Assistant Trust Officer
- Primary Location: United States,South Dakota,Sioux Falls
- Education: Bachelor's Degree
- Job Function: Private Client Product Mgmt
- Schedule: Full-time
- Shift: Day Job
- Employee Status: Regular
- Travel Time: No
- Job ID: 19011055
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 Propositionexplains what we do and Citi Leadership Standardsexplain 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 OrganizationCBNA 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 DescriptionThis role supports Trust Officers and work assignments are diversified and may be analytical with responsibility for delegated activities.Provides broad-based support to assist in the management and administration of personal trusts and estates.
- Administration of trust and estate account including the following:daily account activity, monitoring of all transactions, distributions, and cash balances; processing the proper paperwork for discretionary distribution requests; record all client contacts, correspondence and other pertinent account information via the document management system; investment management changes, associated approvals, paperwork to incept, and follow up on new allocation, and in some cases manual rebalance of the account; monitor cash balances daily and prepare paperwork for security sales to ensure cash is available when needed for items such as tax payments, fees, and client distributions; preparation of tax lot selling requests and oversight to ensure they are completed properly; update all account files including remittances, addresses, and statement mailings;assistance with administrative reviews of each account annually; prepare account requests for check and wire remittances and receipt / delivery of account assets; assist client with routine account matters and inquiries, and officers with various operational and securities-related estate administration functions; perform general office duties including, but not limited to: phone coverage, filing, photocopying, faxing, express mail processing.
- Administration of new account opening including review of the legal document and all accompanying paperwork; initiate the process of asset transfer and receipt with operations and the continued follow up to ensure all assets are receipted in and proper tax lot information and cost basis information is entered into the system; 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 as well as the Private Banking team and Investment Counselors on all trust and estate matters including timely and accurate responses to inquiries.
- 2 – 4 years of experience or Bachelors Degree in related field required.
- Experience with Fiduciary Income Tax and/or Estate Administration a plus.
- Administrative experience in financial management or a related industry helpful, but not required.
- Proven excellent interpersonal and communication skills required.
- Demonstrated knowledge of accounting and credit analysis procedures.
- Proven project management and strategic planning skills.
- Proficiency in Microsoft Office applications is required.