The Chief Bank Portfolio & Balance Sheet Hedging Manager is a senior leader within Corporate Treasury responsible for the strategic management of the firm’s global bank investment portfolio and balance sheet interest-rate hedging activities. Reporting directly to the Treasurer, the role establishes and executes the investment and hedging strategy for Treasury-managed assets and structural balance sheet exposures, with the objectives of optimizing net interest income (NII), economic value, liquidity, capital efficiency, and risk-adjusted returns within the firm’s approved risk appetite and regulatory requirements. The role serves as the Treasurer’s principal executive for translating the firm’s balance sheet, liquidity, interest-rate, deposit, and macroeconomic outlook into an integrated investment and hedging strategy. This leader will partner closely with Asset-Liability Management, Liquidity Management, Capital Management, Finance, Risk, Markets, Economics, and business-line senior stakeholders to ensure that investment portfolio and hedging decisions are aligned with the firm’s broader balance sheet strategy.
Key Responsibilities
1. Portfolio Strategy & Management
Lead strategy, construction, and management of the firm’s Treasury investment portfolio, optimizing yield, liquidity, duration, capital efficiency, accounting outcomes, and risk-adjusted returns across approved asset classes and portfolio classifications.
2. Structural Interest-Rate Hedging
Own the design and execution of Treasury’s structural hedging program, translating balance sheet exposures into hedge strategies that manage duration, repricing risk, NII volatility, economic value sensitivity, and accounting outcomes.
3. NII, ALM & Risk Optimization
Support sustainable NII and margin performance while partnering with ALM to manage interest-rate risk across NII sensitivity, EVE, DV01/PV01, key-rate exposures, deposit behavior, basis risk, optionality, and stress scenarios.
4. Liquidity, Capital & Accounting Management
Ensure investment and hedge strategies support liquidity resilience, HQLA, LCR/NSFR, monetization capacity, capital efficiency, RWA, AOCI/OCI, hedge accounting, and regulatory expectations.
5. Market Strategy, Execution & Governance
Serve as Treasury’s senior market strategist and execution leader, translating macro, rate, yield-curve, liquidity, and credit-market views into portfolio and hedge actions while ensuring disciplined execution, controls, policies, limits, and senior governance communication.
6. Analytics, Performance & Scenario Management
Establish forward-looking analytics, stress testing, scenario analysis, and performance attribution covering market movements, portfolio positioning, funding changes, hedge effectiveness, liquidity value, capital utilization, NII-at-risk, EVE sensitivity, and risk-adjusted return.
7. Leadership & Organization
Build and lead a high-performing global Treasury investment and hedging organization with clear accountability, strong talent development, succession planning, cross-functional collaboration, analytical rigor, disciplined risk management, and effective controls.
8. Decision Authorities
Subject to delegated authorities, recommend and/or execute decisions across asset allocation, duration, yield-curve and sector positioning, investment timing, securities transactions, hedge size, tenor and instrument selection, reinvestment strategy, liquidity positioning, and risk-limit utilization; escalate material strategic changes to the Treasurer and appropriate governance committees.
Required Experience
- 15+ years of progressively senior experience in Treasury, bank portfolio management, asset-liability management, fixed income, interest-rate risk, balance-sheet management, or related disciplines.
- Significant experience within a large U.S., global, or systemically important banking institution strongly preferred.
- Demonstrated experience managing a substantial bank investment portfolio and/or structural interest-rate hedging program.
- Deep understanding of fixed-income markets and interest-rate derivatives.
- Significant knowledge of bank balance sheets, deposit behavior, liquidity, funding, capital, and NII dynamics.
- Experience presenting investment and balance-sheet strategies to Treasurer, CFO, CRO, ALCO, and other executive governance forums.
- Experience operating within sophisticated regulatory and risk-management frameworks.
- Demonstrated leadership of senior investment, Treasury, or balance-sheet management professionals.
Salary Range:
$205,700 - $300,000
Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.
