related issues and improve processes.
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Audit Support: Maintain accurate transactional data, supporting documentation, and approvals as needed.
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Continuous Improvement: Stay updated on regulatory changes, procedural changes, and best practices related to cost basis reporting. Proactively suggest and identify opportunities for process improvements to enhance efficiency and accuracy.
Required Skills:
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Proven experience (2 years) in transaction management, financial operations, or similar role within the financial services industry.
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Solid understanding of financial statements, records, and accounting principles.
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Familiarity with IRS regulations and cost basis reporting requirements preferred.
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Prior experience within PACE/TLC or similar transaction management systems.
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Strong Analytical mindset with the ability to identify discrepancies, mitigate risk, and implement solutions.
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Excellent communication skills, both verbal and written, with the ability to interact effectively with client teams at all levels.
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Ability to work independently and collaboratively in a fast-paced environment, managing multiple priorities effectively. Especially during tax season (Jan-Apr).
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Overtime may be required to support business needs.
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Proficient with Microsoft Office, Outlook, Word, and Excel
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Ability to create and/or run macros
Skills:
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Attention to Detail
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Customer and Client Focus
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Oral Communications
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Prioritization
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Problem Solving
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Account Management
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Analytical Thinking
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Coaching
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Written Communications
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Mentoring
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Research
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Result Orientation
Shift:
1st shift (United States of America)
Hours Per Week:
40
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Transaction Management Operations Analyst employer: Bank of America
Contact Detail:
Bank of America Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Transaction Management Operations Analyst
✨Tip Number 1
Familiarize yourself with the specific transaction management systems mentioned in the job description, like PACE and TLC. Having hands-on experience or knowledge about these systems can set you apart from other candidates.
✨Tip Number 2
Brush up on your understanding of IRS regulations and cost basis reporting requirements. This knowledge is crucial for the role and demonstrating your expertise can make a strong impression during interviews.
✨Tip Number 3
Highlight any previous experience you have in financial operations or transaction management. Be ready to discuss specific examples where you identified discrepancies or improved processes, as this aligns with the responsibilities of the role.
✨Tip Number 4
Prepare to showcase your analytical skills during the interview. You might be asked to solve hypothetical problems or analyze data, so practice articulating your thought process clearly and confidently.
We think you need these skills to ace Transaction Management Operations Analyst
Some tips for your application 🫡
Understand the Role: Before applying, make sure you fully understand the responsibilities and requirements of the Transaction Management Operations Analyst position. Familiarize yourself with transaction processing, compliance, and financial analysis to tailor your application effectively.
Highlight Relevant Experience: In your CV and cover letter, emphasize your experience in transaction management or financial operations. Mention specific systems you've worked with, like PACE or TLC, and any relevant IRS regulations you are familiar with.
Showcase Analytical Skills: Demonstrate your analytical mindset by providing examples of how you've identified discrepancies or improved processes in previous roles. This will show that you can handle the complexities of the job.
Tailor Your Communication: Since excellent communication skills are crucial for this role, ensure your application reflects your ability to convey information clearly and concisely. Use professional language and structure your documents well to make a strong impression.
How to prepare for a job interview at Bank of America
✨Understand the Role
Make sure you have a solid grasp of the responsibilities and expectations outlined in the job description. Familiarize yourself with transaction processing, reconciliation, and compliance requirements to demonstrate your knowledge during the interview.
✨Showcase Your Analytical Skills
Prepare examples from your past experience that highlight your analytical mindset. Be ready to discuss how you've identified discrepancies, mitigated risks, and implemented solutions in previous roles, especially in financial operations.
✨Communicate Effectively
Since excellent communication skills are crucial for this role, practice articulating your thoughts clearly and concisely. Be prepared to explain complex concepts in simple terms, as you may need to interact with client teams at various levels.
✨Demonstrate Attention to Detail
Given the importance of accuracy in transaction management, be ready to discuss how you ensure attention to detail in your work. Share specific strategies or tools you use to maintain high standards in your tasks.
