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Citigroup Global Head of Counterparty Credit Underwriting in London, United Kingdom

Citi Global Wealth is a Division of Citi focused on serving the needs of clients across the entire wealth spectrum. It has been created by combining the Wealth Management businesses across Citi Global Consumer Bank and Citi Private Bank. It serves over 500,000 clients through its global footprint in Asia, EMEA, Mexico, and North America.

Citi Global Wealth delivers a wide range of products and services covering capital markets, managed investments, portfolio management, trust and estate planning, investment finance and banking. By building on the strengths and capabilities across Citi, we intend to transform the way we serve clients across the wealth spectrum, delivering the full range of high tech and high touch capabilities Citi can offer, and ultimately help them achieve their goals.

Citi Global Wealth propositions are delivered via tailored offerings across the Citigold, Citi Private Client, and Citi Private Bank brands.

Job Background/Context:

The Margin Loan business (Margin and securities based financing – MSBF) business of CGW provides financing to the whole Wealth spectrum of clients ranging from the affluent up to the Ultra Net Worth segment against liquid listed securities. In addition, MSBF provides a “utility service” to Global Wealth providing a first line of defense credit analysis and approval function for all counterparty risk across GCW. This includes MSB, MDA (a JV with Citi Markets and Global Capital Markets within GCW). As part of our efforts to strengthen and deepen our controls capabilities, we have established a new function within CGW Lending and Banking called Global CCR Underwriting (CCR UW) focused on Margin and Securities based financing as well as Capital Markets lines. CCR UW will work closely with our CGW Lending teams to serve as a critical component of our First Line of Defense for Counterparty Credit Risk management and will work with our Independent Risk partners to ensure best-in-class risk and controls, as well as client responsiveness. Key responsibilities will include credit analysis, documentation, risk identification, monitoring and administration associated with CGW CCR lending activities. The scope of responsibilities and scale of this team will evolve over time to continue to meet our needs.

CCR UW’s mission is to provide best-in-class credit analysis and monitoring which is risk-differentiated, thoughtful, timely, and which conforms to applicable local and global regulatory expectations for safety and soundness in their relevant jurisdictions. CCR UW Head will coordinate with other credit management groups across Wholesale/ICG, Retail/Consumer and Counterparty Credit Risk to ensure full alignment on business and regulatory goals, as well as consistency and best practices where appropriate

Counterparty Credit Risk Head

  • The Global Head of CCR U/W will be a member of the Global MSBF Leadership Team for Lending and Banking, a division of Global Wealth.

  • The incumbent of this role will be tasked with leading a global team of CCR underwriters with the initial, primary responsibility to perform the analysis and deal structuring for the credit approval, deal execution and closing. The team will co-ordinate closely with the CCR Transactors.

  • The Global Head of CCR will drive the development of the CCR U/W function including recruitment of top underwriting talent and organisational enhancements as the scope of responsibilities and scale of this team evolves over time to continue to meet the lending needs of CGW..

  • This is a highly demanding role, requiring strong leadership, governance and oversight founded on exemplary lending and underwriting experience as well as knowledge and experience of Citi’s Credit Policies, Standards, and Procedures, risk management practices and regulatory expectations

KEY RESPONSIBILITIES:

Interpret the global strategy and drive execution of frameworks, programs and technological solutions to achieve the following key mandates:

  • Define, establish and manage scalable end-to-end processes for the core production pillar. Specifically, this would include

  • Credit Analysis and Production: Develop and manage an organization that effectively engages with CCR Transactors and independent Risk Managers (2nd line) to effectively underwrite and document new originations / extension of counterparty credit exposure together with increases and other amendments. Deliver best-in-class counterparty credit analysis including financial review, risk ratings, classification, collateral that meets / exceeds relevant regulatory requirements and meet client deadlines

  • Legal Documentation: provide expertise around credit terms and internal policy expectations and ensure that these are effectively captured / monitored

  • Accuracy and completeness of Credit Data: ensure that data captured in our counterparty credit infrastructure are in-line with the approvals and conform to credit documentation

  • On-going monitoring: deliver timely, high-quality analysis of existing exposures including completion of annual reviews, quarterly reviews, and other locally required approvals. Partner with CCR Transactors on any ad-hoc analysis that is needed to support early warning activities.

  • Escalations: ensure timely tracking and escalations around exposure monitoring breaches, documentation deficiencies, collateral and covenant tracking

  • MIS and Reporting: Developing analysis tools to measure critical production and control metrics to drive credit actions including but not limited to the following: un-remediated credit data quality concerns at the credit file level, credit file exception remediation tracking, past due or extended annual reviews and quarterlies, and return-for-rework metrics, collateral data, etc.

  • Partner with the WCM Head to provide 1st-line approvals in line with Citi Credit Policy, CPB CGW Standards and Product Programs

  • Manages and drives multiple regulatory and control priorities including responding to Regulatory (including WCR and Consent Order), Audit and FCR’s findings remediation

SPECIFIC CREDIT EXPERIENCE

  • Senior Credit Officer approval authority covering large and complex underwritings and capital commitments

  • Experience in and exposure to global credit risk management standards

  • Experience in derivatives credit risk management or of market risk managing non-recourse margin Loans and complex equity or credit derivatives

  • Ability to understand complex counterparty credit financing and product structures, and ideally well-versed in capital markets products

  • Ability to develop structural solutions to macro and regulatory issues, and collaborate on issues with various impacted parties

MANAGEMENT CAPABILITY

  • Demonstrates managerial maturity in looking out for the best interests of the enterprise including managing dual reporting lines

  • Proven ability to lead / integrate global organization

  • A strong mentor and coach – one with the ability to rally followers and embed / empower leads for each of the core pillars

  • Highly skilled communicator who ensures key messages are cascaded throughout the organization

BUSINESS / RISK PARTNERSHIP

  • Strong presence / ability to liaise with internal heads of businesses and risk portfolio leads and manage multiple front-line demands

  • Navigates organizational complexity and breaks silos

  • Creates and sustains a network of strong partnerships with the business in all segments & geographies and other risk functions

  • Provides well-reasoned, balanced assessments of risk/return trade-offs associated with transactions and client relationships

  • Proven track record of partnering with global peers in leveraging and implementation of best practices

  • Ongoing alignment with ICG ICM in order to deliver a consistent underwriting methodolody across the different Citi busines lines.

QUALIFICATIONS:

  • Extensive risk/risk-related credit work experience in banking/financial institutions

  • Senior Credit Officer designation preferable or Senior market risk experience in managing credit contingent market risk and equity financing non-recourse books or in prime brokerage risk management in the 1st or 2nd Line of Defense

  • Proven ability to effectively engage with internal control functions including Internal Audit and Fundamental Credit Risk as well as with external audit

  • Demonstrates strong ethics and integrity

  • Strong leadership. Dynamic, flexible, and with strong communication skills

  • Ability to see the ‘big picture’ in a complex environment

  • Can make decisions under pressure and short timeline

  • Excellent verbal & written communication skills. Active listening skills.

  • Multi-cultural and bi-lingual, including the ability to speak multiple languages and experience in working in multiple geographies

  • Demonstrated influencing and negotiating ability, resolve conflicts amongst various constituencies

  • Excellent presentation skills – adept at presenting effectively to audiences of various sizes and various constituencies


Job Family Group:

Private Client Product Services


Job Family:

IF Margin & Sec Backed Finance


Time Type:

Full time


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