CFO Group/Finance
Video transcript
>>Rich Chen, Finance Business Support: Hi.
My name is Rich Chen, and I work in Finance Business Support for Global Wealth and Investment Management Business.
It's headquartered in Boston and I work there as well as in Midtown Manhattan.
I think the best way to explain the finances role is that they're a business partner and adviser to the line of business.
So you basically have people who represent the company and try to sell our products to our various clients, and their primary focus should be in terms of selling and generating incremental revenue for the company.
Finance's role is basically to be an information provider to those people.
Help them understand what sort of businesses they're generating and from what product products or delivery channels they're coming from and helping them manage their expense structure so that they don't kind of overspend or they're more efficient in lines with how we compete with some of our competitors.
I think my favorite thing about the job is that it is so fluid in nature because there's so much going on a day-to-day basis.
It allows me to be involved with several different things which prevents, I guess, a job from becoming routine, and I really like to be, you know, challenged from a, I guess, a multitasking perspective, so I really enjoy on being on multiple, different projects at the time and having to balance the priorities for yourself and figure out what needs to be done at any given moment while also keeping things on your mind in the back burner.
Coming in from a legacy company, I think the thing that surprised me most about Bank of America was the intimate feel you get within your team or respective group that you're within.
I guess just seeing how large Bank of America is, currently with 200,000 plus associates, you think it's easy to get lost in the shuffle of things.
However, you know, through my four or five years, I definitely feel that the work that you do, you see the value of it on a day-to-day basis.
It doesn't really get lost in the whole grand scheme of things, and I guess that's something that I was really impressed by in joining in this company.
There's a true connection between what we do and what the line of business ends up carrying out on a day-to-day basis, and you really see the connection and results that you're basically Impacting on a day-to-day basis.
I can't say that you'll experience that necessarily at any other company, but I know that at Bank of America, you definitely will.
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Guided Job Search
The CFO Group serves a number of essential functions within Bank of America, organized in the following groups:
Finance Business Client Support
Each line of business has its own CFO and a team dedicated to supporting its business, strategic planning and financial analysis function:
- Global Consumer and Small Business Banking (GCSBB)
- Global Corporate and Investment Banking (GCIB)
- Global Wealth and Investment Management (GWIM)
- Corporate Infrastructure (Global Technology & Operations, Staff Support Functions)
Financial Accounting & Control
The Chief Accounting Officer includes a Controllership function that works in conjunction with the Line of Business Corporate Finance groups to provide financial accounting and reporting. The Chief Accounting Officer also contains accounting policy, corporate tax, regulatory reporting, SEC and other external reporting activities.
Finance Services
Finance Services is responsible for accounts payable, general finance operations and financial decision systems including enterprise profitability and cost measurement. Supply Chain Management leads procurement activities through sourcing and supplier management strategies - identifying and qualifying supplier partners that can provide goods and services that meet our high standards of quality.
Corporate Treasury
Corporate Treasury is responsible for interest rate risk analysis, managing the funding of the corporation and the banks and capital management. The group executes funding, liquidity and interest rate risk strategies through structured transitions and the sale of debt products to our corporate clients. In addition, functions within Treasury provide economic analysis and research as well as insurable risk management.
Corporate Investments
Corporate Investments manages the bank's diversified financial portfolio through quantitative analysis and modeling to support management of the company's market and interest rate risk exposure.
Investor Relations
Investor Relations is the contact for analysts and investors and is responsible for implementing a comprehensive investor relations program designed to improve the company's stock valuation.
Frequently Asked Questions
What career resources are available?
CFO senior leadership has invested in learning and developmental tools which allow all associates to explore growth opportunities. Associates are ultimately responsible for managing their careers and should use the tools and resources available to assist in that effort.
Associates should also identify work values, personal values and current level of performance against the core CFO competencies.
Using this information, an associate can identify a career path, set a career goal and monitor progress along the way.
Associates can enlist the efforts of formal and informal mentors to provide guidance and coaching as they maneuver through their career development plans.
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When an associate does a good job, how will he or she be rewarded?
Good performance deserves to be recognized and rewarded. We have a pay for performance environment where every associate has a specific development plan which charts the course for their annual performance measurement. Annual compensation is linked closely to the performance management process.
There is a talent planning process, which allows managers at all levels to share associate feedback and to provide stretch assignments for associates who are exceeding expectations in their current roles.
Some of the rewards include Spirit Cards, Spirit Points, individual and team trophies, gift cards, team-building events and publications in finance communications.
The ultimate recognition is the award of excellence. Each our top performers are celebrated with a trip to a five star resort. Bank executives accompany the winners for a weekend of activities to recognize the group.
We believe hard work should be rewarded and there are a variety of ways to demonstrate appreciation for a job well done.
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How is the CFO group connected to other lines of business in the bank?
The CFO group serves a number of essential functions within Bank of America, organized in the following groups:
Finance Business Client Support
Financial Accounting and Control
Finance Services
Treasury
Corporate Investments and
Investor Relations
These groups serve as partners to all lines of business in the bank. Associates in the CFO Group are responsible for planning, forecasting, budgeting and providing accurate financial information to assist in managing our businesses and investor relationships. Our financial processes serve to provide information to help investors and others understand our company and the key drivers of our performance.
The nature of our work requires us to be knowledgeable of the businesses we support and to remain in constant contact with them at all times.
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