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Citigroup Global Head of Credit Remedial Management in New York, New York

Remedial Management plays a critical role in the risk management of Citi’s Wholesale Credit Risk (“WC Risk”) portfolio. Exposures under remedial management exhibit a heightened probability of default and risk of loss, typically requiring intensive management and expert oversight. The role requires a pro-active approach to managing such issues as well as deep understanding and experience in credit and markets risk.

Remedial Management work involves developing a solutions-focused approach to formulate strategies that maximize recoveries, balance risk and returns appropriately, and/or minimize the regulatory and risk capital impact of Classified and Criticized exposures. This may be achieved in a number of different ways, but usually involves a combination of asset sale, hedging, restructuring, administration or consensual reduction in exposure.

With the newly created Wholesale Credit Risk organization, the decision has been made to consolidate the existing Remedial Management teams for ICG (“IRM”), GWM and CCB under single leadership and create a new senior role, the Global Head of Wholesale Credit Remedial Management.

The Global Head of Wholesale Credit Remedial Management will manage all of Citi’s wholesale credit remedial exposure globally, and is expected to have proven experience as a leader and influencer, solid remedial management skills and the ability to successfully integrate the combination of diverse organizations and align the combined Remedial organization to broader Wholesale Credit Risk organization.

This role reports into Citi’s Wholesale Credit Risk Head.

Key Responsibilities:

Oversight / Supervisory

  • Lead and manage a team of credit professionals across the globe, responsible for the assessment and, where appropriate, remedial management of newly Criticized and Classified facilities across the Wholesale Credit Portfolio

  • Maximise the value of remedial assets through the formulation and execution of restructuring and/or other appropriate remedial strategies for stressed assets

  • Ensure accurate, timely and consistent risk ratings and regulatory classifications for remedial assets to ensure appropriate carrying values, risk capital, CCAR/DFAST stress losses and FAS5 and FAS114 reserves are held

  • Maintain appropriate processes, staffing and controls to measure, manage and execute on relevant regional, internal and regulatory responsibilities

Remedial Portfolio Management

  • Ensure that Citi’s credit and remedial policies and standards are adhered to

  • Report and independently forecast the remedial portfolio and related costs of credit

  • Identify and manage Troubled Debt Restructurings (TDRs), Debt Previously Contracted (DPC) and SEC Money Term Modifications for external reporting purposes.

  • Create and maintain a strong control environment.

Stakeholder Management

  • Participate and represent WC Risk Remedial Management in all relevant governance and regulatory forums

  • Serve as a point of escalation and independent challenge for key issues/decisions related to the remedial portfolio

  • Communicate effectively with Senior Management in Risk, Business, Finance, and Legal both regionally and on a global basis

People and Organizational Management

  • Lead the integration of diverse teams towards common standards as well as drive the organization to achieve best practices in the workout space, and connect expertise across industries, business units and jurisdictions

  • Mentor and coach Remedial Management Officers to develop the diagnostic skills required to assess newly criticised exposures as well as portfolio manage the existing classified portfolio

  • Mentor the teams to develop the negotiating, influencing, and restructuring skills necessary to manage remedial activity including restructuring or workout transactions in the portfolio

Skills/Competencies:

Technical / Credit/Management:

  • Deep understanding of Credit and Markets Risk and Remedial Management

  • Solid knowledge of Wholesale Credit Risk, Enterprise Risk Processes, and organizational awareness

  • Proven track record to build and lead successful global teams

  • Methodical and proactive thinker with ability to negotiate and resolve conflicts

  • Forward planning skills and strategic thinker

  • Develops and executes priorities, in line with company goals and mission/culture statement

  • Exceptional crisis management skills

Leadership:

  • Proven culture carrier and leader with history of driving organizational change

  • Recognized as a skilful senior manager who effectively delegates, provides feedback and coaches the team proactively

  • Assesses and identifies top talent to add to the team, and actively seeks talent with diverse backgrounds and experiences

  • Proactively engages team, partners, and other seniors to collaborate across the organization

  • Creates alignment and transparency across the team by openly communicating both team and individual goals and development areas

  • Demonstrates, implements and adheres to the control environment. Identifies gaps and proactively raises issues (as well as successfully closes issues) to remediate operational risks

Competencies:

  • Highly Effective interpersonal skills, with the ability to build relationships and exert influence with and without direct authority with senior levels of management

  • Solid organizational skills with ability and willingness to make and communicate tough decisions

  • Written and verbal communication skills, with the ability to communicate clearly and concisely to internal and external audiences of varying levels of seniority

  • Technical:

  • Senior Credit Officer L2 or L1.

Qualifications:

  • BA/BSc or higher degree in Business (MBA), or any other related subject

  • 20 years of substantial credit and remedial management experience, with previous responsibility for creating and executing procedures and leading teams. Project management skills


Job Family Group:

Risk Management


Job Family:

Credit Decisions


Time Type:


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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.

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Effective November 1, 2021, Citi requires that all successful applicants must be fully vaccinated against COVID-19 as a condition of employment and provide proof of such vaccination prior to commencement of employment.

Citi is an equal opportunity and affirmative action employer. Minority/Female/Veteran/Individuals with Disabilities/Sexual Orientation/Gender Identity.

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