VP, Product Deveopment

Department Description:


Merrill Lynch is one of the world?s leading financial management and advisory companies, with offices in 36 countries and total client assets of approximately $1.6 trillion. As an investment bank, it is a leading global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world?s largest managers of financial assets. Firm wide, assets under management total $479 billion.Brief Description:
Global Private Client (GPC) is the world's premier provider of wealth management services ? with more than $1 trillion in client assets. Unmatched advice and guidance are hallmarks of our private client franchise and remain a substantial competitive advantage. Merrill Lynch's 14,000 Financial Advisors ? the best trained force of its kind in the industry ? offer a comprehensive range of products and services to meet clients' unique needs. Our philosophy, Total MerrillSM, symbolizes all that is possible in a relationship with Merrill Lynch: from credit and lending to investments; from estate planning to philanthropic strategies; from retirement to small business services. With Total MerrillSM, we believe it is no longer necessary for our clients to maintain a relationship with any other financial institution.Job Responsibilities:


Private Client Banking Solutions (PCBS) is a business unit within Global Private Client dedicated to building a retail banking business for Merrill Lynch targeting our existing clients as well as new customer segments.

PCBS consists of three key operating areas: Card Services, Deposits and Strategy/Business Development. The Group is responsible for developing and managing all debit and credit card programs, the Beyond Banking offering, CMA/CMA+ and other deposit acquisition programs.  PCBS also partners with Merrill Lynch Credit Corporation (MLCC) and Securities Based Lending (SBL) to develop and promote loan products.  In addition, the Group evaluates and develops new retail banking value propositions, such as private label opportunities, direct banking, physical footprints and alliances.

The multiple credit, deposit and payment activities that our clients/prospects engage in represent a critical growth opportunity for Merrill Lynch -- one that needs to be well coordinated across many areas of Global Private Client. Our objective in creating a dedicated business unit is to give this important business the focus and accountability it needs to achieve its maximum growth potential.

Merrill Lynch is seeking a VP within the Deposits Product Strategy Area of PCBS. This candidate will be responsible for partnering with the Director of Product Strategy on the development of new and enhancement of current products and services to engage existing and future ML clients in banking activity. Qualifications:
Develop a deep and broad understanding of the features, pricing, and benefits of a broad range of competitor offerings in partnership with the PCBS Strategy Group. Develop a deep and broad understanding of client needs and behaviors through designing and executing market research with Clients, Prospects, Financial Advisors and Client Associates in partnership with the Market Research group. Develop a deep understanding of the profitability model to enable the design of economically viable offerings in partnership with the Pricing Group. Develop an understanding of the legal framework for consumer banking to ensure design of legally viable offerings in partnership with Office of General Counsel. Possess a understanding of the economic drivers in the loans and deposits product setConceptualize strategic product initiatives to create a superior and compelling value proposition for clientsDevelop well articulated and compelling business cases to obtain Senior Management approval for product initiatives. Communicate strategic objectives to Senior Management and functional partners in a clear and convincing manner in both written and verbal settings.Work closely with Technology and Bank Operations Groups, who are responsible for establishing detailed business requirements to ensure Systems Development work and Operational Processes and Procedures meet design objectives. Work closely with the Bank Marketing and Sales Groups to ensure appropriate positioning, distribution and marketing materials are created.Work closely with the Bank Treasury Group to create innovative short-term instruments.

Minimum Job Requirements: College degree required 7-10+ years product development, product management, marketing and/or strategy consulting experience in the financial services industryConsumer banking experience preferred, particularly in product development


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