Summary
Overview
Work History
Education
Skills
Corecapabilities
Timeline
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Carlos Santiago

Raleigh,NC

Summary

A seasoned leader in financial operations, I excelled at Credit Suisse (now UBS), enhancing operational efficiency and strengthening controls. My tenure is marked by a strategic overhaul that saved over $200,000 annually, demonstrating robust business frameworks and team leadership. My expertise in regulatory compliance and talent for fostering employee development have consistently driven organizational success.

Overview

27
27
years of professional experience

Work History

Director (Client Valuations & Audit Confirmations)

Credit Suisse (now UBS)
Raleigh, NC
06.2018 - Current
  • Global Lead for the Client Valuations Team, responsible for the implementation and enforcement of the front-to-back business controls around indicative client valuations.
  • Led the Client Valuations Team globally, implementing and enforcing comprehensive business controls for indicative client valuations.
  • Managed Dodd-Frank/SEC statements to clients, ensuring compliance and accuracy.
  • Developed the Utility Team concept, enhancing firm efficiency and providing additional training opportunities for team members.
  • Responsible for Dodd-Frank/SEC statements to clients.
  • Asked to take on this role, replacing two Vice Presidents while maintaining the previous Margin Services Control role.
  • Created the Utility Team concept, deploying teams with periodic capacity to assist other global teams by providing them relief where needed.
  • This enhances the overall efficiency of the firm and provides team members with additional training and upskilling
  • During the pandemic, I assisted a team that lost 75% of its staff until new staff were hired.
  • Worked with SP Ops team to reduce daily outstanding breaks from 4,000 to 200
  • Created efficiencies for SP Ops, saving the equivalent of 2 FTEs.
  • Transitioned outsourced team to in house resulting in savings of over $200,000 a year
  • IT Application Owner of client statement delivery system, responsible for prioritizing book of work for enhancement and regulatory requirements
  • I took over as Global Lead for both the Client Valuations (Americas and London) and Audit Confirmation teams, replacing two VP Managers while maintaining my current role and Margin Control manager.
  • Changed the culture of both Client Valuation teams by allowing managers to feel empowered.
  • Received positive feedback from employees regarding team morale
  • Assisted an in-house project team by creating a reconciliation for Initial Margin Long Box accounts
  • Converted the Audit Confirms team from a Third Party Vendor to an in-house model, which saves Credit Suisse $200,000 annually
  • I leveraged staff from my other team to support the Audit Confirms team during peak season, creating one big team concept.
  • I inherited a Compliance Disclosure mailing process, where I had to reverse engineer the workflow to implement control procedures that previously did not exist.
  • Directed the organization's daily operations, ensuring compliance with applicable laws and regulations.
  • Developed and implemented strategic plans to ensure organizational goals were met.
  • Coordinated with regulatory bodies to ensure compliance with laws and standards.

Director (Margin Services Control)

Credit Suisse (now UBS)
Raleigh, NC
01.2012 - Current
  • Responsible for collateral reconciliations for third-party, tri-party, and OTC bilateral accounts.
  • Global Security Administrator for all third-party custodial accounts.
  • Work closely with IT and stakeholders to create efficiencies and enhance controls, reducing headcount from 4 to 2 FTEs.
  • Subject Matter Expert in payment and reconciliation systems, representing Operations on major system migration.
  • Created an overpayment control report to allow managers to review payments and question justifications.
  • Designed a control report to allow managers to review possible duplicate payments.
  • Created a Query Tracker database to pull open tickets. This allowed managers to see the last comment by analysts easily.
  • I took charge of collateral control at the NY office.
  • Created efficiencies in the process to reduce the 4 FTEs to 2 FTEs.
  • Established a reputation for being thorough, relentless, and fair in pursuing high control standards.
  • Seamless transition of the third-party reconciliation process from the NY to the Raleigh office.
  • Worked with multiple teams to create a new write-off process that saved hours of manual processing each month.
  • Worked on a major project to migrate nostro accounts held at Citibank to the Bank of New York.
  • Represented the Collateral Department for the migration of the Nostro and Depot reconciliation platform.
  • Responsible for testing and business sign-off.
  • Represented the Collateral Department for the migration of the payment system.
  • Responsible for testing and business sign-off.
  • Responsible for training staff.
  • Reviewed the Derivatives Bank Break reconciliation.
  • I created control efficiencies that reduced the amount of aged breaks.
  • I worked with the Client Service Representatives to change the culture regarding actioning breaks.
  • I was able to reduce the population by 50% in two months.
  • Worked with multiple IT teams on a major project to enhance the nostro reconciliation system
  • I initiated the project and worked on it as project manager through completion
  • Developed and completed a project to transfer manual reporting to a strategic platform.
  • This resulted in a daily task reduction from five hours to one
  • Lead contact for Internal and External Auditors regarding Margin Services processes and controls
  • Worked on a project with FO to create more client business by creating an infrastructure to accept equities for Margin purposes
  • This was a complex project, which required working cross-functionally with many teams in different time zones.
  • Created additional control reports to capture NY Stock breaks and client non-rehypo accounts

AVP (Margin Services)

