Author: GoingConcern

Job of the Day: Credit Suisse Needs a Head of Valuation Testing

Credit Suisse is looking for an experienced professional to join their Chief Financial Officer Division as a Head of Valuation Testing Reporting.

The position is responsible for the collection of valuation testing results across all Investment Bank business units and consolidates those results in a monthly presentation to senior management and quarterly presentation to the Audit Committee among other duties.

The position requires a minimum of seven years experience and is located in New York. Get more details after the jump.


Company: Credit Suisse

Title: Head of Valuation Testing

Location: New York

Description: This person is responsible for managing the technology for collecting the valuation testing results, summarizing the results and providing ongoing guidance to the business unit product controllers on valuation testing policies and procedures. The material this person is responsible for preparing will be reviewed by the Global Head of Product Control, the CFO and the Audit Committee.

Responsibilities: Primary deliverable is the Monthly Consolidated Inventory Valuation Review for the Investment Bank. There are also additional monthly deliverables to Product Control that summarize valuation testing metrics, exception reports and other control-related reports or processes; This person will be a key participant in the development of next generation valuation testing reporting systems and will work closely with the Product Control Reporting Group and the Strategic Process Change Group on enhancing existing systems and defining requirement for future development; This person will also work closely with his/her peers within VRG in defining new policies and procedures and guidelines for implementation of policies and procedures. Additionally this person will be a point person for communication with his/her peers in Product Control Price Testing.

Qualifications: This person needs to be organized and be able to organize a complex consolidation and reporting function such that it is most efficient and minimizes errors. Organization extends to the process of collecting information, synthesizing/editing, presenting and storing the results; This person should have experience in management reporting in a Global Investment/Commercial Bank with experience in reporting price testing results. A working knowledge of the investment banking products of derivatives, cash instruments, and structured products is a must; This person should understand the different roles of control in an investment/commercial bank and the interactions between product control, reporting, financial accounting, etc.; This person should have experience in developing technology solutions for their business with specific experience in management reporting a definite plus.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Home Depot CFO: We Don’t Want to Blame the Weather But We Are Blaming the Weather

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

Most investors appreciate seasonality. They get that retail peaks around Christmas and that your big back to school sale will be in August.

Still, some executives like to remind us that their business is busier at certain times of the year than at others. And it’s not uncommon for execs to claim the weather ate their earnings.


All in all, these explanations are pretty lame. Either investors already understand the business cycle or they don’t want to hear the excuse.

Given that, I like the approach of Carol Tome, CFO of Home Depot.

At a retail conference sponsored by Citigroup, “Tome said that while the retailer hates to be one that cites the weather for sales trends variability, Home Depot does experience that, and it has seen ‘great variability’ in weather conditions across the country so far this year.”

So, there you go. Tome agrees that blaming the weather is lame. But, at the same time, you have to agree that the weather this year has been pretty outrageous, right?

Then again, Tome isn’t totally going to hide behind the clouds.

“Nothing has come to our attention that suggests we can’t hit the financial objectives that we’ve set forth,” she said, according to Dow Jones.

In the end, if you’re a Home Depot investor, pray we don’t have a June like last year.

“When the sun is shining, we’re very, very pleased with our performance,” Tome said.

Job of the Day: BNP Paribas Needs an Experienced Accountant

BNP Paribas is looking for someone to join their accounting team that will be responsible for the day to day maintenance and control of the assigned sections of the general ledger.

The position requires a of two to four years experience and is located in Jersey City, NJ. Get more details after the jump.


Company: BNP Paribas

Title: Accountant, Financial Institutions

Location: Jersey City, NJ

Description: The accountant is responsible for the day to day maintenance and control of the sections of the general ledgers under his responsibility. When applicable he coordinates review and potential adjustments with operation groups He provides all required reporting to management. This person is also responsible for the process of reporting the monthly management revenues for the entities under his/her responsibility.

