Transaction Management Operations Analyst

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. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits. We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve. Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs. At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. 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.

Line of Business Job Description:

Wealth Management Operations (WMO) provides end-to-end operational support that drives the client experience for Wealth Management advisory partners and their clients.

Within WMO, The WMO Cost Basis teams execute manual processes and monitor automated processes to accurately maintain an asset’s cost basis information throughout various events such as corporate mergers/splits, inheritance of assets, transfer of assets and the gifting of assets. Cost Basis is the original price paid for an asset and is a critical component for calculating an asset’s change in value over time for the purposes of tax reporting.

Upon the receipt of a request to update the cost basis amount in the system, the Cost Basis team reviews account records and supporting documents to ensure a cost basis update is necessary. Once the cost basis records have been confirmed, the Cost Basis team proceeds to update individual tax lots in the system and tracks the workflow of the cost basis updates. These transaction management activities are performed when a request is received in a queue or when reviewing a daily report. This team completes a high volume of transactions daily within strict timelines.

Responsibilities:

• Performs a completeness, accuracy and risk assessment of an asset and identifies and resolves any discrepancies or gaps, then updates the asset’s cost basis according to the established guidelines and procedures.
• Researches and resolves numerical errors by applying procedures and escalation using a trouble shooting guide and engaging support partners when needed.
• Responds to internal business partner inquiries related to cost basis changes via phone and email.
• Understands the process flow from end to end including the reasons for each step, the process controls, the risks within the process and the upstream/downstream impacts of their work based on an understanding the work impacts other operational units.​

Required Skills: ​

• Handles New Service Gateway and email requests pertaining to Cost Basis updates for Date of Death, Capital Change, Corporate Actions, Versus Purchase, and ACAT Transfers
• Research and resolve transactional exceptions
• Maintains current tax lots and for unrealized and realized gains/losses
• Liaison between internal units/departments and Branch Offices in the immediate
• Resolution of all issues related to Cost Basis and Tax Reporting
• Exception Report Processing
• Overtime may be required to support business needs, especially during Tax Season (Jan – Apr)
• Excellent interpersonal skills
• Proven ability to effectively service/resolve client inquiries
• Strong oral and written communication skills
• Ability to work effectively and efficiently as an individual contributor in a team environment
• Positive and professional attitude in a team oriented fast paced work environment
• Strong analytical and problem-solving skills
• Be able to adhere to the industry and IRS rules and regulations​

Desired Skills:

• Proficient with Microsoft Office, Outlook, Word and Excel
• Strong understanding of rules and regulations, policies and standards
• Ability to create and/or run macros
• College Degree preferred

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

Pay Transparency details

US - NJ - Pennington - 1400 American Blvd - Hopewell Bldg 4 (NJ2140)Pay and benefits informationPay range$25.00 - $36.92 hourly pay, offers to be determined based on experience, education and skill set.Predictable payThis role is compensated with a base salary and is not incentive eligible.BenefitsThis role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.