Corporate Finance-Controller - Global Lease Accounting Associate

Job description

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small business, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com .

Global Lease Administration is a part of the Corporate Sector Controllers organization which is responsible for financial and operational accounting activities, internal controls, and financial reporting for the Corporate LOBs (ex CIO, Treasury and Private Equity), as well as centrally managed Firm-wide accounting activities. The Corporate Sector Controllers global LOB coverage areas include Global Real Estate, Human Resources, Central Technology, Legal, Tax, Compliance, Corporate Responsibility, Communication, Strategy, Regulatory Affairs, Oversight & Control, Intelligent Solutions, JPMC Foundation, Corporate Contributions, Sourcing & Procurement, Global Services, Operational Control, Corporate Other and Corporate Staff Functions (Audit, Executive, Finance, Risk, Security, Tax, etc). Additional operational responsibilities include Legal Entity Controllership, Regulatory Reporting, Controls, Real Estate Construction Accounting and Telecommunications (Data & Voice) Invoice & Contract Management.

Global Lease Administration manages the JPMC real estate Office, Data Center, Retail, & Off-Premises ATM Lease Portfolio of approximately 5,400 leases in 61 countries with ~ $2B in annual spend and over $280MM in annual revenue. Activities include lease abstraction, managing, preparing, analyzing and making decisions with respect to revenue and expense lease management and actions related thereto, reconciliation review and preparation, managing lease payments and billings, managing collections, Tenant Improvement Allowance and Security Deposit Management and other commercial lease related activities required to manage the portfolio.

The Portfolio Analyst manages critical functions essential to ensure (a) quality information is available for reporting to comply with regulatory reporting requirements to include lease commitment and financial statement reporting, (b) real property leased assets and liabilities are properly classified and reported in the JPMC financial statements to include according to the new FASB and IASB lease accounting standards reporting, presentation, and disclosure requirements, (c) real estate billings and payments are properly analyzed , calculated, and reconciled according to lease terms and conditions and are appropriately managed to support lease requirements and avoid negative impacts to JPMC business operations located in leased locations, and (d) transaction information is accurate and readily available for proper management of leased assets.

Global Lease Portfolio Analyst responsibilities include:

Reviewing, analyzing, and interpreting, complex legal documents (Leases, Amendments, Assignments, Termination Agreements, etc.) where JPMC is the Tenant/Subtenant or Landlord/Sublandlord to assess critical information, data and criteria, and utilize appropriate judgment to make decisions and take appropriate action with respect to ambiguous lease language. Conduct research as appropriate to determine, recommend, and negotiate the appropriate course of action. Complete appropriate activities with respect to billing, payments, payment adjustments, etc. based on review, research, and analysis.

· Ensuring proper, timely, and high quality, accurate and complete landlord and tenant account research and analysis is performed, financial account and cost reconciliations are prepared, reviewed, and analyzed (including but not limited to Operating Expenses, Insurance, Real Estate Taxes, Management Fees, etc.) as well as payments to landlords and billings to tenants are timely and accurately made, reviewed and verified according to analysis of the lease terms and conditions, while maximizing “savings” to include ensuring landlord overbillings are addressed, and additional revenue opportunities are identified and billed as appropriate.
· Review and analysis of incoming statements, research and resolving payment/billing issues in accordance with appropriate processes and procedures. Reconcile financial components of lease obligations and assist Landlords/Tenants and internal and external partners with appropriate documentation and problem resolution.
· Identify, evaluate, research, respond to and independently resolve issues and situations. Determine and take appropriate actions to accurately and appropriately document information and address and resolve complex issues and situations. Manage issues and inquiries to timely resolution; escalate to management, facilities and legal as appropriate.
· Identify and evaluate trends, exceptions, irregularities, or larger wide-spread/systemic issues, determining underlying causes, communicating with partners, and resolving the issues or escalating to the manager and/or partners, as deemed appropriate
· Timely identify, communicate and resolve exceptions within the approval workflows to prevent any internal control deficiencies or reportable items.
· Research transactions, obtain, review and analyze data required to assist with accounting and finance reporting activities.
· Manage, maintain, and prepare Aged Receivables reporting and information, determine, take, recommend and address collection efforts (to include managing demand and default activities in connection with the legal team) to ensure tenant delinquencies are appropriately maintained and collected. Identify and make recommendations to management, Accounting and Legal team to write off delinquent balances as appropriate.
· Timely provide detailed and accurate quarterly accrual information.
· Achieve savings goals and contribute to department savings goals by identifying, and addressing over and under-billings. Identify, collect and negotiate audit findings with Landlords and Tenants.
· Gather appropriate facts, and complete detailed review, analysis, evaluation and reporting of data necessary to respond to legal document or information requests such as Estoppel requests, Settlement Agreements, legal disputes, etc.
· Create and maintain cross-organizational partnerships within GRE and JPMC as an organization. Manage and maintain relationships with landlords, tenants, and internal and external business partners who provide coverage over diverse sectors to include Facilities Management, Consumer Bank Distribution Network, Design and Construction, Global Security, Critical Systems, and Energy and Sustainability to facilitate effective partnering and issue resolution.
· Complete monthly and quarterly reporting as appropriate
· Prepare lease related and operational trend analysis as required.
· In connection with the review and analysis of lease language, provide recommendations to the legal and transactions teams to assist with development of appropriate and improved legal language to improve lease management going forward to include effective management and control of lease billings and expenses
· Ensure property ownership changes and updates are reviewed, proper documentation is obtained, and timely and properly completed to ensure associated payments are processed within the terms and conditions of the lease.
· Coordinate and Collaborate with the Mumbai Lease Administration Analyst team with respect to process enhancements, inquiries, payment/billing processing, etc. in an effort to provide exceptional customer service.
· Participate in Audit, RCSA and Sox Compliance review, analysis and testing.
· Participate in system User Acceptance Testing and provide suggestions for process and system enhancements to improve efficiency.
· Lead or participate in departmental, divisional and global projects as required, actively participate in team meetings and operate in a cohesive team oriented manner. Remain positive and professional in all circumstances.
· Other duties and responsibilities as required

Desired profile

· Undergraduate degree in Business Administration, Accounting, Real Estate, Finance, Economics or equivalent required

· Minimum 3-5 years of commercial real estate or lease accounting experience and/or prior experience in Accounting, Finance, Real Estate or equivalent experience required

· Proven ability to manage timely and accurate invoice processing, billing and payment activities to include account reconciliations, accruals, and prioritizing workload appropriately

· Commercial lease audit experience preferred

· Efficient, proactive, responsive, team player with a proven track record of establishing and maintaining strong client and internal partner relationships

· Highly organized with ability to manage multiple priorities and time sensitive deliverables and deliver quality results on time

· Proven ability to interpret complex commercial lease language and demonstrated thorough understanding of legal documents required

· Excellent listening, verbal, written, and interpersonal communication skills required

· Demonstrates extensive knowledge and understanding of lease accounting transactions and activities

· Strong attention to detail and accuracy and excellent analytical and problem solving skills required

· Personally exhibits a strong commitment to dependability and reliability with the ability to gain and maintain the confidence of team, partners and clients

· Hands on, self starting, disciplined, and detail oriented individual with ability to work independently in a high volume environment that requires a work product that is highly accurate and timely provided

· High degree of integrity, including ability to successfully manage sensitive or confidential information

· Intermediate to expert skill with Microsoft Excel, Word experience required

· Knowledge of SAP or equivalent experience preferred

· Proven ability to exhibit poise, composure and confidence when confronting stressful or high-pressure situations and accountability for actions and behavior

· Demonstrated ability of creative problem solving