CitiBank - Treasury and Financial Institution Department - Case Study Example

Staffing of Staffing CitiBank is one of the nationwide banks, in the consumer (retail) banking segment of financial services of Citigroup. It started business in 1812 as Citibank of New York. March 2010, Citigroup was the ranked third in leading banks, holding the corporation in USA by overall assets, subsequent to JPMorgan Chase (JPMC) and the Bank of America (Craft, 1999, p. 301-302). Citibank N.A. contains corporate customers with a broad range of financial and treasury services as well as foreign exchange, Derivatives and hedging solutions, investment opportunities and in-depth market analysis. Treasury department of Citibank has a modern online dealing system which serves real time foreign exchange in more than 400 currency pairs round the clock. Human Resource professionals of CITIBANK are equipped with solutions oriented global skills. Our aims are to: Recruiting, build up (developing) and the retention of the finest talent. To make sure that employees are rewarded on their performance. Design range of programs benefiting employees to deal with their needs. Promote collection and community participation as in foundation to all we do. To develop growth oriented individuals with worldwide approaches who operate locally in accordance with our hared responsibilities. Treasury and Financial Institution Department in Banks is one of core department of the bank which utilizes or mobilizes bank’s surplus funds to make profits. The most important financial services provided by financial institutions are performing as financial intermediaries. Well we will consider its “Treasury and Financial Institution” Department here for following human resources (positions) required running this department efficiently for the profitability of CITIBANK. 1. Financial Analyst. 2. Equity Dealer. 3. Incharge/Head of Treasury Operations. 4. Dealer For Front Office 5. Officer Treasury Operation. 6. Filing Officer. JOB ANALYSIS: Analysis for jobs is complex instrument to gather job-related data. This procedure results in gathering and record keeping two data sets including job description and job specification. It is necessary to identify them truthfully in organizing to place the best human resource at the best place and in the right time. Job description and job specification are significant parts for job analysis information (Lussier, Kimball, & Lussier, 2009, p. 187-188). Fig1. Illustration of branches of job analysis JOB DESCRIPTION: It is a structured statement of objective in variety of responsibility and tasks for specific job such as: 1. Job title and location and working environment. 2. Job nature and operations to perform task in that environment. 3. Authority- responsibility to build relationship with other staff (members. 4. Qualifications required for that job. 5. Physical and operational condition or the work surroundings needed in performance for particular job. JOB SPECIFICATION: It’s a statement that defines suitable individual’s qualities to perform tasks. It translates descriptions of job into human credentials to facilitate task are done in a better manner like: 1. Designation/Title for Job 2. Qualification for particular positions 3. Physical attributes related to the post. 4. Mental health and physique 5. Affiliation of one job with another job. FINANCIAL ANALYST : Job Descriptions Job Specifications Analysis of Financial information to forecast economic conditions, industry and business for making investment decisions. To Illustration of technical reports using spreadsheet and draw chats and graph for top management Team. Evaluation and the comparative quality of different securities in a given industry. Understand data that affects investment programs, such as cost, yield, stability, opportunity trends in investment risks, and cost-effective influences. Maintain information and stay side by side of developments in industrial expertise, commerce, finance, and financial theory. Monitor essential economic, business, and commercial developments via analysis of information gathered from economic publications and services, investment banking firms, management agencies, trade publications, business sources, and individual interviews. Masters’ degree in Accounting, Economics or Finance required. 3 years experience in financial analysis. Experience in banking industry a plus. Accounting/GAAP (Generally Accepted Accounting Principles) understanding. Superior knowledge of Microsoft Office (especially on Excel & Access). Excellent Communication skills. Ability to complete tasks timely and correctly critical. Strong organizational and analytical skills. To work sound with others in prompt and energetic environment. EQUIRTY DEALER: An equity dealer implements financial expertise and knowledge of securities exchange for the investments in stocks and other equity-related products on financial marketplace. An equity dealer is also an Equity trader (Kim & Vault, Firm, p. 34-35). Job Descriptions Job Specifications Responsibility for administration and participate in daily operations of the Treasury task. Overall managing of front office risk involved in treasury. Will be involved with financial marketplace dealing, monitor liquidity requirements daily and weekly bases. Provision of analytical support. Bachelor’s degree, PGD in business or finance. Finance degree or investment analysis or economics. An equity dealer with a risk managing background in a quantitative field such as math, econometrics or statistics. Having 3 years experience in trading of equities based products i.e. Bonds, Stocks Shares in banking industry. IINCHARGE/HEAD OF TREASURY OPERATIONS: Job Descriptions Job Specifications To review, observe preparation and manage the well-organized operation of cash and financial services in a manner consistent with the objectives of the Bank. 5-10 years experience for Treasury Settlements. Supervision of the money market operations on daily bases. Supervision of F/X transactions. Processing of Exchange / Revaluation Rates. Ability to prepare statements for top manager. Pursuance of international and domestic Investments and local share investments. Masters degree/PGD in business or finance. Masters in finance, investment analysis or economics. At least 3 years experience at supervisory level. Good people Management skills OFFICER