Credit Suisse (now UBS)
Raleigh, NC
07.2009 - 01.2011
  • Manage the Margin Hedge Fund and control teams within the Collateral Management Department, consisting of 13 employees.
  • Created and instituted the current global reporting standards for cash and security breaks.
  • Created process controls and efficiencies.
  • Subject matter expert on Swift messaging, client cash instruction set-ups.
  • Trained the department on the new Swift messaging system for the manual processing of payments.
  • Responsible for creating, reviewing, and maintaining collateral procedures and policies.
  • Created department yearly objectives for all analysts.
  • Escalation point of all collateral issues from clients and the Front office.
  • Mentor top talent employees for career enhancements.
  • Conduct interviews for new hires.
  • Built global break category standards and analyst identifiers.
  • Assist senior management in reviewing metrics.cs
  • Created business user procedures documents on the firm's new payment system, and led training sessions.
  • Trained 5 new employees on collateral processing resulting in a thoroughly cross-trained and efficient team capable of diagnosing and identifying issues and fashioning solutions
  • Worked on the major cash flow system migration with Finance, IT, and Reference Data.
  • Created a payment release process to verify clients on credit watch and confirm CRM approvals.
  • Built a tracking system to review booking and processing errors.
  • This allowed managers to work with staff to implement improvements.

Supervisor (OTC Derivatives Settlements)

Credit Suisse (now UBS)
Raleigh, NC
01.2005 - 06.2009
  • Trained and managed a team of eight employees to perform settlement operations, with a focus on operational efficiency, control, accuracy, and client services, to ensure maximum contribution through credit risk mitigation for IRP, Latin America, and Prime Services.
  • Trained and managed a team of eight employees to enhance operational efficiency, control, accuracy, and client services in settlement operations, contributing to credit risk mitigation for IRP, Latin America, and Prime Services.
  • Collaborated with Front Office, Middle Office, and internal departments to ensure accurate trade data upload into payment systems.
  • Identified and implemented solutions for business problems from both technology and operational process re-engineering perspectives.
  • Liaise with Front Office, Middle Office and internal departments for trade data upload into payment systems
  • Take ownership for identifying and implementing solutions for business problems (both from a technology and operational process re-engineering perspective)
  • Liaised with Middle Office, Front Office and Front Office Support groups, and counterparties to resolve cash discrepancies
  • Created Global Break Narrative Standards for commentary
  • Automated payment review process for managers
  • Business SME liaison for Payment system migration

Senior Analyst (Equity Derivatives Documentation)

Credit Suisse (now UBS)
Raleigh, NC
03.2004 - 01.2005
  • Supported London, Hong Kong, and New York Equity Derivative Trading Desks by drafting legal confirmations for structured derivatives (Total Return, Price Return & Variance Swaps) for trades executed daily
  • Drafted legal confirmations for structured derivatives, including Total Return, Price Return, and Variance Swaps, for trades executed daily across London, Hong Kong, and New York Equity Derivative Trading Desks.
  • Collaborated with Middle Office, Front Office, and Front Office Support groups to resolve discrepancies and clarify trade tickets.
  • Supported Equity Derivative Trading Desks in multiple regions by ensuring accurate and timely documentation of complex derivative transactions.
  • Liaised with Middle Office, Front Office and Front Office Support groups to resolve discrepancies and ticket clarification

Global Equity Derivatives Documentation Supervisor

Deutsche Bank
New York, NY
06.2001 - 02.2004
  • Supported Global Equity Derivative Swaps Trading Desks by supervising the production of ISDA based Swap Confirmations for trades executed daily

Senior Trading Analyst

Barclays Capital
New York, NY
09.1997 - 05.2001
  • Began my career as an entry level file clerk and received 3 promotions in the first 18 months
  • Worked directly with Legal Counsel and Compliance Director regarding product related financial and legal documents

Education

Bachelor of Arts - History

Fordham University

Paralegal Studies Diploma -

New York University

FINRA Series 7 - General Securities Representative License -

Continuing Education

Skills

  • Enhancing Operational Efficiency
  • Expense Reduction
  • Enhanced Operational Efficiency
  • Strengthening Controls
  • Frameworks for Sustainable Practices
  • Robust Business Frameworks
  • Team Leadership
  • Employee Development
  • Team Development
  • Specialized Technical Knowledge
  • Comprehensive Trade Records
  • Regulatory Reporting Expertise
  • Change management
  • Project coordination
  • Performance management
  • Task delegation
  • Team building
  • Cross-functional team leadership
  • Resource allocation
  • Regulatory compliance
  • Hiring and retention
  • Process improvement

Corecapabilities

  • Creating efficiencies resulting in cost savings through more streamlined processes
  • Enhancing controls resulting in more sustainable and resilient business frameworks
  • Managing and developing people, and building teams
  • Highly technical knowledge of complex trade and regulatory reporting documentation

Timeline

Director (Client Valuations & Audit Confirmations)

Credit Suisse (now UBS)
06.2018 - Current

Director (Margin Services Control)

Credit Suisse (now UBS)
01.2012 - Current

AVP (Margin Services)

Credit Suisse (now UBS)
07.2009 - 01.2011

Supervisor (OTC Derivatives Settlements)

Credit Suisse (now UBS)
01.2005 - 06.2009

Senior Analyst (Equity Derivatives Documentation)

Credit Suisse (now UBS)
03.2004 - 01.2005

Global Equity Derivatives Documentation Supervisor

Deutsche Bank
06.2001 - 02.2004

Senior Trading Analyst

Barclays Capital
09.1997 - 05.2001

Bachelor of Arts - History

Fordham University

Paralegal Studies Diploma -

New York University

FINRA Series 7 - General Securities Representative License -

Continuing Education

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Carlos Santiago