Responsibilities: Observance of Banks Policies and Procedures; Review of Daily Ledgers for posting errors and/or back value transactions; Justify or reconcile all accounts under her/his responsibility; Prepare and book daily/monthly entries as necessary; Prepare required reconciliation reporting for branch or entity; Assist on special projects at the request of management; Assist on user acceptance testing at the request of management
Perform specific duties and report as assigned; Assist in the distribution of financial reports and ledgers
Support Management Accounting for financial data; Produce, review, reconcile and submit monthly revenue profitability information to Head Office; Respond to questions and special requests from account officers; Investigate and resolve issues and questions concerning Customer Profitability.

Qualifications: Minimum 2-4 years experience in financial and/or management accounting; Must have Prime Brokerage product knowledge.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Job of the Day: Citi Needs a Expense Controller

Citi is looking for someone to join their Citi Capital Advisors (CCA) Financial Control unit as an Expense Controller. The position’s responsibilities center around budgeting, forecasting and reporting actual results for all operating expenses and headcount.

It requires a minimum of six years experience and is located in New York. Get more details after the jump.


Company: Citi

Title: Financial Control – Expense Controller

Location: New York, NY

Description: Financial Control is responsible for a variety of activities related to the firm’s financial reporting and controls. The team is divided into different areas of specialization where each member is responsible for a unique set of responsibilities that include both analytical and accounting roles.

Responsibilities: This position will assist in all aspects of expense management and legal vehicle reporting within the Citi Capital Advisors (CCA) Financial Control unit; The primary responsibility will be to drive the core expense management processes and assist the CCA Finance management team to create a best-in-class robust and controlled financial reporting process for both management and legal books. These responsibilities will be centered around budgeting, forecasting and reporting actual results for all operating expenses and headcount; The candidate will have significant input to streamline all aspects of the expense reporting processes.

Qualifications: Bachelor’s degree in Finance or Accounting degree required; 6 to 10 years of experience in financial control or related function required.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Job of the Day: Visa Needs a Controller of Business Operations

Visa is looking for an experienced professional to join its Business Operations Group.

The position requires a candidate to have experience with Oracle GL, advanced Excel skills, a CPA and an MBA is preferable.

Check out more details for this position, located in Foster City, CA after the jump.


Company: Visa

Title: Business Leader – Controller of Business Operations

Location: Foster City, CA

Responsibilities: Lead a team within Controller Business Operations who will provide comprehensive controller support to the CIO organization; Successfully translate emerging technology strategies, business relationships and initiatives into controller and financial statement impacts. Align through Finance and other key stakeholders for efficient application of Visa’s accounting policies; Continue to improve the communication, controls, tools, and framework used for assessment and communication of financial impacts of software development projects and the efficiency and effectiveness of recording the impacts of “in progress” software development projects as part of the monthly Ensure accurate accounting for acquisitions and disposals of facilities, technology and software assets, including assessment and documentation accounting impacts of large and complex multi-year software contracts; This includes fostering ongoing interaction with global sourcing and accounts payable to ensure timely, seamless and automated information transfer from these teams and systems to Controller Business Operations and Oracle fixed assets; Build and maintain ongoing and regular communication with CIO leadership and finance business partners to ensure that controllership is aware of emerging business decisions/ developments to ensure seamless support to the business;

Qualifications: Bachelor’s degree in Accounting or Finance with 10+ years of progressive experience at a publicly held global company; In-depth knowledge and recent experience with application of SOP 98-1; CPA required, MBA preferred.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

More Small Businesses Ditching Big Banks for Community Lenders

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

Community banks are gaining ground in the banking sector, scooping up small business customers that are feeling underserved by bigger institutions.

The four largest US banks – Bank of America, Citibank, JP Morgan Chase and Wells Fargo/Wachovia – currently hold the greatest share of small-business customers, according to a report from Aite Group released Thursday. But community banks are growing their share at the fastest rate, often at the expense of large banks.

Roughly 35 percent of US small businesses consider a community bank to be their primary financial institution, up from 24 percent in 2006.


The report revealed that large banks are failing to connect with small businesses. One of the reasons is that they struggle to understand their needs.

“Large banks are missing the boat when it comes to effectively serving and cross-selling to small-business customers,” said Christine Barry, research director with Aite Group, in a press release. “This is evidenced by the declining satisfaction rates of their customers and their failure to meet cross-selling needs.”

Such a customer base is crucial, even for large banks, at a time when deposits are precious commodities.

