Legal Counsel - Netting Opinion Reviewer (Team Leader)
Overview of Citi
Citi, the world leading global bank, has approximately 200 million customer accounts and a presence in more than 160 countries and jurisdictions worldwide. 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. Citi enables clients to achieve their strategic financial objectives by providing them with cutting-edge ideas, best-in-class products and solutions, and unparalleled access to capital and liquidity.
This role resides within the Cross Enterprise Legal (CEL) team, which encompasses a portfolio of legal areas that impact Citi, our clients and our stakeholders on a multi-regional, multi-product and multi-entity level. Working across ‘One Legal’, these areas include providing legal advice to and on: Enterprise Operations and Technology (including Intellectual Property, Privacy, and vendor, realty and other transactions); Global Public Affairs; Corporate Mergers and Acquisitions; ESG; Cyber; Strategic Investments; Digital Strategy; designated Cross-Product Regulations, Regulatory Change and Business Transformation (including Consent Order related); regional aspects of Resolution and Recovery; Citi legal entity platforms; certain strategic ‘client experience’ initiatives; and Cross-Product/Enterprise Risk and Control. The Cross Enterprise Legal team reports into the Deputy General Counsel of Citi and is directly represented on the Legal Management Council.
This position is in the Risk & Control Legal team within CEL. The sub-team: (1) provides counsel and other legal support to the ICG in-business Risk and Controls Department and other relevant stakeholders on risk & controls related issues (including with respect to any ongoing/forthcoming transformation programs); (2) leads ICG Legal’s engagement on Fed/OCC Consent Order related activities; and (3) is responsible for designing, developing and optimising aspects of Legal’s cross-product risk & control infrastructure. R&C Legal’s infrastructure work focuses on systematic activities with cross-product impact.
Role Overview / Responsibilities
An opportunity has arisen in the Cross Enterprise Legal team for a role in the performance of legal processes related to the review and maintenance of netting and collateral legal opinions relied on by Citi in its compliance of Basel III requirements for capital adequacy supporting Markets and other ICG businesses.
The successful candidate will be responsible for the review and approval of legal opinions which are relied on by Citi in determining the legal Well-Founded Basis (“WFB”) standard which relates to Citi’s regulatory capital reporting in relation to derivatives and securities financing transactions. Responsibilities will also include:
Acting as team lead in respect of a team of opinion reviewers, assisting with the distribution of files/matters and allocation of day-to-day responsibilities within the team;
Working across legal teams to support and facilitate the commercial objectives in processing requests for opinion reviews and approval of the WFB standard in a timely manner;
Working with local counsel to understand any nuances and complexities that could prevent a positive determination that WFB standard is met to be able to articulate risk to internal teams;
Ensuring co-ordination with relevant stakeholders in the completion of any approval of the WFB standard in relation to a legal opinion.
Knowledge of capital requirements legislation as it applies to the legal requirements for derivatives and securities financing documentation
Close familiarity with legal netting/collateral opinions and analyses
Thorough understanding of the legal issues underpinning the WFB legal standards including bankruptcy, security interest/title transfer and netting/set-off issues
Experience of managing a team, developing people and monitoring performance to aid meaningful appraisals
Strong drafting and research skills with ability to advise on a wide range of commercial contracts such as ISDA, GMRA, GMSLA, FIA contracts etc.
Strong communication skills (both written and oral) with the ability to work with other in a collaborative fashion
Ability to autonomously, taking initiative to be pro-active in finding solutions to drive commercial results
Ability to lead, influence and develop a team ensuring there is appropriate escalation channels in relation to complex issues to avoid delays which can disrupt the commercial activities of the business
Exceptional candidates who do not meet these criteria may be considered for the role provided they have the necessary skills and experience.
Solicitor qualified to practice law
What we Offer
As well as a competitive salary and consideration for a yearly discretionary bonus Citi offer;
23 days paid annual leave
Award winning pension scheme,
Life assurance and
Private medical insurance with Bupa healthcare.
In addition, we offer a competitive maternity, paternity and adoption leave scheme. We pride ourselves on our ability to offer employees a number of lifestyle benefits including; on site restaurant and coffee shops, online shopping and concierge service and subsidised clubs and societies.
Our Select benefit package offers you the opportunity to customise your benefits according to your own lifestyle preferences and includes corporate discounts, memberships and a range of additional extras.
Our vast range of diversity networks and on site multi faith room demonstrates Citi’s commitment to growing a diverse workforce.
Job Family Group:Legal
Job Family:General Legal
Time Type:Full time
Citi is an equal opportunity and affirmative action employer.
Qualified applicants will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.
Citigroup Inc. and its subsidiaries ("Citi”) invite all qualified interested applicants to apply for career opportunities. If you are a person with a disability and need a reasonable accommodation to use our search tools and/or apply for a career opportunity review Accessibility at Citi.
View the EEO Policy Statement.
View the Pay Transparency Posting
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