Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Our core activities are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of our clients. Citi's Mission and Value Proposition explains what we do and Citi Leadership Standards explain how we do it. Our mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress. We strive to earn and maintain our clients' and the public's trust by constantly adhering to the highest ethical standards and making a positive impact on the communities we serve. Our Leadership Standards is a common set of skills and expected behaviors that illustrate how our employees should work every day to be successful and strengthens our ability to execute against our strategic priorities. Diversity is a key business imperative and a source of strength at Citi. We serve clients from every walk of life, every background and every origin. Our goal is to have our workforce reflect this same diversity at all levels. Citi has made it a priority to foster a culture where the best people want to work, where individuals are promoted based on merit, where we value and demand respect for others and where opportunities to develop to are widely available to all.
Brief Description of the Organization
CBNA is the primary legal entity for Citi, providing products and services to consumers, financial institutions and corporate clients around the world. In the past, Citi has provided most of its internal reporting on a business by business basis. With the changes in the regulatory environment, strong legal entity reporting and governance has become essential. This team is responsible for ensuring that CBNA has the appropriate governance and control infrastructure to meet the demand for legal entity planning, execution, information management and the ever-evolving regulatory environment.
Position Description Under supervision of a Fiduciary Services Head, this position requires administration of UNHW ongoing fiduciary relationships which entails working with clients to strategize toward the preservation and continued growth of trust assets while achieving their specific trust and estate planning objectives and introduces clients to a broad range of investment management opportunities. Job Requirements Manage an existing book of trust and estate accounts : types of accounts include revocable and irrevocable trusts, testamentary trusts, ILITS and IRA accounts, various types of charitable trusts, estate accounts, and agency accounts , both discretionary and directed; initiate investment management of the accounts by coordinating with P rivate B ank ers and I nvestment C ounselors and utilizing both internal and external investment managers including equities, fixed income, mutual funds, ETFs, private equities, hedge funds and real estate vehicles to ensure the appropriateness of the account allocation based on the investment objective and risk tolerance of the account; knowledge and understanding of special assets s uch as promissory notes, operating agreements, LLC's, LP's, loan holds, life insurance policies, real estate interests and oil and gas interests; working with both internal and external tax preparers to complete and file tax returns for the various types of accounts, including Forms 1041, 5227, 990PF, 1042S, and 1099; review of a discretionary distribution request which includes collection of financial and tax documentation from the client together with the interpretation of the terms of the trust document to determine the appropriateness of the request; review and update information for each account for the annual administrative review which includes 13 major categories. Administer ongoing Estates from the probate process through final accounting and final distribution. Assess the client's overall estate and tax planning needs: including the knowledge and skill to review legal and trust documentation and have an understanding of the provisions in order to effectively assist the client and their advisors in achieving specific trust and estate objectives. Compliance with legal requirements and internal procedures in relation to account activity: including identification and reporting to our Senior Risk Committee and management of the risk of financial loss and/or damage to Citi's reputation arising from the activities within the Citi Trust businesses; Communicating with internal and external auditors as well as state examiners; working with Investment Management Oversight on the identification of and diversification of a discretionary portfolio's exposure to a single security, issuer or industry. Management of new account opening: including review of the legal document and all accompanying paperwork along with the Fiduciary Solutions Group and the Wealth Planners, Private Bankers, and Investment Counselors; ensure the proper funding of the account with proper tax lot information and cost basis information; ensure that account has been opened on the system with correct coding for the account as well as statements, proxies, investments and tax; review fee agreement, review state law for allocation and set up with Fee unit; prepare investment management paperwork with all required approvals, submit for management inception and track in the system that management is active and account is trading properly; initial communication with the client followed up with a welcome letter. Communication: Communicate effectively with the client and/or the client's attorney on all trust and estate matters and attending in person client meetings and investment reviews; interact with and establish a working relationship with the Private Banking and Investment team in regard to the trust and overall client relationship including timely and accurate responses to inquiries. Additional: Participation in internal and external training opportunities for ongoing professional development; drafting of policies and procedures as assigned by management and additional projects as requested; maintain a local presence in the trust and estate professional community.
Bachelor's degree in finance or related field required. MBA or JD desired.
A minimum of five years of estate and trust management and administration experience.
Strong knowledge and proven technical proficiency in legal, investment and tax issues relative to trust and / or estate management and administration.
Experience with Fiduciary Income Tax preferred.
Proven strong communication skills is required, such to interact effectively with clients and / or their attorneys as well as private bankers and investment counselors.
Proficiency in Microsoft Office applications is required.
Proven presentation skills.
Internal Number: 6123409
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