Address
Form of workJob 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:
Typically has 5+ years workout/commercial loan experience or educational and other accomplishments that are indicative of a highly motivated individual with strong advancement potential. Reports to a Special Assets Manager or a Senior Portfolio Officer. Spends majority of time assisting in the management of more complex relationships, with specific emphasis on financial analysis, credit action and asset quality report preparation, and documentation review. May also manage a portfolio.
The Special Asset Group manages the high risk/criticized or distressed commercial loan portfolio for Bank of America. The SAG Portfolio Officer directly manages a portfolio of assigned relationships in the Business Banking portfolio and has primary responsibility to develop, negotiate and implement strategies designed to balance the bank's internal risk/return requirements by minimizing potential losses as well as supporting client needs. This position is primarily focused on small to medium sized, moderately complex relationships.
Depending on the severity of the client's financial distress, the SAG Portfolio Officer will either directly manage the relationship or work collaboratively with the originating line of business to develop and implement appropriate strategies. If managed directly, the SAG Portfolio Officer is the primary customer contact serving as both relationship officer and Credit Products Officer
The SAG Portfolio Officer will:
• Develop and implement appropriate strategies to maximize recovery in distressed credits.
• Rehabilitate credits (when appropriate) and return to originating line of business.
• Pursue and oversee adversarial collection actions including litigation, foreclosure, Bankruptcy/363 sale, or Receivership.
• Negotiate and document amendments (subject to internal SAG approval)
• Conduct periodic portfolio reviews to ensure compliance with BAC and regulatory reporting requirements and internal risk ratings.
• Develop relationships across lines of business within Bank of America.
• Develop a deeper understanding of loan structuring, bankruptcy law and workout strategies
Required
The role requires a college degree in a finance or a related field, 2-5 years in commercial underwriting or prior workout experience, and a strong understanding of commercial lending, credit analysis and commercial loan documentation. Additionally, individuals should have excellent written and oral communication skills, strong negotiation skills and the ability to move decisively, often with limited or imperfect information or in highly dynamic situations.
Skills:
Shift:
1st shift (United States of America)
Hours Per Week:
40
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:
Typically has 5+ years workout/commercial loan experience or educational and other accomplishments that are indicative of a highly motivated individual with strong advancement potential. Reports to a Special Assets Manager or a Senior Portfolio Officer. Spends majority of time assisting in the management of more complex relationships, with specific emphasis on financial analysis, credit action and asset quality report preparation, and documentation review. May also manage a portfolio.
The Special Asset Group manages the high risk/criticized or distressed commercial loan portfolio for Bank of America. The SAG Portfolio Officer directly manages a portfolio of assigned relationships in the Business Banking portfolio and has primary responsibility to develop, negotiate and implement strategies designed to balance the bank's internal risk/return requirements by minimizing potential losses as well as supporting client needs. This position is primarily focused on small to medium sized, moderately complex relationships.
Depending on the severity of the client's financial distress, the SAG Portfolio Officer will either directly manage the relationship or work collaboratively with the originating line of business to develop and implement appropriate strategies. If managed directly, the SAG Portfolio Officer is the primary customer contact serving as both relationship officer and Credit Products Officer
The SAG Portfolio Officer will:
• Develop and implement appropriate strategies to maximize recovery in distressed credits.
• Rehabilitate credits (when appropriate) and return to originating line of business.
• Pursue and oversee adversarial collection actions including litigation, foreclosure, Bankruptcy/363 sale, or Receivership.
• Negotiate and document amendments (subject to internal SAG approval)
• Conduct periodic portfolio reviews to ensure compliance with BAC and regulatory reporting requirements and internal risk ratings.
• Develop relationships across lines of business within Bank of America.
• Develop a deeper understanding of loan structuring, bankruptcy law and workout strategies
Required
The role requires a college degree in a finance or a related field, 2-5 years in commercial underwriting or prior workout experience, and a strong understanding of commercial lending, credit analysis and commercial loan documentation. Additionally, individuals should have excellent written and oral communication skills, strong negotiation skills and the ability to move decisively, often with limited or imperfect information or in highly dynamic situations.
Skills:
- Adaptability
- Collection Management
- Critical Thinking
- Problem Solving
- Risk Management
- Credit and Risk Assessment
- Decision Making
- Financial Analysis
- Legal Structures and Legal Forms
- Underwriting
- Client Management
- Loan Structuring
- Negotiation
- Oral Communications
- Written Communications
Shift:
1st shift (United States of America)
Hours Per Week:
40
