Position Overview

As an ALM Associate Senior - Portfolio Management within PNC's Asset Liability Management organization, you can be based in NYC or Pittsburgh, PA.

The ALM Associate Senior will support PNC's Chief Investment Office, which is led by PNC's Chief Investment Officer ("CIO") and responsible for managing over $200 billion in fixed income assets and derivative products within PNC Bank's investment securities and derivatives portfolio. The Senior Associate will work directly alongside senior portfolio managers and traders to develop credit and relative value views, evaluate investment opportunities, conduct research, and support credit modeling across structured products portfolios. The role also supports regulatory and risk initiatives that provide meaningful exposure to bank balance sheet management and ALM strategy.

The ideal candidate is an analytically driven investment professional with a demonstrated commitment to developing deep expertise in structured credit markets. A top priority is a strong foundation in fixed income securities, with particular emphasis on familiarity with Asset-Backed Securitizations (ABS) and related structures. Working knowledge of structured products (ABS, RMBS, CMBS, CLO), cash flow modeling, and broader fixed income principles is strongly preferred. Proficiency in Python and SQL is preferred, and experience leveraging generative AI tools for research synthesis and workflow automation is highly desirable. Familiarity with bank balance sheets, interest rate risk management, and securitization-related regulatory frameworks is considered a plus.

The candidate should also possess strong research and writing capabilities to effectively analyze, synthesize, and communicate investment insights.

Job Description & Responsibilities
• Securitization Analytics - Evaluate new-issue ABS, CLO, RMBS, and CMBS transactions for potential portfolio acquisition, including structural analysis, collateral review, cash flow modeling, and relative value assessment. Analyze and recommend potential purchases and sales of securitized products to enhance portfolio performance. Coordinate with portfolio managers, broker-dealers, and rating agencies to support investment decision-making. Familiarity with bank securitization programs and significant risk transfer (SRT) structuring is a plus.
• ABS Portfolio Analytics - Develop and maintain credit and relative value views across the structured products portfolio. Perform ongoing collateral surveillance, spread analysis, and sector-level performance monitoring, including analysis of underwriting trends, prepayment and default dynamics, and macroeconomic factors affecting securitized credit. Prepare analytics packages, trade recommendations, and reporting for portfolio managers and trader meetings. Support credit model review and validations.
• Sector Research & Communication - Conduct fundamental sector, market, and security-level analysis and synthesize findings into well-researched investment recommendations and sector theses. Communicate views clearly to portfolio managers, traders, and senior staff, collaborating across internal and external stakeholders to inform portfolio strategy.
• Regulatory & Risk Support - Support regulatory reporting, capital and liquidity exercises, loss reserving (CECL), stress testing, and model validation efforts for the structured products portfolio in coordination with risk, finance, and quantitative partners.
• Data Infrastructure & Automation - Maintain and enhance portfolio databases, dashboards, and classification systems. Leverage Python, SQL, and generative AI tools to improve reporting accuracy, efficiency, and scalability.

PNC is an in-office company that fosters a supportive culture where employees can thrive and achieve balance. We encourage candidates to connect with their recruiter and hiring manager to understand workplace expectations and ensure the role aligns with their goals.

PNC will not provide sponsorship for employment visas or participate in STEM OPT for this position.

Job Description

• Using independent judgment and discretion, performs transaction and portfolio level analysis, conducts research and prepares reports. Performs due diligence and statistical analysis related to portfolio management.
• Utilizes a working knowledge of financial instruments for the bank's investment portfolio, including research and collection of relevant information.
• Develops and maintains management reports that help the Group meet their goals and directives. These reports are used for internal management to help establish the risk position of the organization. Using discretion, identifies problems in analytics and develops solutions. Interacts with internal/external service partners, including broker dealers and/or analytics providers, and leverages their knowledge.
• Administers and performs defined processes and procedures.
• Maintains knowledge of markets and macroeconomics. Assesses the potential impact of these on ALM and the assigned business unit.

Qualifications

Successful candidates must demonstrate appropriate knowledge, skills, and abilities for a role. Listed below are skills, competencies, work experience, education, and required certifications/licensures needed to be successful in this position.

Preferred Skills
Asset Allocation, Auditing Operations, Business Case Analyses, Credit Risk Analysis, Data Analytics, Data Visualization, Decision Making, Investments, Market Research

Competencies
Accuracy and Attention to Detail, Asset and Liability Management (ALM), Business Acumen, Derivatives, Effective Communications, Financial Analysis, Industry Knowledge, Investment Performance Measurement, Investment Reporting, Pricing Models and Analytics

Work Experience
Roles at this level typically require a university / college degree, with 3+ years of relevant / direct industry experience. Certifications are often desired. In lieu of a degree, a comparable combination of education, job specific certification(s), and experience (including military service) may be considered.

Education
Bachelors

Certifications
No Required Certification(s)

Licenses
No Required License(s)

Pay Transparency

Base Salary: $86,250.00 - $172,500.00

Salaries may vary based on geographic location, market data and on individual skills, experience, and education. This role is incentive eligible with the payment based upon company, business and/or individual performance.

Application Window

Generally, this opening is expected to be posted for two business days from 06/12/2026, although it may be longer with business discretion.

Benefits

PNC offers a comprehensive range of benefits to help meet your needs now and in the future. Depending on your eligibility, options for full-time employees include: medical/prescription drug coverage (with a Health Savings Account feature), dental and vision options; employee and spouse/child life insurance; short and long-term disability protection; 401(k) with PNC match, pension and stock purchase plans; dependent care reimbursement account; back-up child/elder care; adoption, surrogacy, and doula reimbursement; educational assistance, including select programs fully paid; a robust wellness program with financial incentives.

In addition, PNC generally provides the following paid time off, depending on your eligibility: maternity and/or parental leave; up to 11 paid holidays each year; 9 occasional absence days each year, unless otherwise required by law; between 15 to 25 vacation days each year, depending on career level; and years of service.

To learn more about these and other programs, including benefits for full time and part-time employees, visit pncthrive.com.