The Global Reconciliation Utility in Chennai is approximately 200 FTE strong and provides Cash, Stock and Sub-system reconciliation to over 180 Legal Vehicles across over 80 countries around the globe.
The GRU is a truly global and product agnostic, market agnostic and business agnostic set up. The unit provides highly critical support to all of ICG businesses across EMEA, NAM and India, where delays or failures or any issues in reconciliation could lead to financial, client and regulatory impact for Citi as a whole.
Some of the regulatory requirements have very tight deadlines on a daily basis, especially the CASS client money rules laid down by the UK regulator, FCA.
GRU reconciles over 25,000 cash accounts and over 115,000 stock accounts with an annual transaction volume upwards of 6 billion. (Data as of Q3 2016)
Job Purpose :
Within the GRU department, this position will work in a team environment and fill the role of Reconciliation Specialist.
Job Background / Context :
ICG (Institutional Clients Group) TTS (Treasury and Trade Solutions) is one of the biggest service recipients of GRU. TTS Cash Management business consists of money flows : companies create products at cost and sell them to generate revenues.
The management of these cash flows is a central function for any business. For large corporations, cash flows can be enormously complex, involving many countries and currencies.
In addition to simply managing cash flows, we need to take account of time : large amounts of money on deposit can earn valuable revenue even in short periods of time, and surplus cash that is not invested is a waste of resources.
Conversely when companies are temporarily short of cash, cost-effective borrowings allow them to continue doing business.
Companies need to manage cash effectively so that they can :
The role of a TTS NOSTRO rep is to reconcile and investigate on the exception for any transaction Wire transfers which are effected across Citibank’s 13 branches using Nostro / Vostro accounts which involves Client Customer transfers having a direct DDA account or acting as an intermediate bank.
Key Responsibilities :
Development Value :
This is a necessary requirement for anyone hoping to progress into a more senior role within the Reconciliations department
Day In Life Of (DILO) TTS NOSTRO Rep
An individual is assigned a set of cases that he / she is responsible for Investigating / reconciling. A typical day for a TTS Nostro representative would begin with downloading a report that provides the list of cases that are assigned to him / her.
The individual then filters out items based on Value / Currency Cut off and ensures that they are actioned for that particular day and starts to investigate item by item.
The time taken to investigate and resolve would vary depending on the complexities of each item. The process of determining the course of action required to resolve the item could involve interacting with multiple teams across Citi and other banks via swift messages or telephone or emails or chat messages.
The individual will need to update meaningful comments against each item post the investigation to ensure management or anyone else working on the item in his / her absence is aware of what has been done so far and what needs to be done next to resolve the item.
It is imperative to follow the SOP and also escalate lack of clarity in any laid down procedures therein.
The day involves attending calls with onshore partners, colleagues from other teams who interact closely with TTS Nostro, management meetings, updating multiple control spreadsheets maintained by managers for oversight and monitoring and also responding to a number of e mails from various teams.
It is experienced that this job is extremely satisfying as it provides a great opportunity to learn a lot about the various payment mechanisms, client behaviour, FX (Foreign Exchange) market etc.
and the joy derived post resolving a break is unparalleled. It is not uncommon to face unexpected situations in the form of ad hoc calls or meetings or escalations and needs to be alert, have an eye for detail, be disciplined, responsive and have a passion to excel to be able to succeed in this role.
Person Specification : Knowledge / Experience :
Knowledge / Experience :