VP Head of Cost of Income
Salary: Market rate negotiable
- Location: London
- Category: Finance
- Job Ref: MH1111L4006
Summary
A leading investment bank is looking for a high quality candidate to join the Cash, Collateral and Liquidity function in Europe and provide leadership for the Cost of Income and Expense Management function. The role requires a strong leader with good business knowledge, commercial awareness and relationship management skills to join the European Cash Collateral and Liquidity team and help drive and support the build-out of Cost of Income and Expense Management across the European business lines.
The Cost of Income function has recently been setup and mandated to build process and policy to proactively manage the firm’s expense management across Brokerage, Clearing and Execution (BC&E) services. Collectively these represent one of the most significant expense lines for the organisation and we have some ambitious targets to create a strong structure to support the ongoing management and cost reduction of these functions across the firms trading and clearing businesses. The group leverages product expertise to develop initiatives that focus on specific action items which create efficiencies along the entire life-cycle of a trade, from execution to settlement. To accomplish this goal, the group provides end-to-end strategic solutions, from idea generation through presentation to senior business management and execution of the initiative
This is a challenging role requiring the successful individual to partner, coordinate and drive progress across different business teams, COOs, Finance and Operations as well as working closely with external providers. As a newly created role we are looking to significantly improve our process, oversight and coverage to realise savings whilst ensuring quality and breath of capability provided to businesses is maintained. As such we need a pro-active individual who is able to anticipate changing business needs and able to successfully partner with key parties to ensure delivery. This represents an excellent opportunity to join a market leading organisation and contribute to the wider functional group across CCL.
Responsibilities
- Develop and lead the agenda for Cost of Income and Expense Management in Europe
- Partner with business teams and global colleagues to identify areas for improvement and develop strategies for cost efficiencies and reduction
- Build understanding of full range of BC&E providers and services including cost pricing matrices, usage, business areas supported and volumes
- Ensure effective control from initial agreement/pricing to cost attribution including invoice payment, accrual creation, allocation methodology and booking to p&l and general ledger
- Ensure end-to-end processes support appropriate data integrity, reconciliation and transparency
- Provide analytics, benchmarks, forecasting and unit costing
- Develop reporting and analysis that creates business intelligence, transparency and full understanding of expenses and drivers
- Implement recommendations and enhancements on reporting and analysis processes
- Participate in, contribute and lead various CoI working groups and steering committees
- Provide regular and ad hoc reporting to business managers and stakeholders
- Actively participate and manage annual budget process
- Oversee expense allocations and document methodologies
- Help lead and deliver on change agenda including strategic infrastructure and technology development
Experience / Skills
- Bachelor degree or equivalent experience (MBA or professional qualification valuable but not essential)
- Leadership experience across teams and functions working with global teams
- In-depth experience of markets and trading business preferably across different asset classes
- Prior COO, Product Control or Financial Decision Support experience advantageous
- Excellent analytical, reporting and presentational skills including good attention to detail
- Excellent interpersonal, influencing and relationship management skills
- Demonstrated commercial awareness and track record of delivery in challenging roles
- Strong approach to risk management and awareness of control across BAU and change programmes
- Strong project management disciplines and experience leading change / developing process
- Prior experience of working with external providers and partners is an advantage
- Credibility and influence in order to proactively manage diverse internal stakeholder groups
- Proactive and positive attitude and desire to make a difference
- Team-work
- Recruitment and management of analyst to support above in Europe.
- Contribute to wider CCL initiatives as required