Transaction Management Operations Analyst

Pennington, New Jersey;Jacksonville, Florida

Job 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:

This job is responsible for moderately complex transaction and fulfillment processing, including the movement of assets into and out of accounts. Key responsibilities include reconciliation, settlement, and trade and transfer support, and providing quality service and operations support for internal business partners and external clients, in accordance with established guidelines and procedures. Job expectations include handling in operational processes which may carry medium to high levels of monetary risk and assisting in training less experienced team members.

Responsibilities:

Performs moderately complex transaction processing and reconciliation with medium to large monetary impact according to the established written guidelines and procedures

Responds to moderately complex client inquiries via numerous channels to support operational efficiency and quality client service

Responsible for the analysis and resolution of moderately complex transactions requiring escalations and exceptions

Proactively identifies risk and opportunities for process improvements based on an understanding of how the work impacts other operational units

Line of Business Job Description:

We are seeking a detail-oriented and analytical Transaction Management Ops Analyst to join the Cost Basis team. As a key member of the team, analyst will play a crucial role in ensuring the accuracy and compliance of transactional activities through diligent management of inquiries, requests, and exception reports via eTask. A strong understanding of company policies, procedures, and IRS regulations is crucial for success in this position.

Key Responsibilities:

Transaction Processing: Efficiently and accurately process transactions using Profitability and Customer Enhancement (PACE), Tax Lot Correction (TLC) , or similar transaction management systems. This includes reviewing transaction details, verifying accuracy, and ensuring timely completion.

Inquiry Handling: Respond to inquiries and requests from the client team/Trust Officers regarding cost basis adjustments, providing clear and concise information and resolution.

Exception Management : Monitor and address exceptions identified through system-generated reports, investigating discrepancies, and implementing corrective actions as necessary.

Compliance and Regulatory Adherence: Maintain a comprehensive understanding of company policies, procedures, and IRS regulations related to cost basis reporting. Ensure all transactions adhere to regulatory requirements and internal guidelines.

Financial Analysis: Utilize your knowledge of financial statements and records to analyze cost basis information.

Collaboration: Work closely with cross-functional teams within Private Bank to resolve transaction-related issues and improve processes.

Audit Support: Maintain accurate transactional data, supporting documentation, and approvals as needed.

Continuous Improvement: Stay updated on regulatory changes, procedural changes, and best practices related to cost basis reporting. Proactively suggest and identify opportunities for process improvements to enhance efficiency and accuracy.

Required Skills:

Proven experience (2 years) in transaction management, financial operations, or similar role within the financial services industry.

Solid understanding of financial statements, records, and accounting principles.

Familiarity with IRS regulations and cost basis reporting requirements preferred.

Prior experience within PACE/TLC or similar transaction management systems.

Strong Analytical mindset with the ability to identify discrepancies, mitigate risk, and implement solutions.

Excellent communication skills, both verbal and written, with the ability to interact effectively with client teams at all levels.

Ability to work independently and collaboratively in a fast-paced environment, managing multiple priorities effectively. Especially during tax season (Jan-Apr).

Overtime may be required to support business needs.

Proficient with Microsoft Office, Outlook, Word, and Excel

Ability to create and/or run macros​

Skills:

Attention to Detail

Customer and Client Focus

Oral Communications

Prioritization

Problem Solving

Account Management

Analytical Thinking

Coaching

Written Communications

Mentoring

Research

Result Orientation

Shift:

1st shift (United States of America)

Hours Per Week:

40

Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.

To view the "Know your Rights" poster, CLICK HERE (https://u.go/0As7EN) .

View the LA County Fair Chance Ordinance (https://dcba.lacounty.gov/wp-content/uploads/2024/08/FCOE-Official-Notice-Eng-Final-8.30.2024.pdf) .

Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (“Policy”) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.

To view Bank of America’s Drug-free Workplace and Alcohol Policy, CLICK HERE .

This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.