Small banks have been able to make headway by purchasing failed community banks, as reported by The Big Money this week.

“As the continuing real-estate crisis pushes more tiny banks into failure, the most common saviors have been other small banks, community banks, small thrifts, and modestly sized lenders,” Heidi Moore wrote.

But small banks aren’t necessarily a safe haven from troubles ailing their bigger competitors.

Although banks with over $10 billion in assets hold over half of commercial banks’ total commercial real estate whole loans, smaller banks have an overall greater exposure to commercial real estate, according to a report from the Congressional Oversight Panel.

Sheila Bair, chairman of the Federal Deposit Insurance Corporation, recently voiced concerns about the risk that commercial real estate poses to community banks, noting that commercial real estate comprised more than 43 percent of the portfolios of community banks.

Those concerns are well founded, as commercial real estate has played an increasingly large role in bank failures. For the 205 banks that have failed since 2007, a third of their loan portfolio has been made up of commercial real estate loans, compared to an industry average of 26.9 percent, according to investment bank KBW. The seven banks seized by the Federal Deposit Insurance Corporation last Friday had an even higher concentration with almost 40 percent of their loans tied up in commercial real estate.

If write downs increase as expected, it could ultimately create capital problems for community banks, which could in turn curb lending to small businesses.

“The current distribution of commercial real estate loans may be particularly problematic for the small business community because smaller regional and community banks with substantial commercial real estate exposure account for almost half of small business loans,” the COP report published in February said. For example, smaller banks with the highest exposure to commercial real estate provide around 40 percent of all small business loans.

Job of the Day: Wescott Financial Advisory Group Needs a Senior Accountant

Wescott Financial Advisory Group is a growing Philadelphia based financial advisory firm that is looking for a senior accountant to join their accounting team.

This job requires 4 years experience with QuickBooks familiarity and a CPA license is preferred.

Check out more details for this position, located in Philadelphia, after the jump.


Company: Wescott Financial Advisory Group

Title: Senior Accountant

Compensation: $55,000 – $65,000

Location: Philadelphia, PA

Responsibilities: Evaluating, improving and maintaining the accuracy and integrity of all financial databases and reporting systems; Providing accurate and timely financial reports; Developing an annual budget; Working on special financial analysis, forecasting and business modeling projects as assigned; Provide system-wide testing assistance to Wescott’s Chief Compliance Officer and, along with other members of the Wescott team, identify, recommend and implement improvements to Wescott’s financial reporting practices, processes and systems.

Qualifications: 4-year degree with a emphasis on accounting or finance; Minimum of 4 year’s general accounting experience, Familiarity with Quickbooks and advanced Microsoft Excel spreadsheet construction and financial analysis skills; Financial Services experience in a multi-business unit/ regional operation and a CPA are a strong plus.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Venture Capitalists Pushing Bill That Would Help Small Businesses Create New Jobs

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

With all the talk lately about how small businesses are vital to job creation, turns out it’s a relatively small number of high-growth entrepreneurial firms creating much of that employment. And, now, there’s pending legislation, pushed heavily by venture capitalists, that could encourage the growth of such companies.

First, about those high-flying startups. According to recent research from the Ewing Marion Kauffman Foundation, fast-growing relatively young firms generate about 10 percent of all new jobs in any given year. That includes what the study calls “gazelle” firms–enterprises three to five years old. And, these ventures create all those jobs even though they’re less than 1 percent of all companies. The average firm in the top 1 percent contributes 88 jobs per year; most end up producing between 20 and 249 employees. The average firm in the economy as a whole adds two or three net new jobs each year.


Of course, these findings have important implications for government policy and what types of small business it should focus on. Among other recommendations, the study urges the passage of legislation just introduced in the Senate, informally known as the “Startup Visa Act.” Sponsored by Senators John Kerry and Richard Lugar, the bill would address the problem facing many foreign entrepreneurial wannabes who can’t get a visa to come here and start a company.

To that end, it would create a new visa for such entrepreneurs who are sponsored by a US venture capital firm or angel making an investment of at least $100,000 in an equity financing of no less than $250,000. The legislation would modify the EB-5 visa program; that requires recipients to invest at least $500,000 in a US company and create no fewer than 10 jobs.

