Rates & Credit Profit & Loss Controller

In a changing world, unprecedented challenges require unmatched talent. Join one of Montreal’s Top Employers in 2023. We are a dynamic and growing organization having its main establishment located in downtown Montreal and part of a leading international banking institution fully committed to building a more sustainable future. Note that the position may be in the Canadian Branch of BNP Paribas or in one of its subsidiaries based in Montreal.

The position at a glance 

Business Overview:

Product Control overview: 

Fully integrated in the IT and Operations (“ITO) department, Product Control covers a large panel of operational activities aiming to monitor the life cycles of the trades. It starts from the portfolio creation for trade booking, the trade booking itself, the monitoring of the events associated to the trades, the P&L calculation, explanation and validation on a day-to-day basis as well as  the monitoring of the trading activity, ensuring that the traders mark their books to fair value prices. It also encompasses the confirmation of trades with counterparties.

P&L Controller Overview:

This position is for a P&L controller supporting and controlling the Global market and ALMT business in New York, Canada, Mexico, Colombia, Europe and Asia. The selected candidate will be part of the P/L team which produces daily P/Ls and Explains for dedicated trading desks.

The role will encompass daily P&L responsibilities and the successful candidate will need to fully understand and explain the key P&L drivers.  The individual will be required to establish effective working relationships with both Front Office and other areas of support. (E.g. Trade Support, VR&C, Market Risk, Finance & IT) – allowing for an integrated and proactive approach to the business’ requirements, understanding the lifecycles of the products traded and the systems and reporting mechanisms required to enable full control and accurate and appropriate information to be supplied. 

In detail

P&L Controller Responsibilities:

Department Objectives

• The preparation and supervisions of daily and monthly management revenues for the Rates and Credit activity and their reconciliation with the estimates of the traders and with the financial accounts

• Analysis and reporting of daily P&L with detailed Greek breakdown for multiple products including futures, options, interest rate derivatives and Structured Products
• Reconciliation of PnL to Front office estimates with detailed Greeks and New deal breakdown
• Ensuring the pricing configuration complies with trading strategy and internal controls, collaboration with V&RC and Risk required to enforce consistency
• Analysis, understanding and commentary on PnL using analytical tools
• Working with front office and trade support and other parts of the middle office to resolve operational and booking issues 
• Working with front office and market risk to finalize month end PnL validating Map and Reserves at the trading book level
• Collaboration with Risk to evaluate and explain cash and PV movements above established thresholds to facilitate risk reporting
• Ensuring the MTD management P&Ls are consistent with the final end of month general ledger P&L
• Lead new systems deployment which is not limited to being part of TAC/NAC, gathering requirements, testing UAT database, ensuring results match expectations and reporting impacts 
• Discussing and reviewing trading P&Ls with management
• Continuously improving controls
• Continuously improving efficiencies

Support for Front Office and Other Internal Stakeholders

·          Liaise with trading floor personnel and ensure a satisfactory resolution of all FO inquiries

·          Interact with Operations functions and other infrastructure groups to support a ‘one team approach’

·          Strive to meet or surpass the service level agreement

·          Manage deadlines and objectives

Communication

·         Ensure timely and efficient dissemination of data and the resolution of inquiries

·         Identify and escalate time / risk sensitive issues to the team supervisor

·         Cohesively explain and maintain own position, logically, in light of differing views

Culture

·         Focus on the needs of the business

·         Act with integrity, accepting responsibility for actions

·         Recognize opportunities for creativity and development of processes

·         Achieve a sensible work/life balance.

Applicable to All

·         Ensure the business area conducts its activity in accordance with all relevant external regulators and internal policies.

The strengths and skills that will help you succeed 

• Bachelor’s degree or equivalent required
• 4+ years of previous experience in P&L Control, Finance, Trade Support, Valuations, Risk, or Front Office environment including 2+ years of P&L Control covering Fixed Income derivatives & hedges (Treasuries, Corporate Bonds, CDS, CDX,IRS, FRAs, Caps/Floors, Swaptions, and FX Products)
• Strong working knowledge of P&L attributes/Greeks
• Superior attention to detail and accuracy
• Strong interpersonal and communication skills a must
• Ability to work in a fast-paced environment
• Ability to work as part of a team in a “split team” organization
• Strong Excel & PC skills with proven ability to work with multiple systems
• Spirit of continuous improvement
• Display good relationship qualities, team spirit, and ability to work across teams
• Possess Control mindset

Preferred Qualifications:

• Working knowledge of Programming languages such as VBA & Python (strong preference)
• Graduate degree in Finance, Math or Engineering or other quantitative disciplines
• Previous experience in Fixed Income P&L
• Fluency in financial markets with an emphasis on Fixed Income
• Experience in pricing, valuation or hedging of derivatives

What’s in it for you

In addition to competitive compensation, we offer flexible benefits including a family and spouse insurance program, a defined contribution pension plan and paid days for volunteering. Hybrid work arrangements, such as remote working up to 50% and flexible working hours are available for most positions. BNP Paribas provides excellent training and personal development programs, as well as opportunities for career development within the company and internationally.

To find out more about our range of benefits, click here

What you need to know

• We will review candidates as they apply, so don’t wait to submit your application; 
• If you are selected to participate in the recruitment process, please inform Human Resources of any accommodations you may require. BNP Paribas will work with you to ensure that you are able to participate fully in the process;
• You must be legally eligible to work in the Greater Montreal area and, if applicable, hold a valid work or study permit. Physical presence in BNP Paribas’ office(s) is an essential function of this position; 
• Given the vast majority of our clients, both internal and external, are based outside of Quebec and Canada, specific language requirements may apply. These will be clearly mentioned in the qualifications of the position;

Diversity, Equity and Inclusion (DE&I) at the heart of our commitments

At BNP Paribas all employees are on an equal footing allowing us to create a work environment that values and respects people for their talents, skills and competences.

BNP Paribas recruits, employs, trains, compensates and promotes regardless of race, religion, colour, national origin, sex, disability, age, and other protected status (Employment Equity Act and Canadian Human Right Act).

To learn more about our DE&I commitments, click here

About us

BNP Paribas is the top bank in the European Union and a major international banking establishment. Present in 65 countries, with more than 190,000 employees, the bank holds key positions in several areas of banking and financial services.

BNP Paribas’ mission is to contribute to a responsible and sustainable economy by financing and advising its clients according to the highest ethical standards, while striving to respond to essential concerns in terms of the environment, regional development and social inclusion.

Since 1961, BNP Paribas has supported large Canadian companies and institutions in their business development by offering a full range of specialized financial services and investment products.

With over 1,200 employees, BNP Paribas in Canada continues to attract experts from diverse fields as well as ambitious young talent from around the world. We are proud to offer our employees a rewarding and international workplace where they can build their professional careers by honing their skills, meeting challenges and enriching their knowledge of the financial industry.

Our certifications and partnerships

• Montreal Top Employer 2023
• Canada’s Best Diversity Employer 2023
• Women in Governance  – Parity certified –  Gold certification
• CCDI Consulting Inc. (Canadian Center for Diversity and Inclusion)
• Pride at Work Canada
• Rainbow Accreditation issued by Canada’s LGBT+ Chamber of Commerce (CGLCC)
• ROSEPH – Grouping of specialized organizations for the employment of persons with disabilities
• IndigenousWorks
• Part of Les Affaires top 300 companies in Quebec

Do you want to discover other BNP Paribas offers in Canada?

Click here: BNP Paribas in Canada Our job offers

** Only selected applications that meet the requirements of the role will be contacted **