Global Capital Markets (GCM) Accounting Specialist
The Global Capital Markets (GCM) Accounting Specialist role will assist with accounting and reporting for the GCM division, including transactions related to derivatives and hedging, debt and securities products. The role will assist with the month-end close process, preparation of account reconciliations and balancing, preparation of month-end and quarter-end financial reports and conduct reviews of reports prepared by GCM accounting analysts. The role will assist with subsystem accounting and reporting functions for GCM products and compliance with accounting standards and related accounting and reporting policies, procedures, and controls.
Position Responsibilities
Month-end Close
- Assist with GCM Accounting month-end close process.
- Prepare analyses of month-end financial results and general ledger entries for various GCM accounts.
- Prepare timely and accurate GCM product account reconciliations and balancing.
- Assist with detailed reviews of account reconciliations prepared by GCM accounting analysts.
Month-end/Quarter-end Reporting
- Prepare various month-end financial reports for GCM products for distribution to internal groups.
- Prepare various quarter-end financial reports for GCM products to be utilized by the
- Financial Reporting group in reporting to the bank regulatory agencies, SEC, and other users (e.g., Call/FR Y-9 Reports and Form 10-Q/10-K).
- Perform monthly validation on new derivative instruments to ensure proper recording in subsystems.
- Assist with detailed reviews of reports and schedules prepared by GCM accounting analysts.
Effectively communicate with traders and lenders to ensure accurate information is included in derivative income and referral fee allocations.
Support
- Prepare ad-hoc reporting for GCM products and assist with special projects and initiatives as requested by management for Accounting, Financial Reporting, Treasury and other GCM groups, including but not limited to monthly variance analyses of results and activity utilized by upper management.
- Assist with implementation of accounting and reporting procedures and controls for new GCM products, and improvements for existing products.
- Assist with research and implementation of existing and new accounting standards impacting GCM instruments.
Subsystem Accounting and Reporting
- Assist with GCM product subsystem accounting and reporting functions, including extracting reports, month-end analysis of ongoing transaction activity, research of discrepancies and assistance with subsystem upgrades, conversions and product or accounting changes.
- Work with external vendors and GCM systems support and production groups to assist with new and existing subsystem-related issues.
Additional Reporting, Research and Review Duties (performed by more experienced GCM Accounting Specialists)
- Assist with detailed reviews of account reconciliations prepared by other GCM accounting staff.
- Assist with research and implementation of existing and new accounting standards impacting GCM instruments.
- Perform monthly validation of new derivative instruments to ensure proper recording in subsystems.
- Assist with detailed review of reports and schedules prepared by other GCM accounting staff.
- Effectively communicate with traders and lenders to ensure accurate derivative income and allocations.
Position Qualifications
- Bachelor's degree from an accredited university in accounting
- 2 years of public accounting or accounting experience in banking/financial services environment
- 2 years of financial reporting, financial accounting and/or financial analysis
- 2 years of financial reporting tools and subsystem accounting and reporting
- 2 years of Microsoft Office Products, including Word, PowerPoint, and Excel; including pivot tables, graphs, charts
Licenses/Certifications
- Preferred, CPA (Certified Public Accountant)
About Comerica
We know our employees are critical to our overall success and we are dedicated to investing in their future. One of the ways we do this is to offer a comprehensive Total Rewards package designed to recognize and reward individual performance, as well support health, well-being, development and security for our colleagues and their family. Total Rewards consists of cash compensation, development and flexible benefit programs designed to meet individual needs today and in the future. Your salary will be commensurate with your work experience and our programs are reviewed regularly to ensure each remain competitive. We are proud to offer benefits such as health and welfare programs, strong retirement benefits, and generous paid time off programs. You and your eligible family members, including domestic partners and their children, can participate in medical, dental, and vision benefits, 401(k) and pension, income protection benefits such as life insurance, AD&D, and supplemental health programs to offset unexpected health care expenses. We also have a variety of time off programs for things like vacation, sick time, disability, and parental leave. Eligibility for some programs varies based on employment status and tenure.
Upon offer, Comerica conducts a comprehensive background and fingerprint check.
NMLS certification requirement: where applicable, a favorable background check screening, credit check, fingerprint check, and NMLS certification is required in accordance with the SAFE Act.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned into three major business segments; the Commercial Bank, the Retail Bank, and Wealth Management. Comerica's colleagues focus on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.
Comerica is proud to be an Equal Opportunity Employer - veterans/individuals with disabilities, committed to workplace diversity.
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Comerica Bank
life insurance, parental leave, paid time off, sick time, 401(k)
Dec 23, 2024