Senior Lead Counsel - Director

Job Purpose:

To provide legal support to Markets businesses in connection with Rates and Markets Treasury businesses.

Job Background/context:

The role is dedicated to the Rates and Markets Treasury businesses globally with focus in the North America and LATAM country clusters. It covers all desks within the Rates and Markets Treasury businesses, with primary interaction being with: (i) the NAM Corporate Solutions Group; (ii) the Rates and Markets Treasury structuring team; (iii) the Local Markets Rates business in NAM & LATAM; and (iv) the businesses providing bespoke/structured funding and/or hedging solutions to clients.  

This is a role requiring a broad range of legal skills, ranging from an understanding of secured and deal-contingent hedging to the ability to understand and structure complex, bespoke trades in different legal forms (e.g. securities lending, derivatives, loans, deposits). It will also require a working knowledge of ISDA definitional booklets, such as the Rates and Credit Definitions, knowledge of relevant regulations such as Dodd Frank, US Risk Retention, securities laws and Volcker, and experience with issues raised by transactions in emerging / local markets. Familiarity with applicable capital rules will also be helpful.

The successful candidate must therefore have the ability to work with, and perform the role of a senior adviser to, multiple desks with varying technical requirements across the derivative and SFT spectrum. They must also be able to work collaboratively with senior stakeholders in Risk, Finance, Compliance and other areas, as well as seniors within Legal, on the strategic aspects of supporting the relevant businesses.

This role is currently expected to have four or five direct reports within the RMT Legal team, some located in New York and some in Europe. Thus the role will include being both an escalation point for technical questions on relevant topics as well as performing formal management duties for the team.

Accordingly, the successful candidate will also be expected to be willing and able to take an active role in the career and technical development of junior colleagues, working with the Global Head to develop the wider team as a whole where relevant. However, should any candidates wish to be considered for a role without management responsibilities this can be discussed as part of the recruitment process.

Key Responsibilities

The candidate will be expected to cover a wide range of transactions and advice as a senior adviser across various desks, including:

• Bespoke financing structures, including repo financing, derivatives-based financing (particularly TRS), collateralisation structures, financial guarantees and margin loans
• Technical elements of derivative documentation, including close-out provisions, optional and mandatory termination provisions, cash settlement calculations, and bespoke payoffs
• Syndicated swap arrangements, e.g. risk participation agreements
• Secured hedging, including being able to explain to stakeholders (in the business as well as other stakeholders such as Risk and ICM) the nuances of certain points and also to work with more junior colleagues on relevant points
• Contingent hedging, including those relating to M&A, issuance, and project finance
• Repackaging transactions across a variety of underlying product classes, including knowledge of relevant rules and exemptions, such as securities rules (144A, 4(a)(2), Reg S), investment company act exemptions (3a-7, 3(c)(1), 3(c)(7)), commodity pool exemptions and implications for US Risk Retention
• Non-linear derivatives, particularly swaptions and inflation-based products
• Advising on the 2006 and 2021 ISDA Definitions and the 2003 and 2014 ISDA Credit Definitions (as applicable)
• General advice on disputes and queries arising from OTC transactions
• Stable value
• Regulatory aspects relating to the above, including applicable sections of Dodd Frank, Volcker, and other relevant regulations
• Training and supporting colleagues on the above
• Working on escalations with the Global Head of Rates & Markets Treasury Legal and, as relevant, the Global Head of Markets Legal

Development Value:

This is an excellent opportunity for a senior lawyer with a broad range of technical skills who enjoys dealing with a broad and changing diet of complex, technical work. Knowledge of both derivatives and SFTs is important, but this role could suit a candidate with an emphasis or background in either one of these areas. The successful candidate will be a subject-matter expert and senior adviser across a number of products and desks, and will function as a key point of senior escalation on day-to-day matters for the wider team. They will work directly with the Global Head on other points of escalation and broader strategic goals for the relevant businesses.

This role as designed will also benefit someone looking to demonstrate and develop their managerial skills, and provides the opportunity to do that on a global scale.

Person Specification

Knowledge/Experience:  

Preference for a candidate with:

• At least 8 years’ post-qualification experience, ideally with experience of working in-house.
• A strong, broad understanding of financial products and how they work and interact (e.g. bonds, loans, derivatives, SFTs).
• Derivatives experience within any product group is essential, with the 2006 / 2021 Definitions and the 2003 / 2014 Credit Definitions preferred.
• Experience of structuring complex transactions is preferred, including the underlying treatment of such trades (e.g. regulatory characterization, capital, credit, XVA).

Skills/Competencies

Candidate must have:

• Ability to work independently and efficiently.
• Ability to work under pressure.
• Excellent organisation skills.
• Good diplomatic skills and ability to interact with personnel with different working cultures / levels / background.
• Good written and oral communication skills.
• Ability to present complex issues simply to senior management (legal and business).
• Ability to interact with and train junior colleagues
• Fluent in English (written and oral).
• Interest in technology.
• Intellectual curiosity to learn about new products and new legal structures.

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In addition to salary, Citi’s offerings may also include, for eligible employees, discretionary and formulaic incentive and retention awards. Citi offers competitive employee benefits, including: medical, dental & vision coverage; 401(k); life, accident, and disability insurance; and wellness programs. Citi also offers paid time off packages, including planned time off (vacation), unplanned time off (sick leave), and paid holidays. For additional information regarding Citi employee benefits, please visit citibenefits.com. Available offerings may vary by jurisdiction, job level, and date of hire.

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Anticipated Posting Close Date:

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Automated Processing and AI

We use automated processing, including artificial intelligence, for our legitimate business interests (or our reasonable and appropriate business purposes) to identify and align the candidate's skills and abilities with a specific job opening. Additionally, if you so choose, or consent, we can match your skills and abilities to other suitable roles at Citi.

Importantly, all our hiring processes and decisions, including determining your suitability for a role, are conducted, checked, and decided by individuals. Our automated processing and AI do not involve relying on automatic or autonomous decision-making. Please refer to any Jurisdictional Considerations, with specific provisions for your country (where relevant) for further details.

Illinois residents – AI Notice and Right

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