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JPMorgan Chase & Co.
- London
- JPMorgan Chase & Co. - London
Finance – VCG EMEA Rates –Associate – London
Location: 25 Bank Street, E14 5JP, London
Level: Associate
Group description:
Valuation Control Group (VCG) is an independent control group which works in partnership with the business to ensure that the valuation of the firm’s products and portfolios are both independently and fairly marked and that fair valuation processes are operated accurately and robustly. VCG is also solely responsible for setting reserve policies and methodologies as well as monitoring compliance to policies to ensure appropriate level of reserving in the business.
The group forms the primary interface for discussing valuation issues with the Front Office. The VCG reporting lines are through the Finance chain.
The role is based in London. Product mix is very broad and will cover vanilla to highly structured interest rate derivatives.
Job Responsibilities
Ongoing monitoring of risk exposures, concentrations and market activity across the business to understand impact on reserves and parameters calibration in the book.
Driving efficient execution of key processes around Reserve Substantiation & Reporting, P&L Analysis and Price Testing
Play a central role in providing month-end prices to the Totem service on a wide range of Rates products (Swaptions, Bermudans, complex swaps)
Work on projects to develop innovative, new risk measures and implement best practice methodology for fair valuation and reserve methodology
Validate and resolve price testing issues
Review ‘approximately loaded’ trades
Counterparty valuation review and disputes investigation
Follow interest rate markets closely and ensure that reserves, P&L and market moves can be triangulated on a day-to-day basis
Ah hoc projects and value – added analysis
Skills/Qualifications
Bachelor degree required, Masters preferred; quantitative subjects (Finance, Maths, Physics, Engineering) strongly preferred
Good existing knowledge of interest rate markets and derivative products
Familiarity with Totem service. An ability to use core business systems to generate prices for vanilla and exotic products would be beneficial
Being able to act in a project management role on Tech development projects
Track record of dealing with Front Office and coordinating with wide variety of other control groups
Excellent written and spoken communication skills
Commitment to getting things done to tight timeframes and detail focused
Ability to work with limited supervision and be able to reach appropriate decisions/conclusions
Strong commitment to learn and operate outside of comfort zone
Advanced competency in Excel
Competency in VBA beneficial.
Career Development
Working in VCG will give the successful candidate the opportunity to work alongside very intelligent, numerate and knowledgeable people in a global group that covers the entire spectrum of financial products. It is an ideal place to get a bank-wide perspective of the various groups, businesses and products that make up the Corporate & Investment Bank.
The candidate will be encouraged to develop the technical skills required in the role as well as becoming familiar with several of the risk systems used by the bank.
The candidate will develop a detailed understanding of rates and rates exotics. Furthermore, the candidate will have exposure to senior management in FO, Market Risk, Middle Office, QR, Audit and Model Risk.
About J.P. Morgan Chase & Co:
J.P. Morgan serves one of the largest client franchises in the world. Our clients include corporations, institutional investors, hedge funds, governments and affluent individuals in more than 100 countries. J.P. Morgan is part of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.1 trillion. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of clients and consumers under its JPMorgan and Chase, and WaMu brands.
J.P. Morgan offers an exceptional benefits program and a highly competitive compensation package. J.P. Morgan is an Equal Opportunity Employer