Analyst - CF Operations - Letters of Credit

About the role

This role is based out of our NYC office. The Operations Analyst - Letters of Credit (LC) is responsible for handling irrevocable standby LCs for middle-market leveraged deal structures, servicing agented or non-agented deals. They also manage key segregated duties such as wire instruction setup and OFAC screening.

Responsibilities

• Direct handling of the LC process, specializing in standby LCs.
• Administer key segregated duties, including wire instruction setup for clients, co-lenders, and agents, and performing OFAC screening.
• Perform and coordinate all LC activities, including applications, approvals, issuance, and amendments for direct deals as the issuing bank (Ally Bank) and on behalf of other issuing banks.
• Maintain evergreen LCs with sufficient time to address renewal dates.
• Set up outbound wires, conduct OFAC screenings, and manage daily funding activities to support new business and daily servicing requirements.
• Handle operations control responsibilities, including the reconciliation of letter of credit activities and various month-end reporting activities.
• Prepare for and participate in the month-end and quarter-end closing processes to ensure timely completion of letters of credit processing activities.
• Participate in disaster recovery activities and readiness, including key information archival and work-from-home testing.

Requirements

• 1 year of operational experience handling standby letters of credit in the role of the LC issuing bank.
• 3 years of LC experience is highly preferred.
• Operational control experience handling LC reconciliation activities.
• Excellent communication, verbal, written, interpersonal, and organizational skills.
• Highly analytical and detail-oriented, with problem-solving capability.
• Ability to work independently with demonstrated time management skills.
• High level of accountability and the ability to effectively prioritize tasks.
• Highly motivated self-starter.
• MS Word and Excel experience.
• Knowledge of Loan IQ or related systems, with 5+ years of hands-on operations processing experience preferred.

Qualifications

• High School Diploma or GED Equivalent.

Skills

• Experience working on the Loan IQ system or other commercial lending loan systems.

Benefits

Our Total Rewards program includes industry-leading compensation and benefits plus additional incentives that are designed to meet your needs and those of your family so you can get the most out of your career and your life, including:

• Time Away: 20 paid time off days in addition to 11 paid holidays and 8 hours of volunteer time off yearly (time off days are prorated based on start date and program varies based on full or part-time status and management level).
• Planning for the Future: an industry-leading 401K retirement savings plan with matching and company contributions, student loan pay downs and 529 educational save up assistance programs, tuition reimbursement, employee stock purchase plan, and financial learning center and financial coach access.
• Supporting your Health & Well-being: flexible health and insurance options including medical, dental and vision, employee, spouse and child life insurance, short- and long-term disability, pre-tax Health Savings Account with employer contributions, Healthcare FSA, critical illness, accident & hospital indemnity insurance, and a total well-being program that helps you and your family stay on track physically, socially, emotionally, and financially.
• Building a Family: adoption, surrogacy and fertility assistance as well as paid parental and caregiver leave, Dependent Day Care FSA back-up child and adult/elder care days and childcare discounts.
• Work-Life Integration: other benefits including Mentally Fit Employee Assistance Program, subsidized and discounted Weight Watchers® program and other employee discount programs.

Pay

Base Pay Range: $65000 - $115000 USD

Schedule

Work Schedule: Ally designates roles as (1) fully on-site, (2) hybrid, or (3) fully remote. Hybrid roles are generally expected to be in the office a certain number of days per week as indicated by your manager. Your hiring manager will discuss this role's specific work requirements with you during the hiring process. All work requirements are subject to change at any time based on leader discretion and/or business need.