Position Overview

At PNC, our people are our greatest differentiator and competitive advantage in the markets we serve. We are all united in delivering the best experience for our customers. We work together each day to foster an inclusive workplace culture where all of our employees feel respected, valued and have an opportunity to contribute to the company’s success.

PNC’s CIO team is searching for a senior Rates PM/Strategist. As a Managing Director in ALM Investments – Portfolio Management, you will be based in New York, NY.

Position Responsibilities:
Potential areas of focus may include (and will be highly visible within the firm):
1) Macro Trading
2) Rates Strategist
a. Trade idea generation and construction
b. Short-Term Interest Rates (STIR) trading and research
c. Rates portfolio investments (e.g. swaps, UST, STRIPS, TIPS), derivatives hedging (debt issuance, asset swaps, cash flow hedges), mortgage servicing rights hedging
d. Bank portfolio securities and derivatives: risk, returns, and attribution tracking
e. Supply/demand analysis for interest rate products
3) Bank balance sheet portfolio management and trading/hedging strategies to manage interest rate and basis risk, reinvestment risk, Net Interest Income (NII), and Duration of Equity (DoE)
4) OTC derivatives, futures, and US Treasury clearing
5) Fixed Income modelling, risk/analytics, returns performance, and trading strategies
6) Hedge accounting strategies for derivatives (latest FASB rule updates, regression testing, ineffectiveness accounting)

This is a buy-side position within the investment management arm of PNC’s bank portfolio (ALM Investments). The successful candidate will have the opportunity to work directly with other senior portfolio managers and PNC’s CIO.
The successful candidate will be a key contributor to a team which manages a broad portfolio of fixed income assets and derivative products.
The ideal candidate will have in-depth knowledge and strategy/research experience in various fixed income investment products, preferably rates and/or liquid trading products such as swaps, swaptions, caps and floors, futures and futures options, Treasuries, STRIPS, and TIPS.
Additionally, the candidate will have a well-rounded skill-set that includes programming/statistical capabilities (preferably with market research and trading applications), experience with valuation and risk modelling for fixed income products, finance and accounting knowledge, and interpersonal skills for working within a team atmosphere.
This role will require the candidate to be a highly proactive self-starter that is also capable of spurring production from other members of the team or across teams within PNC. Strong communication and interpersonal skills are necessary for working in this highly collaborative environment.

Other specifications for the role:

• Interest rates research and strategy experience is preferred.
• Strong communication and presentation skills are also required.
• Bank investment portfolio and balance sheet experience is highly preferred.
• The candidate should have experience using Bloomberg Anywhere.

PNC will not provide sponsorship for employment visas or participate in STEM OPT for this position.

NFA Swaps Proficiency certificate – required within 15 days of employment.

Job DescriptionOversees moderately complex transaction and portfolio level analysis, research and report preparation. Performs and/or oversees due diligence and statistical analysis related to portfolio management.Frequently utilizes an understanding of financial instruments and overall investment portfolio to contribute to investment decision making process and development of investment/trading strategies.Manages various projects and analytics which may include creation, maintenance and utilization of management reports to help the group meet their goals and directives. Interacts with internal/external service partners, including broker dealers and/or analytics providers, and leverages their knowledge.Provides input on the administration and performance of select processes and procedures.Makes and presents recommendations to ALM and non-ALM stakeholders based on knowledge of markets and macroeconomics, banking and regulatory requirements; assesses the potential impact of these on ALM and the assigned business unit.

PNC Employees take pride in our reputation and to continue building upon that we expect our employees to be:

Customer Focused - Knowledgeable of the values and practices that align customer needs and satisfaction as primary considerations in all business decisions and able to leverage that information in creating customized customer solutions.Managing Risk - Assessing and effectively managing all of the risks associated with their business objectives and activities to ensure they adhere to and support PNC's Enterprise Risk Management Framework.

Qualifications

Successful candidates must demonstrate appropriate knowledge, skills, and abilities for a role. Listed below are skills, competencies, work experience, education, and required certifications/licensures needed to be successful in this position.

Preferred SkillsAsset Allocation, Auditing Operations, Business Case Analyses, Credit Risk Analysis, Data Analytics, Data Visualization, Decision Making, Investments, Market Research

CompetenciesAsset and Liability Management (ALM), Industry Knowledge, Investments, Market Risk, Portfolio Management, Pricing Models and Analytics, Regulatory Environment - Financial Services

Work ExperienceRoles at this level typically require a university / college degree. Higher level education such as a Masters degree, or PhD is desirable. Industry experience is typically 8 + years. Specific certifications are often required. In lieu of a degree, a comparable combination of education, job specific certification(s), and experience (including military service) may be considered.

EducationBachelors

CertificationsNo Required Certification(s)

LicensesNo Required License(s)

Pay Transparency

Base Salary: $175,000.00 – $225,000.00

Salaries may vary based on geographic location, market data and on individual skills, experience, and education. This role is incentive eligible with the payment based upon company, business and/or individual performance.

Application Window

Generally, this opening is expected to be posted for two business days from 07/02/2024, although it may be longer with business discretion.

Benefits

PNC offers a comprehensive range of benefits to help meet your needs now and in the future. Depending on your eligibility, options for full-time employees include: medical/prescription drug coverage (with a Health Savings Account feature), dental and vision options; employee and spouse/child life insurance; short and long-term disability protection; 401(k) with PNC match, pension and stock purchase plans; dependent care reimbursement account; back-up child/elder care; adoption, surrogacy, and doula reimbursement; educational assistance, including select programs fully paid; a robust wellness program with financial incentives.

In addition, PNC generally provides the following paid time off, depending on your eligibility*: maternity and/or parental leave; up to 11 paid holidays each year; 8 occasional absence days each year, unless otherwise required by law; between 15 to 25 vacation days each year, depending on career level; and years of service.

To learn more about these and other programs, including benefits for full time and part-time employees, visit pncbenefits.com > New to PNC.

*For more information, please click on the following links:

Time Away from Work

PNC Full-Time Benefits Summary

PNC Part-Time Benefits Summary

Disability Accommodations Statement

If an accommodation is required to participate in the application process, please contact us via email at AccommodationRequest@pnc.com. Please include “accommodation request” in the subject line title and be sure to include your name, the job ID, and your preferred method of contact in the body of the email. Emails not related to accommodation requests will not receive responses.  Applicants may also call 877-968-7762 and say "Workday" for accommodation assistance. All information provided will be kept confidential and will be used only to the extent required to provide needed reasonable accommodations.

At PNC we foster an inclusive and accessible workplace.  We provide reasonable accommodations to employment applicants and qualified individuals with a disability who need an accommodation to perform the essential functions of their positions.

Equal Employment Opportunity (EEO)

PNC provides equal employment opportunity to qualified persons regardless of race, color, sex, religion, national origin, age, sexual orientation, gender identity, disability, veteran status, or other categories protected by law.

California Residents

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