TREASURY OPERATIONS: Job Descriptions Job Specifications Settlement of Inter-Bank Forex & Money Market Deals. Daily maturity positions (Inter-Bank Forex & Money Market Deals) for Front Office. Settlement of Inter-Branch Funds . Preparation of "SWIFT" Messages for Nostro Account & Inter-Bank Settlement. Updation of revaluation rates in system. To Record Monthly Brokerage bill Paid on Treasury transactions. Reconciliation of Nostro accounts with GLs. Bachelor’s degree/PGD in business or finance. familiarity with treasury software expertise a plus. Basic analytical, business, and interpersonal skills. Basics preadsheet and modeling skills. Admirable collaboration & communication skills. Ready to adapt promptly to rapid changes in direction. Motivated to search for out answers, make ideas, and build up new skills. FILING OFFICER (CLERK): Job Descriptions Job Specifications Perform usual office duties such as typing, in service office machines, and organization office mail. Track materials detached from records in order to make sure that borrowed records are returned. Collect materials to be filed from departments and staff. Arrange or categorize information according to procedure such as content, function, customer criteria or sequential, alphabetical, or statistical order. Keep report of materials filed or detached, by means of logbooks or computers. Intermediate from any backgroung. familiarity with documentation and record keeping of data Basic working knowledge of computer. HOW TO ATTRACT APPLICANT: It could be a great to looking for good candidate in any organization, generally an inherently risky business enterprise. Recruiting people from external is more complex that internal (Kirkbride & International Conference on Personnel and Human Resources Management., 1994, p. 67-68). It is just like selling a marketing product to consumer, many organization uses the below medium to attract applicants: Newspaper classified ads Local job fairs Web/Internet College-campus recruiting (career /job fair) Internships program among talents from college students. Fig 2. Ad displaying the hiring call from Citibank in the local newspapers SHORTLISTING OF CANDIDATE: There are numerous aspects will need to consider while short listing a candidate few of them are listed below: It is supposed that information provided in applications give evidences for skills. Gather some degree of information which matches to selection criteria provided in C.V. This is a apparent measurement that how a sound candidate fulfills selection criteria Test general impressions, and sensitive responses aligned with proper criteria as they may be influenced by prejudices; A planned approach saves member’s (Hiring Team) valuable time. The basic objective of short listing is to eliminate as many inappropriate candidates as rapidly as possible (Compton, Morrissey, & Nankervis, 2009, p.68-69). Begin with a schema about certain number of applicant that you are willing to interview and carry out your shortlist in stages to make this process easier. SELECTION PROCESS: Selection means to decide the best person from along with the prospective candidates to fill the vacant position in an organization (Pinfield, 1995, p. 143-144). The achievement of an organization depends on the quality of employees selected for that position. The importance of selection may be judged from the following facts. Qualifications (Academic) Qualifications (Professional) Experiences Confirmation of competencies Selection procedures. The selection method consists of different steps. Steps involved to select or deselect for hiring a new staff are: * Initial interview: - first screening is made to prepare out entirely unwanted /without prior qualifications of applicant. It is basically a sorting method where potential candidates are given compulsory knowledge about the environment of the employment and the background of a business. * Application form: - The “employment form” is a conventional document which is widely used as a tool for gathering information subsequent to the candidates. The employment form gives complete information that is appropriated to selection (Gatewood, Feild, & Barrick, 2008, p. 367-368). * Initial test: - Psychological and emotional are being gradually mostly used as a tool for selection procedure to hire a new staff. This analysis is an illustration of number of aspects for an individual’s posture, conduct, activity and execution. Selection test provides efficient, systematic, well organized foundation to comparing the behavior, attitudes and performance of two persons. * Interview of successful candidates: - An interview is a dialogue or communication between two or more persons. In selection process it deals with an individual face to face dialogues judgment of appropriate applicant for employment. * Medical test: - Candidates who have completed above stages are called for a physical/mental examination .This process is done by physician employed by the company or by a health officer permitted by an organization. * Reference assures: - Names and addresses of two/three referrals that recognize him sound should be mentioned on the application form. * Final selection: - Short listed applicant by H/R is finally approved by executives of the concerned section/department. Service is offered in the shape of appointment letter which mentions the candidate’s post, rank of appointment, the grade if any, date of joining and terms and conditions in mentioned briefly. What Information Should an Offer Letter Contain? Every industry has different requirements when it hires a fresh employee. In spite of company size, industry or type, its a good proposal to present fresh hires through an offer letter which outlines few critical terms and conditions for employment association to set primary opportunity to bring in culture and reduce future official risk. To attain a tone that does not turn into "too legal," its a good plan to include information regarding to some of your organizational policies that reveal your service philosophies and worker programs that the individual may find beneficial. You need to make specially the letters for different group and positions, it will help reduce legal hazard while communicating concerning values and opportunities in the workplace. P.O. Box 123 • ABC City • XYZ State • 00000 Phone 123-456-7890 March 1, 201x Address: __________________ ________________________ ________________________ Dear Mr. /Miss: ____________ JOB OFFER LETTRE We are happy you have acknowledged the offer of the position of job title at CTIBANK, commencing from start date. You will be employed within the division (department)/team and your line supervisor will be Mr. (manager’s/Supervisor’s name). Insert brief, in bullet-pointed descriptions for job here Your initial salary is $_____ per annum. Salary reviews take place in month. Include in details of any supplementary benefits (e.g. medical or pension) here. To help you to build up your performance, reviews will take place every quarterly bases, with a official twelve-monthly appraisal that will take place in month each year. These offers are area under discussion to references. Please give us the names and full details of contact along with two referees. You will require bringing your identification or other credentials that proves you are entitled to work in this region. Your holiday privilege is __days annually, along with bank holidays. Hours of employment are XX hours for each week including XX lunch break. Hours of labor may vary, but regular hours are from 9.00am toward 5.30pm Your trial period is 30 days (90 days is usual). During this tenor we will review your evolution. Any severe issues – on both sides – ought to be raised as they occur. We attach a job description, which outlines your fundamental role. We’d be grateful if you would agree to accept this offer signed the enclosed copy, finishing the enclosed New member of staff Information form and send them back to us. We will then describe a contract of employ for both parties to sign. Let us know if you comprise any additional questions at this position. We are looking forward to welcoming in our team. Sincerely, Your signature Signed…………………………………. Date…………………………… Mr. / Miss. ________________ Expected Code of Conducts: Code of conduct is a set of policy outlining the tasks of or correct practices for an entity or organization. Associated concepts consist of fair codes and principle codes. Conservation secret Information - financial organizations are required to have organizational, technological and material precautions to look after sensitive customer information. Ensuring the reliability of report - Internal office data and customer report must be in accurate and well maintained with trustworthiness and integrity (United States, United States, & United States., 1991, p. 45-46). Providing well-built Controls over resources - All affected persons must fulfill the internal control measures recognized by the institution for the protection of proper reporting and revelation of financial data. Providing Candor in Dealing with Auditors, Examiners, and Legal Counsel - All staff members should respond honestly when dealing among internal auditors, and attorneys. Discovering Applicable Laws - Financial organizations work in a highly governed environment. The Directorate/members of governing board should make sure that bank’s management and all the relevant employees are fully aware of the relevant laws and regulations. Observance by the Board and managerial officers with the applicable rules centralizing management in the operation of the organization lay downs a premier example for the conduct and performance of all staff members. Monitoring of Policies and Procedures by Involving Internal Auditors – An effective audit program should be established by the financial organization for the monitoring of operations like institutional controls against self-dealing, violations of policy manuals and other conflict of interests, identification of weaknesses and guarantee of corrective action is taken (Pickett & Pickett, 2005, p. 202-203). Supplying a Proper Procedure to Report Doubtful Activities - The FDIC recommends that a financial organization should consider creating a hotline or other possibilities to permit staff, contractors, third party service providers and clients to report questionable activities to the financial organization or occasions where the regulation is being breached, and to have their worries treated in a confidential manner. Periodic Training Session and Acceptance of Policies – While establishing a code of conduct it should be primarily include the requirements of internal training of the staff, the distribution of intra-group resources for this purpose, and for the approval of the policies and procedures by all impacted persons (Kurtz & Boone, 2008, p. 38-39). Executive of group should take the chance on at least an annual basis to pass on the significance of the policies and procedures to employees and high office bearers clear anticipations of satisfactory business manners by all staff members. Updating of the Policies Periodically for the Reflection of Latest Business Activities – Internal terms should be included in the Code of Conduct on periodic bases to find out its continuing feasibility and applicability; conditions should also be added that would make it easy for the inclusion of new rules in the code when any situation arise, and also the re-recognition of the code after processing revision of any material. References Compton, R. L., Morrissey, W. J., & Nankervis, A. R. (2009). Effective recruitment & selection practices. North Ryde, N.S.W: CCH Australia. Craft, D. (1999). Company profiles for students. Detroit: Gale. Gatewood, R. D., Feild, H. S., & Barrick, M. R. (2008). Human resource selection. Mason, Ohio: Thomson/South-Western. Kim, G., & Vault (Firm). Vault career guide to sales & trading. New York: Vault. Kirkbride, P. S., & International Conference on Personnel and Human Resources Management. (1994). Human resource management in Europe. London: Routledge. Kurtz, D. L., & Boone, L. E. (2008). Contemporary business 2009. Princeton, N.J: Recording for the Blind & Dyslexic. Lussier, R. N., Kimball, D. C., & Lussier, R. N. (2009). Applied sport management skills. Champaign, IL: Human Kinetics. Pickett, K. H., & Pickett, K. H. (2005). The essential handbook of internal auditing. Chichester: John Wiley & Sons. Pinfield, L. T. (1995). The operation of internal labor markets: Staffing practices and vacancy chains. New York: Plenum Press. United States, United States, & United States. (1991). Information resources management plan of the Federal Government. Washington, D.C: For sale by the U.S. G.P.O., Supt. of Docs. Read More