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Energy & Commodity Derivative Middle Office Lead

U.S. Bancorp

U.S. Bancorp

Chicago, IL, USA
Posted on Thursday, February 1, 2024

At U.S. Bank, we’re on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions and enabling the communities we support to grow and succeed. We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever-growing range of opportunities to discover what makes you thrive at every stage of your career. Try new things, learn new skills and discover what you excel at—all from Day One.

Job Description

U.S. Bank is seeking a seasoned Energy and Commodity Derivative Products Middle Office Manager/Analyst with relevant experience contributing toward the success of our operational initiatives in Commodities space. This position reports to the Senior Vice President of Derivatives Operations and will partner with business line, operations, technology, and compliance stakeholders to implement and maintain the operational solutions necessary to support commodity business buildup by creating an effective Risk and PnL framework and assisting Front Office with trade processing.

- Oversee both Commodity Middle Office teams responsible for managing and producing Risk and PnL as part of books and records for the Derivative Products Group

- Manage the reconciliation, processing, and reporting of all trade activity, including the production of daily and month-end reports designed to support the Risk and PnL needs of various business partners

- Demonstrate deep understanding of energy and commodity markets including Oil, Gas, Agriculture, Metal and Environmental with in-depth knowledge of various derivative products (Swaps, Caps/Floors/Collars and Futures)

- Experience to building various processes and reporting and familiar with technology required to troubleshoot and resolve trade, Risk or PnL issues.

- Produce innovative ways to refine processes as a means of improving efficiencies allowing for both Commodity Front & Middle office to adapt to the growing needs of the business

- Demonstrated ability to Lead multiple special projects and/or activities designed to resolve pain points for Front, Middle or Back Office teams, including Swap Data reporting, FCM clearing and application upgrades

- Collaborate with teams across Fixed Income Capital Markets, Technology & Operations Services, Compliance, Legal, Market Risk Management, Treasury, and Finance, to ensure transparent and aligned objectives with seamless resolution delivery

- Define and document business requirements and procedures to ensure all business rules are applied consistently across different technology solutions and user interfaces.

- Act as liaison between Commodity Front & Middle Office and Development tracking and identifying open issues for upcoming Agile Sprint deliveries

- Act as Business Line stakeholder accountable for validating test requirements in lower environments while simultaneously creating and testing a personal suite of test cases to ensure product deliverables meet expectations prior to go-live

- Represent Middle Office in both internal and external audits demonstrating operational understanding and compliance with various rules and regulations including Dodd-Frank, Volcker and Sarbanes-Oxley

- Successfully on-board and train staff ensuring they can support the daily needs of the business.

- Create and lead training and development programs conducted across various organizations within the bank specific to building the knowledge and understanding of derivatives.

Basic Qualifications

-Bachelor's degree or equivalent work experience
-At least 7 years experience with BI applications; decision support systems, query and reporting, online analytical processing, statistical analysis, forecasting, and data mining.
-At least 5 years experience with tools, facilities and techniques for managing and administering data.
-At least 9 years experience within a total information technology (IT) environment.

Preferred Skills/Experience

Working experience in :
-IT systems management
-Computer operations

Extensive experience in :
-IT environment
-Technical/financial knowledge
-Information security management
-Information management
-Application design and architecture
-Application delivery process
-Application development tools

If there’s anything we can do to accommodate a disability during any portion of the application or hiring process, please refer to our disability accommodations for applicants.

Learn how the way we work at U.S. Bank drives meaningful relationships with our customers and collaboration across the company.


Our approach to benefits and total rewards considers our team members’ whole selves and what may be needed to thrive in and outside work. That's why our benefits are designed to help you and your family boost your health, protect your financial security and give you peace of mind. Our benefits include the following (some may vary based on role, location or hours):

  • Healthcare (medical, dental, vision)

  • Basic term and optional term life insurance

  • Short-term and long-term disability

  • Pregnancy disability and parental leave

  • 401(k) and employer-funded retirement plan

  • Paid vacation (from two to five weeks depending on salary grade and tenure)

  • Up to 11 paid holiday opportunities

  • Adoption assistance

  • Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law

EEO is the Law

U.S. Bank is an equal opportunity employer committed to creating a diverse workforce. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, among other factors. Applicants can learn more about the company’s status as an equal opportunity employer by viewing the federal KNOW YOUR RIGHTS EEO poster.


U.S. Bank participates in the U.S. Department of Homeland Security E-Verify program in all facilities located in the United States and certain U.S. territories. The E-Verify program is an Internet-based employment eligibility verification system operated by the U.S. Citizenship and Immigration Services. Learn more about the E-Verify program.

The salary range reflects figures based on the primary location, which is listed first. The actual range for the role may differ based on the location of the role. In addition to salary, US Bank offers a comprehensive benefits package, including incentive and recognition programs, equity stock purchase 401k contribution and pension (all benefits are subject to eligibility requirements). Pay Range: $120,700.00 - $142,000.00 - $156,200.00Job postings typically remain open for approximately 20 days of the posting date listed above, however the job posting may be closed earlier should it be determined the position is no longer required due to business need. Job postings in areas with a high volume of applicants, such as customer service, contact center, and Financial Crimes investigations, remain open for approximately 5 days of the posting listed date.