Head of Custody Tax Product – Global Banking and Markets

Job title: Head of Custody Tax Product – Global Banking and Markets

Company: HSBC


Job description: Job descriptionSome careers grow faster than others.If you’re looking for a career that will give you plenty of opportunities to develop, join HSBC and your future will be rich with potential. Whether you want a career that could take you to the top, or simply take you in an exciting new direction, HSBC offers opportunities, support and rewards that will take you further.Securities Services (SSV) provides robust and reliable solutions that enhance performance and mitigate risk, today and in the future. Working with institutional investors, banks, insurance companies, governments and multinational corporations, Securities Services offers a range of fund administration, global custody, direct custody and clearing, and corporate trust and loan agency services.We are currently seeking an ambitious individual to lead our Custody Tax Product Team, overseeing the development of our Tax product offering across both Global Custody and Direct custody and clearing product. The role will be responsible for defining and commercialising our Custody Product tax services, primarily but not limited to the provision of withholding tax reclaims, tax documentation management and provision of market insights. The role will also support managing the compliance and implementation of various tax regimes and its impact to the custody product across our global network. This will require engaging externally with regulators, industry forums and subject matter experts as well as managing internally within Operations, Cross-product teams and client facing teams.As a senior leader they need to be able to operate at an executive level, across regions and global businesses. They will also work closely with SSv leadership & senior stakeholders to ensure alignment with the wider change portfolio and Group Strategy, Values and Behaviours.Key Responsibilities of this role will include:

• Lead the Custody Tax product team in developing and executing a holistic custody tax operating model. This shall include but not limited the development of a standard offering to support withholding tax relief and reclaims, tax documentation management and market insights for the growing Custody business.
• Manage the tax risk of the Custody business, helping reduce operational risk through appropriate policies, process and governance and the implementation of appropriate tools to automate any manual processing.
• Work with clients and other product teams to deliver solutions to clients, supporting their investment strategies and ambitions, allowing them to make informed decisions on the management of their tax exposure and providing them the necessary information / tools to do so.
• Represent HSBC in industry forums and/or events
• Lead the ideation and production of product collateral insight documentation/thought leadership with involvement from product leads, client services and sales & business development in order to add greater value to clients and market prospects.
• Work closely with Regulatory & Tax Change Management, Operational Teams, IT and relevant functional teams to support the shape of development & delivery.
• Bring a data & digital lens to product development and enhancements, and actively seek to delight our clients in the custody tax offering provided
• Structure & Maintain product rate cards to ensure that the commercial proposition is competitive.
• Support custody tax vendor oversight, including maintenance of contracts.
• Provide custody tax support in responding to RFPs.
• Support commercial deal propositions prior to Business Acceptance Committee (BAC) submissions.
• Set out product roadmap custody tax to determine 3-5 year developments.
• Adopt the product management & development methodology and support outputs from the phases of initiation, definition, analysis, design, business case and post product live maintenance management.

Management of Risk

• Is aware of the Operational Risk scenario associated with the role and proactively acts in a manner that takes account of operational and reputational risk considerations in relation to Tax Operations and Custody processes.

Observation of Internal Controls

• Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.
• Understands, follows and demonstrates compliance with all relevant internal and external rules, regulations and procedures that apply to the conduct of the business in which the jobholder is involved, specifically Internal Controls and any Compliance policy including, inter alia, the Group Compliance policy.

RequirementsTo be successful in the role, you should meet the following requirements:

• Team player who actively enjoys working with and supporting team members to achieve client outcomes
• A strong understanding of custody tax matters, including withholding taxes, capital gains taxes and transfer taxes, as well as global tax regimes that impact the Custody Product offering.
• Aware of key themes impacting Custodians
• Accounting, tax or other relevant qualification
• Demonstrable financial services experience, in particular Securities Services
• Analytical thinking / strong communication skills / project management attributes from change functions to business as usual
• Very good written and spoken English.

You’ll achieve more when you join HSBC.HSBC is committed to building a culture where all employees are valued, respected and opinions count. We take pride in providing a workplace that fosters continuous professional development, flexible working and opportunities to grow within an inclusive and diverse environment. Personal data held by the Bank relating to employment applications will be used in accordance with our Privacy Statement, which is available on our website.Issued by The Hongkong and Shanghai Banking Corporation Limited.

Expected salary:

Location: Central, Hong Kong

Job date: Thu, 23 Jan 2025 08:39:58 GMT

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