Director, Head of SOFR Transition

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Company: CIT Group
Location: New York, NY

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Overview

Founded in 1908, CIT (NYSE: CIT) is a leading national bank empowering businesses and personal savers with the financial agility to navigate their goals. We believe in helping customers turn their ideas into outcomes. Whether those customers are building a business or building their savings, CIT has the experience and agility to empower them to achieve their goals. At CIT, how we do business is just as important as what we do. Our social responsibility programs focus on driving financial and personal empowerment, supporting the environment and advancing wellness. CIT contributes to communities where we live, work and do business through charitable donations, community investments and employee volunteerism.

Responsibilities

The individual will lead the CIT LIBOR transition program for Commercial Finance. This individual will be responsible for defining the needs of CIT to ensure a successful and uninterrupted transition from LIBOR to SOFR. Once defined, the individual will coordinate timelines and deliverables within each Business Unit and work with each business unit leader, outside vendors, consultants, clients and other Stakeholders to ensure CIT’s readiness to transition from LIBOR to SOFR and other potential reference rates. This position will report to the President of Capital Markets & Asset Management and have direct contact with the President of CIT and the Board.

Qualifications

  • 10+ years of experience within the financial services industry, bank experience is a plus
  • Bachelor’s degree required
  • An understanding of LIBOR as an underlying reference rate in commercial transactions
  • Previous team lead/project management experience working collaboratively across business and functional areas managing senior business leaders
  • financial industry experience is a required, preferably within Treasury or Asset Liability management, knowledge of credit agreements & legal documents a plus
  • A sound working understanding of commercial lending including floating rate loans, fixed rate loans, interest rate swaps/caps/collars, currency swaps and a sound understanding of debt capital markets
  • Strong organization skills, change management skill is a plus
  • Strong problem solving and interpersonal communication skills
  • Ability to operate within tight timelines and manage multiple simultaneous deadlines
  • Strong written and verbal communication skills and comfortable interacting with senior management
  • Proficiency in Microsoft Word, Excel and PowerPoint, an understanding of LoanIQ, Stuchy and other bank operating platforms is a plus