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Direct Custody and Clearing Operations

Company: HSBC
Location: Jersey City
Posted on: November 17, 2021

Job Description:

At HSBC, the health and well-being of our employees remains of utmost importance. Many of our roles are permitted to work from home (in states in which HSBC is licensed to operate) until further notice. Upon resumption of normal operations, this role may be performed at our Jersey City, New Jersey office. Individual is responsible for Voluntary Corporate actions which is a High Risk /Short Deadline process. Needs to be handled with 100 % accuracy. Individual is responsible for ensure proper notifications to the client. Support client inquiries with precise details along with documentation. Obtain client elections/ review documentation/ submit elections to the agent. Upon payment they are also responsible for balancing/ allocating of entitlement via various systems to clients and distributing swift notifications. Business Justification We are responsible for $400 billion of assets under custody. We have already given up a head count due to attrition last year. They team should be a team of four we currently only have two. We require additional head count to ensure we are properly supporting our client and not putting the firm at risk for missed offers/election or incorrect allocations. Business Impact or Role Closure/Non Hire Monetary loss to firm. Client relationship issues. Loss of Clients. Further resignations of staff members due to overwork and no life balance. Custody assets under custody is continuously growing as a result of new client activity at the Global Custodian and there is an expected 15% increase in processing volumes for 2021 compared to current levels. - Daily volumes vary greatly and consist of multiple responsibilities throughout the day including passing liabilities to counterparties on fail trades, submitting protects for SBL positions, direct to agent elections as well as the standard election to the depot. All of these tasks have similar deadlines same day requiring multiple actions to be taken to prevent possible financial losses. - Financial claims for loss of use of funds if clients are not made aware of payments per the agreed upon time frame in the SLA. Incorrect payment can result in overdraft charges as well as FX exposure being that a majority of HBUS custody clients are foreign entities. - Due to recent cost saving initiatives the corporate actions group has lost 4FTE's in 2019/2020, to ensure that there is adequate coverage to cover regulatory and financial risks the role needs to be replaced. Based on the increase in processing volumes due to market conditions our MIS reflects that the group risks becoming seriously under staffed if the role is not filled. Employment eligibility to work with HSBC in the U.S. is required as the company will not pursue visa sponsorship for these positions * Microsoft Excel (Pivot Tables; V-Lookup) * Effective time management skills with the ability to meeting deadlines * Advanced communication skills * An overall knowledge of Equities and Fixed Income products * Aggressive and quick learner who is able to multi-task * Extensive knowledge of ADP/BPS, DTCC, with a concentration in Dividends and Voluntary/Mandatory Corporate Actions processing, * Experience working as Prime Brokerage trading support/operations * Minimum of 4 years of Operations experience * Minimum of a BA/BS degree or equivalent industry experience #wayup All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.

Keywords: HSBC, Jersey City , Direct Custody and Clearing Operations, Other , Jersey City, New Jersey

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