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Product Control - Associate

Sumitomo Mitsui Banking Corporation (SMBC)
remote work
United States, New York, New York
277 Park Avenue (Show on map)
April 13, 2024

SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG's shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.

The anticipated salary range for this role is between $79,000.00and $120,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.

In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization's extensive global network. The Group's operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.

Role Description

The Product Control team seeks an experienced Product Control Associate responsible for daily P&L validation, explanation, risk analysis, and reporting for our fixed-income sales & trading (FIST) desk that makes markets in corporate, interest rates, and asset-backed products. The successful candidate will be involved in internal controls and process efficiency projects, document policies and procedures, and liaise with internal and external auditors and regulators.

Role Objectives



  • Daily P&L validation, explanation, and reporting.
  • Detailed analysis and explanation of daily price movements in securities, structured products, credit spreads, and exchange-traded products in multiple currencies.
  • Ensure trades and their complete life cycle are recorded and posted on the GL according to US GAAP.
  • Monitor trading activity for ad-hoc valuations and trade reserves.
  • Reconcile trading books to the general ledger.


  • Preparation and review of weekly control pack for senior management.


  • Independent Price Verification (IPV) of corporate bonds, asset-backed securities, credit derivatives, and exchange-traded products.
  • Month-end close and reporting for internal and external stakeholders.

Process Control Analysis:

  • Evaluate internal controls to identify weaknesses.
  • Propose process and control enhancements.
  • Collaborate with business analysts, project managers, and IT to implement process and control improvements.
  • Participate in UAT testing and implementation of process and control improvements.
  • Document policies and procedures.
Qualifications and Skills
  • 4 - 7 years of combined experience in financial services or product control. Big 4 financial services audit experience preferred but not required.
  • Bachelor's Degree in Accounting or Finance or equivalent. CPA preferred but not required.
  • Working knowledge of product control processes and trade lifecycle per US GAAP.
  • Exposure to the month-end close process, independent price verification (IPV) of fixed-income products, and a solid understanding of the internal control framework surrounding the entire trade lifecycle to assure the accuracy and completeness of information for financial, regulatory, and management reporting.
  • Proficiency in Excel, including working knowledge of advanced functions; VBA skills preferred but not required.
  • Excellent communication skills, including writing/documentation.
  • Self-motivated with the ability to build professional relationships/work well in a team-orientated setting.

SMBC's employees participate in a hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process.

We are an equal employment opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, national origin, disability status, protected veteran status or any other characteristic protected by law. SMBC provides reasonable accommodations for employees and applicants with disabilities consistent with applicable law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com.