Massachusetts Veterans Jobs

SAG Portfolio Officer

Providence, Rhode Island;Charlotte, North Carolina; Boston, Massachusetts; East Hartford, Connecticut

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Job Description:

Must have 2-5 years workout/commercial loan experience. Educational and other accomplishments that are indicative of a highly motivated individual with strong advancement potential. Reports to a Special Assets Manager or a Senior Portfolio Officer. Spends majority of time assisting in the management of more complex relationships, with specific emphasis on financial analysis, credit action and asset quality report preparation, and documentation review. May also manage a portfolio.

Skills:

• Adaptability

• Collection Management

• Critical Thinking

• Problem Solving

• Risk Management

• Credit and Risk Assessment

• Decision Making

• Financial Analysis

• Legal Structures and Legal Forms

• Underwriting

• Client Management

• Loan Structuring

• Negotiation

• Oral Communications

• Written Communications

The Special Asset Group manages the high risk/criticized or distressed commercial loan portfolio for Bank of America. The SAG Portfolio Officer directly manages a portfolio of assigned relationships in the Business Banking portfolio and has primary responsibility to develop, negotiate and implement strategies designed to balance the bank's internal risk/return requirements by minimizing potential losses as well as supporting client needs. This position is primarily focused on small to medium sized, moderately complex relationships.

Depending on the severity of the client’s financial distress, the SAG Portfolio Officer will either directly manage the relationship or work collaboratively with the originating line of business to develop and implement appropriate strategies. If managed directly, the SAG Portfolio Officer is the primary customer contact serving as both relationship officer and Credit Products Officer

The SAG Portfolio Officer:

• Develop and implement appropriate strategies to maximize recovery in distressed credits.

• Rehabilitate credits (when appropriate) and return to originating line of business.

• Pursue and oversee adversarial collection actions including litigation, foreclosure, Bankruptcy/363 sale, or Receivership.

• Negotiate and document amendments (subject to internal SAG approval)

• Conduct periodic portfolio reviews to ensure compliance with BAC and regulatory reporting requirements and internal risk ratings

• Develop relationships across lines of business within Bank of America.

• Develop a deeper understanding of loan structuring, bankruptcy law and workout strategies

Required Skills:

• Minimum of 2 years of experience with workout/commercial loans

• Financial Accounting

• Minimum of 2 years experience with client/customer interaction with negotiation component

• Loan Agreement Structuring experience (legal documentation)

• Strong Communications Skills (written and oral)

• Adapts well to dynamic environment

*Position to be filled at one of the locations listed on this posting.

Shift:

1st shift (United States of America)

Hours Per Week:

40

Pay Transparency details

US - CT - East Hartford - 101 E River Dr - One Riverview Square (CT2550), US - RI - Providence - 1 Financial Plaza (RI1537)

Pay and benefits information

Pay range

$93,400.00 - $113,800.00 annualized salary, offers to be determined based on experience, education and skill set.

Discretionary incentive eligible

This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

Benefits

This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.

Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.

To view the "EEO is the Law" poster, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/eeopost.pdf) .

To view the "EEO is the Law" Supplement, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/OFCCP_EEO_Supplement_Final_JRF_QA_508c.pdf) .

View the LA County Fair Chance Ordinance (https://dcba.lacounty.gov/wp-content/uploads/2024/08/FCOE-Official-Notice-Eng-Final-8.30.2024.pdf) .

Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (“Policy”) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.

To view Bank of America’s Drug-free Workplace and Alcohol Policy, CLICK HERE .

This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.