• Based on experience
  • London, England, United Kingdom
  • Permanent, Full time
  • J.P.Morgan
  • 18 Mar 18

CAO CIB Operations - Bullion Operations - Associate

  • 170122427
  • London, England, United Kingdom
  • Accounting/Finance/Audit/Risk

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 world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Department Description: As part of its activities in the global precious metals markets Global Commodities offers its clients precious metal clearing services for precious metal transactions within the major loco London market and at other global settlement locations. Participants in the precious metal markets hold unallocated and allocated precious metal accounts with either JPMC or one of 5 investment banks that through the London Precious Metals Clearing Ltd manage the London precious metal clearing process.
In addition to acting as a leading market maker in the precious metal OTC markets and providing  conventional metal clearing accounts, the Global Commodities business provides other precious metal services to the market including -

  • Physical vaulting across global locations

  • Bullion wholesales.

  • Consignment Agreements in India

  • Confidential & secure transportation of precious metals.

  • Refining and Recasting services

  • Location swaps.

  • Numismatic Services.

  • Custodian for ETF precious metal products.

As a result of the Clearing and Physical business described above, we generate our own invoices for our clients/vendors. We also manage our Accounts receivable/payable process and play a part in assisting our Finance team to produce the monthly YTD income and expenditure.
Our physical activities with our clients and 3rd party vaults require us to perform monthly depository reconciliations, as well as various internal/external reporting.
All client records, statements and balances and records of its Physical inventory/Clearing activities are held in an application called Metalics/E-Metalics.
Team/Key responsibilities:

  • Bullion Clearing - adhering to daily cut offs for London and ZCH for both in/out house transactions.

  • Bullion Logistics - working closely with front office, clients, carriers and vault

  • Perform daily reconciliations on our USD Nostro along with with passing of LC/LD entries

  • Management of Accounts Receivable/Payable spreadsheet

  • Monthly manual depository reconciliations to 3rd party statements

  • Monthly billing cycle and emailing out client invoices

  • Dedicated Bullion Accounts/Clearing/physical email boxes to manage

  • Chasing non receipts of funds.

  • VAT/Corporate tax team partnership and build out tax logic workflows

  • Regulatory/Insurance reporting

  • Maintenance/ownership of Standard Operating Procedures and daily/monthly check lists

  • Escalation of issues to management as and when required

  • Monthly YTD Income and Expense reporting for actuals/accruals

  • Team player and strong communications/partnership skills

  • Future plans - Drive strategic delivery of target state billing system, working closely with the commodities project /tech leads and providing our ‘build’ requirements

  • Good knowledge of Bullion Clearing and/or Logistics

  • Strong accounting / numeric skills

  • Nostro / GL / Depository reconciliations

  • Strong excel skills (advanced)

  • MIS /Reporting preparation and distribution

  • Process improvement mindset to increase our efficiencies

  • Excellent accuracy as high percentage of manual work

  • Organizing/prioritizing work load and working both alone and as a team

  • Control mindset

  • Good client service skills

  • Expected to be able to work under pressure in a fast paced environment for extended periods and meet deadlines.

  • Be flexible and adaptable in working hours

About J.P. Morgan Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank (CIB) is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18 trillion of assets under custody and $393 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world.
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