Private Banking Sales Performance and Compensation Manager
WHAT IS THE OPPORTUNITY?
The Private Banking executive leadership team depends upon accurate, timely, and well-synthesized information about sales and service activity in order to inform decision-making, assess staff performance and provide incentive compensation. The Private Banking Sales Performance and Compensation Manager is responsible for analyzing information about sales performance and using that information to administer the division’s incentive compensation plan. These responsibilities enable this colleague to be a key advisor to the Executive Vice President of the division, as well as senior leaders above and regional managers below.
This colleague’s typical activities will include: designing methods for integrating sales and financial information from multiple systems; overseeing the integration, validation and analysis of this information; designing balanced scorecards and other reporting to synthesize sales performance; collaborating with HR Comp on the calculation of incentive compensation based on sales performance; and performing ad hoc analysis of sales performance. This colleague will be part of a team that includes analysts and technologists who will assist in this process.
WHAT WILL YOU DO?
- Understand the Private Banking division's products, client strategies, and the financial metrics & systems that CNB uses to measure sales activity within those products
- Design tools and reports to measure the performance and productivity of the division and the individuals in key client-facing roles within the division.
- Design, produce and distribute new and existing performance reports and calculations with various bank systems on a routine basis for performance rankings, scorecards, incentives, etc.
- Metrics will include sales pipelines, actual sales, collected revenue, activities with clients, referrals, product growth and penetration, and other financial or client-related metrics.
- Establish effective performance management reporting at the division and region levels, supporting the performance management routines. Apply analysis and bring insights to the division head and region managers.
- Perform, analyze, audit and reconcile performance results, account postings, transactions and/or other measurements and identify potential discrepancies. Review any discrepancies with region manager/s. Establish routines and create spreadsheets to monitor and analyze results. Review for trends, research as appropriate and make recommendations regarding findings and suggested resolutions to management.
- Design & administer the incentive compensation plans for key client-facing roles within the division
- Build tools and reporting, to support the incentive compensation plan, including scorecards. Provide manager and colleague scorecards, and other reporting as necessary to support performance and incentive management processes. Manage and execute the incentive reporting process with finance metrics and profitability contact. Responsible for all issues management resolution, including with region managers and individual colleagues. Performs analytics and tracks/report results and exceptions. Leverage all required finance system and tools to perform role to maximum effectiveness.
- Participate in the budget development process, specifically leading the sales performance and goal setting process, in partnership with the region managers and division finance manager; including clarifying/updating incentive plan (business) rules. Work with compensation partner in the annual compensation target setting and year-end process, providing goals and results as needed.
- Assist with annual and quarterly audit; including any special audits (OCC, etc.). Retrieve and prepare audit reports for use during internal and/or external audits.
- Comply fully with all Bank Operational and Credit policies and procedures as well as all regulatory requirements (e.g. Bank Secrecy Act, Know Your Client, Community Reinvestment Act, Fair Lending Practices, Code of Conduct, etc.)
- Advise senior management at the division and corporate level on the sales performance of the private bank, the execution of the business strategy, and the performance of colleagues within the division.
- Engage senior managers to understand their needs for information about the performance of their staff and the division
- Prepare adhoc reports as requested by manager or division head. Assist in presentations and/or working sessions for and with division head and region managers. Prepare data documents for division head for Executive Committee and Board meetings.
- Mentor, develop and partner with teammates who help to fulfill the responsibilities above.
WHAT DO YOU NEED TO SUCCEED
Must-Have*
- Minimum of 5 years of experience in a banking environment required
- Minimum of 5 years of financial analysis experience required, with a minimum of 4 years in sales performance reporting and analytics
- Minimum of 5 years advanced Excel experience, including minimum of 3 years complex formula/function development, writing macros, utilizing PivotTables and other methods to manipulate large datasets
Skills and Knowledge
- Ability to work on problems of diverse scope where analysis of data requires evaluation of identifiable factors, and utilizes insights to identify opportunities or issues and recommend solutions
- Performance measurement experience required.
- Must possess strong analytical and math skills.
- Strong understanding of division performance measurements and incentive plans
- Excellent verbal and written communication skills sufficient to interact with all levels of Bank personnel.
- Experience with Salesforce CRM Analytics, Tableau, or similar business intelligence tools
- Excellent computer literacy with a proven proficiency in Microsoft Excel, Microsoft Access, Word and PowerPoint and other financial related systems as needed.
- Good project planning and coordination skills.
- Demonstrated skill at issues resolution, including ability to research and determine root causes and engaging partners in solutions.
Compensation
Starting base salary: $111,000 - $189,000 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
- To be considered for this position you must meet at least these basic qualifications
Benefits and Perks
At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues. Get an inside look at our Benefits and Perks.
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT
City National Bank is an equal opportunity employer committed to diversity and inclusion. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by law.
City National Bank is an equal opportunity employer committed to diversity and inclusion. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by law.
ABOUT CITY NATIONAL
We start with a basic premise: Business is personal. Since day one we've always gone further than the competition to help our clients, colleagues and community flourish. City National Bank was founded in 1954 by entrepreneurs for entrepreneurs and that legacy of integrity, community and unparalleled client relationships continues to drive phenomenal growth today. City National is a subsidiary of Royal Bank of Canada, one of North America’s leading diversified financial services companies.
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