UK Bank Levy Controller - Manager

  • Competitive
  • London, England, United Kingdom London England GB
  • Permanent, Full time
  • Morgan Stanley
  • 22 Mar 18 2018-03-22

See job description for details

Company Profile

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries.

As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.

Department Profile

The Finance Division reports to the Chief Financial Officer and consists of some 3,000 employees worldwide. Finance protects the Morgan Stanley franchise by serving as guardian of the Firm’s books and records and by contributing to firm wide risk management and risk reduction. This division maintains relationships with Morgan Stanley’s various industry and government regulators and also serves as the conduit of financial information to the outside investment community. Finance plays a critical role as advisor to Morgan Stanley’s various businesses and its senior management team.

Team Profile

The specific role is in the Global Corporate Controllers and Planning Group “GCCP” team. Within the Global function, this role will be in the London Office of Morgan Stanley, specifically in the Legal Entity Control “LEC” area. The London LEC team consists of 15 staff, working on a range of projects, regulatory and statutory reporting and control functions, specific to the main PRA regulated entities in the Morgan Stanley.

We are hiring a manager/experienced associate to work in the team responsible for the reporting and calculation of the UK Bank Levy. The role is broad and involves liaising across the business units, product control, tax, treasury and legal entity control, and will provide the individual exposure to products and businesses across Morgan Stanley. The direct team working on the calculation consists of 2 people based in London.

Primary Responsibilities

Monthly/quarterly responsibilities:
- Preparing the monthly UK Bank Levy calculation and the associated management reporting, leveraging the automated system.
- Performing detailed variance analysis to challenge the key drivers of the charge;
- Preparation and presentation of monthly reporting packs to the business units and Finance management;
- Booking monthly US GAAP accrual of the levy charge in the general ledger;
- Project work including continuous improvement to the automated system
- Working with the business to assess the impact on Bank Levy of new products and businesses

Annual responsibilities

The Bank levy calculation is submitted to HMRC annually in December.
- Preparing the HMRC submission, including appendix and supporting tables;
- Reviewing and updating the levy interpretation documentation;
- Preparation and presentation of year end reporting pack to the business units and Finance management;
- Booking the annual IFRS charge and hedging the balance;
- Liaising with the Firm’s external auditors.


Skills required

Work Motivation:
-Keen and motivated to work hard and achieve.
-Shows a willingness to learn from others and increase own knowledge base.
-Takes responsibility for own tasks and proactively looks for opportunities to increase responsibility.

Problem Solving & Judgment:
-Shows ability and desire to read and interpret tax legislation.
Shows the ability to identify and analyse the situation through gathering relevant information to understand the root cause.
-Determines the potential impact and implications of issues and takes appropriate action to avoid future recurrences.
-Knows when it is appropriate to resolve matters and offer solutions themselves and when it is critical to escalate to others.

Communicating Effectively:
-Able to explain issues and ideas succinctly, using appropriate mediums and language, to ensure others understand.
-Always ensures that the relevant people are kept informed.
Building & Maintaining Relationships:
-Awareness of other people and environment and own impact on these.
-Responds appropriately to others to build and maintain an effective network of contacts.
-Goes extra mile to ensure needs of others are addressed to highest possible standard.

Commitment to Excellence:
-Consistently shows concern for all areas no matter how small.
-Ensures tasks are always completed accurately, without exception.
-Checks, verifies and reconciles information to ensure no mistakes are made and work is completed to the highest possible standard.

Planning & Organising:
-Able to quickly and accurately establish priorities.
-Plans own and others' Time to meet tight deadlines and is flexible when priorities change.

-Qualified ACA or equivalent with experience in critical analysis of financial statements would be preferred.
-Candidates should possess excellent Microsoft Excel skills and be proficient in data mining and summarising and presenting themes and results in a meaningful format.
-Knowledge of financial products which are used in the financial services industry, such as securities lending and repos, and an awareness of the issues would be preferred.
- Knowledge of the UK bank levy is not required.

The closing date for applications is 30/03/2018

The salary for this role is competitive

Morgan Stanley is an equal opportunities employer. We work to provide a supportive and inclusive environment where all individuals can maximise their full potential. Our skilled and creative workforce is comprised of individuals drawn from a broad cross section of the global communities in which we operate and who reflect a variety of backgrounds, talents, perspectives and experiences. Our strong commitment to a culture of inclusion is evident through our constant focus on recruiting, developing and advancing individuals based on their skills and talents.