The Goldman Sachs Group, Inc. is a leading global financial services firm providing investment banking, securities and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Bangalore, Hong Kong and other major financial centers around the world.
Finance is broadly responsible for the firm's financial resource and capital management, financial reporting and risk monitoring. In these capacities, Finance is the principal adviser to senior management on essential areas such as controlling the firm's global risk exposure, profitability and capital and other financial resource allocations of the firm's various businesses. Finance activities are organized into six main areas: The Controllers, Corporate Insurance and Risk Advisory Group, Corporate Tax, Corporate Treasury, Credit and Market Risk Management and Analysis. Finance is a critical area within Goldman Sachs. As contact with virtually every part of the firm is essential to Controllers, professionals in the department experience Goldman Sachs businesses, products and sophisticated technology systems in depth. If you want to develop an in-depth understanding of financial services, Controllers is a great place to begin your career. You will receive continuous training, both formal and informal, and the support of senior members of our team.
Product Control and Funding Control is one of the largest departments within Controllers and supports the trading divisions across all asset classes: Fixed Income, Currencies and Commodities, and Equities.
Its main responsibilities are to produce and analyze the daily trading activities, to report the trading divisions' profits and losses and to verify the values of positions held by the trading desks, both cash and derivative. This role requires extensive liaison with the trading desks, the Risk Management Group and the Operations Teams, as well as with colleagues in Controllers. Product Controllers are expected to develop a good understanding of the products they monitor and of the strategies used by the trading desk to generate revenue for Goldman Sachs. The function has become increasingly technical in content and offers a challenging and interesting role, which would suit dynamic, bright and ambitious individuals with a drive to succeed.
THE PRODUCT CONTROL MODEL AT GOLDMAN SACHS
We operate a "complete ownership" model and see this as a "mini-CFO" role with regards a trading desk, with responsibilities including [plus some of the teams controller liaise with]
P&L reconciliation [liaising with Operations, Technology and Strats]
P&L explain [Traders, Strats, Market Risk]
New trade analysis [Traders and Strats]
Balance sheet review [Legal Entity Controllers]
Capital requirements for new trades and ongoing business [Regulatory Capital controllers
RESPONSIBILITIES AND QUALIFICATIONS JOB RESPONSIBILITIES
Preparing daily P&L's for trading desks, involving assessment of the nature of revenue generated in the context of market moves and risk held as well as reconciliation between front office sub-ledger and Firm general ledger. Price verification; monthly review and challenge of trader inputs into inventory pricing as well as incremental assessment of les observable inputs.
To interact effectively and pro-actively with traders and their management.
Intelligently reviewing trading activity with the objective of informing around the valuation of the portfolio and also highlighting anything unusual or material to management.
Assessing risk inherent in trading positions, whether market, compliance or reputational risk etc.
Knowledge of products and market awareness.
Producing and reviewing P&L attribution and commentary for the bank's trading, investing and new issuance businesses
Understanding of the impact of Regulatory Capital rules on a trading desk's ongoing and new business.
Identifying any trades booked incorrectly in the firm's trade procession systems
Production and analysis of the balance sheets for a trading desk and understanding and explanation of movements.
Preparing monthly accounts for posting to the firm's general ledger and producing/reviewing relevant external disclosures.
Ensuring compliance with all the Firm's financial reporting requirements. Market Risk
Controllers, Credit Risk Controllers
Price verification [Traders and Controllers PV group]
More generally being the point of contact within the Federation for a trading desk [Tax, Compliance, Legal, etc
Account and monitor for the Firm's secured and unsecured financing activities.
Liaising with other Federation departments in a collaborative and problem-solving capacity.
To be fully informed of all department developments and issues in their trading areas.
Qualified Chartered Accountant; or other relevant professional financial qualifications (e.g. CFA)
We will also consider part-qualified candidates currently on other bank ACA/or similar programs
Good interpersonal skills as complement to technical aptitude
Strong attention to detail and analytical capability
Desire to learn and interest in financial markets and products
Track record of improving processes and adding value to clients/stakeholders
ABOUT GOLDMAN SACHS The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.