Senior Fiduciary Officer

2 months ago

New York, New York, United States 00002 Citibank, N.A. Full time

The Senior Trust Officer is a key strategic professional who stays abreast of the latest developments in the fiduciary sector and integrates them into their role and the broader business context. This position typically involves a limited number of individuals within the organization who possess a similar level of expertise. Exceptional communication skills are essential for effective negotiation at senior levels within the company. Advanced communication and diplomatic skills are necessary to guide, influence, and persuade others, particularly colleagues from different departments and occasional external clients. This role is accountable for substantial direct business outcomes or expert advice regarding the operational aspects of the organization. It requires a significant degree of responsibility concerning technical strategy and primarily impacts a specific sub-function. Additionally, the Senior Trust Officer is responsible for managing staff-related issues, including resource management and work allocation within the team or project.

Key Responsibilities:

The Private Bank at Citibank (CPB) is a division of the Institutional Clients Group, offering a comprehensive array of products and solutions, including investment strategies, banking services, lending, trust services, and specialized private banking solutions tailored to meet the unique needs of over 10,000 ultra-high-net-worth clients globally. The Private Bank focuses on clients with a minimum net worth of $25 million and serves a significant portion of the world's billionaires and their families. Citibank N.A. serves as the primary legal entity for Citigroup, delivering products and services to consumers, financial institutions, and corporate clients worldwide. Historically, Citigroup has provided internal reporting on a business-by-business basis. With evolving regulatory requirements, robust legal entity reporting and governance have become critical. This team ensures that Citibank N.A. maintains the necessary governance and control framework to address the demands of legal entity planning, execution, information management, and the dynamic regulatory landscape. Under the guidance of a Fiduciary Services Head, this role necessitates the administration of ongoing fiduciary relationships with ultra-high-net-worth clients, focusing on strategies for the preservation and growth of trust assets while achieving specific trust and estate planning goals. The officer will also introduce clients to a wide range of investment management opportunities. An individual in this position will be expected to: Oversee an existing portfolio of trust and estate accounts, which may include revocable and irrevocable trusts, testamentary trusts, ILITs, IRA accounts, various charitable trusts, estate accounts, and agency accounts, both discretionary and directed. This includes initiating investment management by collaborating with Private Bankers and Investment Counselors and utilizing both internal and external investment managers, such as equities, fixed income, mutual funds, ETFs, private equity, hedge funds, and real estate vehicles, ensuring that account allocations align with investment objectives and risk tolerance. The officer should possess knowledge of special assets, including promissory notes, operating agreements, LLCs, LPs, loan holds, life insurance policies, real estate interests, and oil and gas interests. They will also work with both internal and external tax preparers to complete and file tax returns for various account types. Evaluate the client's overall estate and tax planning requirements, demonstrating the ability to review legal and trust documentation and understand the provisions to effectively assist clients and their advisors in achieving specific trust and estate objectives. Ensure compliance with legal requirements and internal procedures related to account activities, including identifying and reporting to the Senior Risk Committee and managing the risk of financial loss or damage to Citigroup's reputation arising from activities within the trust business. This includes communication with internal and external auditors and state examiners, as well as collaboration with Investment Management Oversight to identify and mitigate exposure to a single security, issuer, or industry. Communication: Effectively communicate with clients and/or their attorneys regarding all trust and estate matters, attend client meetings and investment reviews in person, and establish a working relationship with the Private Banking and Investment team concerning the trust and overall client relationship, ensuring timely and accurate responses to inquiries. Additional: Supervise and manage Assistant Trust Officers in their duties, participate in internal and external training opportunities for ongoing professional development, draft policies and procedures as assigned by management, and engage in additional projects as requested. Maintain a local presence in the trust and estate professional community. Appropriately assess risk in business decisions, demonstrating careful consideration for the firm's reputation and safeguarding Citigroup, its clients, and assets by ensuring compliance with applicable laws, rules, and regulations, adhering to policy, applying sound ethical judgment regarding personal behavior, conduct, and business practices, and transparently escalating, managing, and reporting control issues.

Qualifications:

10+ years of relevant experience. Experience in estate or trust management and administration. An MBA or JD is preferred. Strong knowledge and proven technical proficiency in legal, investment, and tax issues related to trust and/or estate management and administration. Demonstrated strong communication and project management skills. Proficiency in Microsoft Office products is required. CFTA certification is preferred. Experience with Fiduciary Income Tax is a plus.

Education:

Bachelor's/University degree; Master's degree preferred.

Job Family Group:

Private Client Product Services

Job Family: Trust Fiduciary Services

Time Type: Full time

Primary Location: New York, New York, United States

Primary Location Full Time Salary Range: $150,000 - $250,000

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

Citibank is an equal opportunity and affirmative action employer.

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.

Citigroup Inc. and its subsidiaries invite all qualified interested applicants to apply for career opportunities. If you are a person with a disability and need a reasonable accommodation to use our search tools and/or apply for a career opportunity, please review the appropriate resources.

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