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Amalgamated Bank · 1 month ago

Operational Services Associate

New York, NY, US

Full-time

Onsite

New Grad, Entry Level

$70K/yr - $80K/yr

Amalgamated Bank is a financial institution seeking an Operational Services Associate to support a broad range of operational processes within Trust Operations. The role involves ensuring accurate execution of cash management and trust-related operational activities while collaborating with various stakeholders to enhance efficiency and mitigate risks.

Banking

Responsibilities

Act in a lead capacity to analyze Letter of Instructions (LOIs) received from clients, consultants, and investment managers

Determine appropriate sequencing of LOIs to ensure investments, redemptions, and cash movements are executed accurately and in accordance with the intent of the instruction

Review and input entry of trades for DTC, FED, and mutual funds. Pre-balance next day trade activity and make determination whether early redemptions are required to fund scheduled activity

Responsible for all aspects of cash movement (checks, wires, and ACH) including full instruction authentication and required controls. This includes verifying signatures, confirming authority levels, performing callback confirmations to authenticate instructions received, and ensuring proper documentation. This includes oversight and processing for Shares Held Elsewhere (SHE) assets

Managing SHE assets from custodians or investment managers, review statements for changes in units held, submit periodic prices or cost adjustments, as necessary

Providing oversight into incoming and outgoing cash transfers on investment management accounts, ensuring adherence to requirements such as minimum balance threshold

Ensure timely and accurate posting of all securities and cash related transactions

Support DC37 and other benefit payments processes, including funding, payment processing, database/record updates, GL entries, and distribution of required tax forms

Work directly with sub-custodians to research and resolve operational issues, escalating, as necessary

Partner closely with the third-party vendor, FIS, to ensure daily processing, transactions, data flow, and system dependent activities are completed accurately and on time. Monitor their service delivery and escalate any issues promptly

Serve as a primary contact with Investment Managers to ensure timely execution of trades initiated on behalf of the fund

Review and act on daily control reports including fail reports, overdraft reports, and cash and securities break reports. Ensure all breaks are addressed promptly and escalated early when needed

Assist management with internal audits, regulatory examinations, external audits, and related documentation or remediation activities

Support disaster recovery (DR) and business continuity planning (BCP) exercises and testing, including participation during off-peak business hours when required

Collaborate closely with Technology partners to identify and implement automation, workflow enhancements, (e.g., bots, AI Solutions, RPA Tools)

Cross train on other functional areas of Trust Operations and provide support as needed to ensure operational continuity

Participate in annual career development planning and ongoing skills development

Perform other duties as required to support departmental and organizational objectives

Qualification

Data analysisDepository Trust Company proceduresAccounting principlesExcel proficiencyOperational control requirementsTechnology mindedCommunication skillsOrganizational skillsAdaptabilityInitiative

Required

Bachelor's degree or equivalent experience

Proven ability to think critically and independently, exercise sound judgement and take initiative

Strong proficiency with excel and general data analysis skills

Thorough understanding of Depository Trust Company procedures and settlement practices

Product knowledge of equities, indexed funds, financial futures

General understanding of automated system processing across equities, fixed income, financial futures, and options

Comprehensive knowledge of the accounting principles, reconcilement process and operational control requirements

Excellent communication (written/verbal) and presentation skills

Detail oriented with strong organizational skills; able to manage multiple priorities and meet deadlines

Technology minded with interest to automate and drive process improvements

Open minded and adaptable to change

Company

Amalgamated Bank

For over a century, Amalgamated Bank has been America’s Socially Responsible bank supporting thousands of people, organizations, causes and businesses.

Founded in 1923