The bill is the product of heavy lobbying by such investors as Brad Feld, who is with the venture capital firm the Foundry Group. Of course, they have their own business reasons to push this legislation but there seems to be sound research to back it up.

Job of the Day: Computer Sciences Corporation Needs a Tax Manager

Computer Sciences Corporation is searching for a tax professional to join their corporate tax department for the purposes of managing their tax compliance and planning functions.

This job requires supervisory and management experience. Big 4 experience is a plus.

Check out more details for this position, located in Falls Church, VA, after the jump.


Company: Computer Sciences Corporation

Title: Senior Manager – Federal Tax

Location: Falls Church, VA

Description: This position directs and controls the activities of one or more functional areas, divisions, product groups or service areas.

Responsibilities: Manages tax planning and compliance function, including the preparation of Federal corporate and partnership returns; Manages the tax budgeting and forecasting process, including the preparation of estimated payments; Assist with IRS audit defense (fact gathering, tax law analysis and positioning); Research and draft tax position papers for FIN 48 and Sarbox documentation requirements; Coordinate with Legal and Business Development on due diligence for mergers and acquisitions; Develop and maintain critical relationships between Tax, Controllers, Treasury, Legal, and Business Units to ensure Tax has a well-informed view of the business operations; Coordinate closely with Tax Accounting and Reporting team to ensure timely and accurate preparation of quarterly and annual tax provision and related disclosures; Coordinate closely with International Tax function to ensure timely and proper pickup of international results in consolidated returns; Coordinate and assist State Tax function with their planning and compliance objectives; Mentor and coach Managers and Senior tax accountants in department.

Basic Qualifications: Master’s degree in accounting, finance or related field preferred; Twelve or more years of tax accounting or finance experience; Nine or more years of supervisory or management experience included; CPA preferred; Big Four experience a plus; Experience working with tax laws and procedures; Experience working with tax forms and processing; Experience working with accounting principles and accounting software and databases; Experience working with auditing and generally accepted accounting principles; Familiarity with SAP, Hyperion and CorpTax a plus.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Job of the Day: Morgan Stanley Needs an Infrastructure Controller

Morgan Stanley is looking for someone to join their Private Equity Finance Division to handle financial reporting, tax support and business analysis for its Fund Infrastructure complex.

The position requires seven to nine years experience and a CPA license.

Get more details on this position in New York after the jump.


Company: Morgan Stanley

Title: Infrastructure Controller – Vice President

Location: New York, NY

Description: Morgan Stanley is looking for a Fund Controller for Private Equity Finance Division to provide accounting and financial reporting, tax support and business analyses for a multi -billion dollar fund. The open position is a Vice President for the Firm’s Infrastructure Fund complex and related feeder funds

Responsibilities: Review of GAAP basis accounting closings for the Partnerships, including maintenance of books and records, valuation of publicly traded and non-public investment portfolios and cash and brokerage records; Review of quarterly GAAP basis financial statements for the Partnerships, cash flow statements, schedules of investments and footnotes; Review of quarterly reports for partners, including detail roll forward analyses of Partner Capital Accounts (PCAAs) and ad hoc investor requests; Identify and resolve partnership legal, tax and accounting issues subject to investment company accounting guidance. Work with the Partnerships’ auditors to issue year end audited financial statements; Review of accounting and reporting for the Partnerships’ general partners and leveraged co-investment vehicles which are owned by the Firm and Partnerships’ Management personnel; Review of capital calls, management fees, expense analyses, investment purchases and sales and distributions; Communicate, coordinate and work with Partnerships’ Management and the Firm’s finance, administration and operations areas (such as Investor Relations, Treasury, Tax, and Legal); Ensure proper guardianship controls over partnership assets and compliance with procedures documented as required by Sarbanes Oxley; Identify opportunities to use technology to enhance accounting, reporting and operating processes; Assist with the operations of portfolio holding companies.

Qualifications: 7-9 years of accounting experience including financial statement preparation experience and prior experience in Private Equity and/or Hedge Fund area; CPA required

See the entire description over at the GC Career Center and visit the main page for all your job search needs.