Assistant Manager, Income Processing

6 months ago

Toronto, Canada Scotiabank Full time

Requisition ID: 182678

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

**Assistant Manager, Income Processing - Toronto, ON**

**Global Banking and Markets**:
Global Banking and Markets (GBM) is a leading Canadian Capital Markets and Investment Banking business with a growing platform in the US and Latin America, operating globally for over 100 years. Scotiabank’s strong U.S. presence provides our clients an important bridge to this key global market for trade and investment flows across the Americas and the world.

Global Banking & Markets provides a full range of investment banking, credit and risk management products and services relevant to the financing and strategic development needs of our clients. Our products include debt and equity financing, mergers & acquisitions, corporate banking, institutional equity sales, trading and research, fixed income products, derivatives, energy, foreign exchange and precious & metals. We also cross-sell the full range of wholesale products and services offered by the Scotiabank Group.

Be part of an innovative, Global Capital Markets and Investment Banking business with a unique geographic footprint that puts capital to work for our clients across industries We work together to drive ambition for every future

**Purpose**:

- Provide accurate information and processing support to NY Prime Brokerage by:

- Receiving and validating information dividend/interest, claims, and reorg events assigned to Income processing (Stock dividends, stock splits, spin-offs etc) as well as DRIP and currency elections
- Receiving, processing, and reconciling Reorg instructions within market deadlines
- Verifying the dividend/rates, currency, tax implications with various depositories DTC, Clearstream, CDS, BNP, Citi, etc. and ensures that all entries are correctly processed, and Events are completely balanced.
- Responding to inquiries from internal and external parties and ensures that all duties are performed in manner consistent with SCUSA's standard and procedures.
- Verification/ approvals are required in certain circumstances.

**Position Highlights**:
1 Ensures that accurate and timely processing of all cash dividends/interests/DRIP/Claims/Reorg by:

- collect and research all information associated with dividend and interest payments (record date, payable date, tax status, etc.);
- all claims (USD, CAD, and Foreign) are settled within specified time
- reconcile and process distributions to client accounts accurately on a timely basis
- process Optional Income transactions accurately on a timely basis
- review and process depository elections with specified timeframes
- respond to fluctuating volumes and maintaining a high degree of accuracy
- review reports from both external and internal sources daily DTC, CDS, CLEARSTREAM, BNP, CITI, BLOOMBERG etc and take the necessary action required

2. Ensures that the payments are reconciled and instructions are acted upon
- solve problems of an unusual nature including identifying the cause of the problem and what is required to prevent a recurrence
- take instructions and settle incoming and outgoing claims with other institutions
- claim other institutions for payments resulting from fail trades and lending positions
- review for discrepancies within BFS/ADP system and investigate
- reconcile payments with all Depositories Custodians and control account

3. Provide ongoing assistance to the Department Manager
- provide technical expertise and specialized assistance relative to Income Processing
- follow escalation procedures for any potential losses
- reconcile unclaimed dividend accounts on a daily basis
- reconcile credit balances and provide detailed backup on outstanding amounts
- train and cross-train other department staff members
- provide support on other desks in the department as required by holiday schedules, volumes and projects.

4. Responding to inquiries from other departments and branches globally and providing customer service in accordance with GWO’s policies and procedures.
- Liaise with various departments, depositories and external contacts to resolve a variety of problems

**What you'll bring**:

- Good knowledge of Security Operations and Income Processing procedures especially those that relate to the processing of cash dividends, interest, splits and distributions.
- Knowledge of the operational procedures and regulations of Clearstream,Citi, BNP, DTC,CDS,TSX and of the transfer agents and other financial institutions with whom the department interacts on claims, payments and processing of dividend/interest entitlements, splits and stock distributions.
- Knowledge of Dividends, Interest and associated tax issues as they relate to the payment processing and reporting, Domestic and Foreign i.e. NRT, Source Tax, eligibility, record/ex/payable date implications, and different tax treatments etc.
- Provide customer service consistent with Scotia Service

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