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Vice President, Deposit Product Manager
Morgan Stanley
Purchase, NY, United States
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Description
Background:
Morgan Stanley is a global financial services leader with three core businesses: Wealth Management, Investment Management and Institutional Securities. The Wealth Management Division comprises one of the world’s largest networks of Financial Advisors with offices across the United States and total client assets exceeding $2.4 trillion (as of September 30, 2016).
The Private Banking Group (PBG) (based in Purchase, NY) within Wealth Management offers clients access to banking services, deposit products, and lending solutions. Private Bankers located in branch offices across the US partner with Financial Advisors to deliver PBG solutions to clients. As of 9/30/2018 Wealth Management client loans and lending commitments were $82 billion and total Morgan Stanley bank deposit balances were $188 billion.
Headquartered in Purchase, New York, the Private Banking Group is an important revenue contributor for Wealth Management and has experienced significant growth over the past five years. The team is responsible for developing, launching and managing innovative banking and lending services tailored for affluent and high net worth clients. These services include home loans, securities-based loans, deposit products, access to a range of banking services, and a growing array of digital banking and lending capabilities.
Job Description:
Deposit growth is an important strategic initiative. In this regard, PBG seeks a Deposit Product Manager (based in Purchase, NY) to join the product management team and report to the Head of Deposit Products. The Morgan Stanley Banks (Morgan Stanley Private Bank, National Association and Morgan Stanley Bank N.A.) offer a range of deposit products including brokerage account sweep deposits via the Bank Deposit Program, as well as Savings, Term, and Global Currency deposit products for Wealth Management clients.
The Deposit Product Manager (based in Purchase, NY) will lead product initiatives in collaboration with functional partners; respond to inquiries from Private Bankers, Advisors, Managers, and others; and execute routine product management functions. Key partners include Operations, Technology, Finance, Treasury, Risk, Project Management Office, Cash Management Product Support Desk, Legal, Compliance, Private Bankers and other PBG Specialists, PBG Digital experts, Marketing, and Communications.
Specific responsibilities will include:
• Coordinating and managing cross-functional teams to implement product initiatives.
• Launching new products and service enhancements.
• Ensuring product content, promotional material, communications, and disclosure documents are accurate, timely, and effective communications.
• Working with Financial Advisors and Branch Managers to deliver easy to use product features and to support their client needs.
• Designing product business requirements documentation.
• Preparing product and financial analyses for senior management.
• Tracking financial performance and developing key performance metrics.
• Analyzing competitive strategies.
Qualifications
• Minimum of 5 years of experience in a Commercial Bank or Broker-Dealer with experience in banking and short term liquidity products.
• Superior analytical skills.
• Excellent verbal and written communication skills.
• Strong interpersonal and collaboration skills, including an ability to create consensus and drive results when working with cross-functional teams.
• Mastery of MS Office (Excel, PowerPoint, Word).
• Experience in Wealth Management and working with Financial Advisors a plus.
• Bachelor’s degree required; Master’s degree a plus.
THIS ROLE IS BASED IN PURCHASE, NY ONLY!