JPMorgan Chase Bank, N.A.
The Billing Operating Unit offers innovative solutions and services to various LOBs across multiple asset classes and geographies. The unit maintains relationships with hundreds of clients worldwide. In addition to this J.P. Morgan is an industry leader in providing clearing, custody, operations, and technology and order execution capabilities to broker dealers worldwide.
The Billing Operating Unit - Expense Management Group is responsible for invoice management, validation/reconciliation, and allocation of charge to various LOB, Cost Centers, timely payment, NOSTRO Clearance, and MIS Reporting
The Billing Operating Unit - Billing Utility is responsible for invoice generation of transaction-related charges for OTC & PB clients
The objectives of the BOU - Expense Management Group are:
(1) Daily maintenance and reconciliation of the books and records of the J.P Morgan Clearing Corp, (JPMCC) relating to clearing activities and balancing of incoming and outgoing funds
(2) Payments to counterparties and broker dealers
(3) Reporting of any abnormal trade activity to Product Controllers/traders that is consistent with the Firm's internal policies and procedures, and in accordance with Federal, State and New York Stock Exchange, Inc. ("NYSE") regulations, as well as all other self-regulatory organizations of which the Firm is a member or to whose jurisdiction the Firm is subject.
The Department is responsible for:
- Balancing all JPMCC entities within the books and records processing stream
- Balancing omnibus and suspense accounts
- Bank and international product reconciliations
- Monitoring international operations' suspense accounts
- Balancing JPMCC inter-company trading accounts
- Monitoring data processing charges allocated to select operational areas
- Reconciling delivery-versus-payment account balances
- Analyzing, accruing, allocating, and paying Electronic Communication Network (ECN) invoices
- SEC Fees Direct payment & Non Direct payment
- Analyzing, accruing, allocating, and paying international bank / floor brokerage / Stock Loan fees etc.
- Creating weekly/monthly management reports
- Special projects
- Receivable and Payable functions for stock loans/borrows and Clearing Member Trade Agreements (CMTA) for options
More specifically, the Department's activities include:
Control Management & Reporting Functions:
- Omnibus account reconciliations of Continuous Net Settles (CNS)
- The reconciliation of cash movement from JPMCC to JPMSI & JPMSL through the Firm omnibus accounts
- Reconciling Daily Suspense Accounts - U.S. and currencies for operations and International and Custodial Trust Company or CTC)
- Balancing of Bookkeeping Journal - U.S. and currencies
- Daily balancing of Bank Accounts
- CMTA - Receipt and payment of CMTA commissions and reconciling of receivable/payable accounts
- Monthly booking of income/expense and reconciling stock loan/borrow accounts, daily reconciling of receivable/payable accounts
- Notification letters to clients of cash and stock transfers
- Reconciling security and NOSTRO positions/ transactions breaks for proprietary and Prime brokerage accounts by referring it to settlements/ Middle Office/ Agents systems/reports
- Process invoices from external parties and resolve/escalate discrepancies to OU(Organization units)/Middle office
- Process journal's into firm/client accounts to resolve breaks & Reconciles cash flows through various systems and client accounts
- Perform reconciliations with regards to client accounts in firms portfolio management system
- Reconciliation over Geneva application versus JPMCC Books and Records positions and balancesJPMorgan Chase & Co., one of the oldest financial institutions, offers innovative financial solutions to millions of consumers, small businesses and many of the world's most prominent corporate, institutional and government clients under the J.P. Morgan and Chase brands. Our history spans over 200 years and today we are a leader in investment banking, consumer and small business banking, commercial banking, financial transaction processing and asset management.
We recognize that our people are our strength and the diverse talents they bring to our global workforce are directly linked to our success. We are an equal opportunity employer and place a high value on diversity and inclusion at our company. We do not discriminate on the basis of any protected attribute, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. In accordance with applicable law, we make reasonable accommodations for applicants' and employees' religious practices and beliefs, as well as any mental health or physical disability needs.