JPMorgan Chase Wholesale Lending Services – Credit Support Specialist - Credit Compliance Quality Control in Chicago, Illinois
Commercial Banking – Wholesale Lending Services – Credit Support Specialist - Credit Compliance Quality Control– 405 – Job Code: CB0602)
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small business, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the worlds most prominent corporate, institutional and government clients under its JPMorgan Chase & Co brands. JPMorgan Chase & Co.is committed to providing a comprehensive set of benefits choices to meet different employee needs and lifestyles, which include choices such as fully paid parental leave time, health care insurance and retirement benefits.
Commercial Banking (CB) serves more than 30,000 clients, including corporations, municipalities, financial institutions, and not-for-profit entities with annual revenues generally ranging from $20 million to $2 billion. The Firm's broad platform positions the Commercial Bank to deliver extensive product capabilities - lending, treasury services, investment banking, and asset management - to meet our clients' domestic and international financial needs.
Wholesale Lending Services (WLS) exists within the Commercial Bank and provides a broad array of syndicated and bi-lateral loan servicing support to the Firm’s Wholesale Lending Businesses. These functions include Loan Documentation Prep & Coordination, Credit Administration, Deal Closing/Funding, Credit Compliance Monitoring, Agent and Non-Agent Loan Servicing, Trade processing, and Collateral Perfection/ Management.
Credit Monitoring sits within the WLS Middle Office and provides Credit Compliance Monitoring for the Commercial Banking Loan Portfolio. This includes Covenant Document Tracking, Financial Covenant Monitoring, Borrowing Base Monitoring and Security Valuation Monitoring. The Specialist will be responsible for reviewing the quality of customers’ compliance with credit agreements performed by Credit Monitoring Specialists.
Review the quality of customers’ compliance with credit agreements by re-performing tasks originally completed by Credit Monitoring Specialists, including:
Set-up and calculate a variety of Financial Covenants (ratios) using complex commercial financial statements from customers with different accounting policies
Determine Performance Pricing and review the initiation of any required pricing changes on various systems
Calculate borrowing base and marketable securities collateral availability on customers’ facilities per required agreements
Clearly communicate any issues or discrepancies found during the quality review for correction; identify patterns and/or trends in results in order to address root cause
Follow-up to ensure corrections are made in system or escalate as necessary to Credit Monitoring management for resolution
Contribute to the continuous improvement agenda by suggesting process and procedure improvement ideas as well as training and communication opportunities discovered from the quality review process
Participate in projects related to quality improvement
Ownership of internal communication and status updates to all involved parties
Manage internal partner expectations
Bachelor’s degree in accounting or other business specialty with minimum 6 hours accounting and a minimum GPA of 3.0/4.0 strongly preferred; or, equivalent work experience in financial industry (typically 5+ years)
Ability to read and interpret complex legal agreements to identify a variety of covenants
Knowledge of financial documents including financial statements, accounts receivable and inventory reports, etc. with ability to identify inadequacies and irregularities
High level of accounting knowledge to interpret/analyze the impact of different accounting policies and statement formats on financial covenant calculations
Ability to work independently with strong attention to detail and high accuracy and efficiency level
Creative problem solving and solid judgment/decision making skills
Excellent verbal, written, and organizational skills
Ability to multi-task effectively and leverage internal resources
Strong client focus and ability to partner with various internal groups
Demonstrate high level of accuracy and productivity
Ability to interact with people at all levels within the organization
Independent, self-motivated with an ability to adapt and be flexible in a team environment under a high pressured situation
Preferred Qualifications :
Knowledge of the Firm’s or similar financial institution’s Credit Policy
Experience with related credit systems such as CLASS, LoanIQ, ARC/iCRD, Deal Works, etc.
JPMorgan Chase is an equal opportunity and affirmative action employer Disability/Veteran.