MUFG Union Bank Senior Loan Workout Specialist - SAD, Director in New York, New York
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This is a hybrid position. There are flexible work from home options available. A member of our recruitment team will discuss the options with you in more detail.
We are seeking a Senior Loan Workout Specialist in our New York office to service, monitor, and manage a distressed loan portfolio of wholesale corporate and project finance deals.
Primary objectives for this position include: (i) independently monitor and manage any credit assigned to Special Assets Division (“SAD”) (including complex, multi-bank syndicated credits); (ii) administer the turnaround or exit of complex credit relationships through proactive management and restructuring efforts that may include: a liquidation of the Borrowers’ assets, loan sales, or potentially providing ongoing financing; (iii) proactively monitor deals and assign timely internal ratings and reporting; and (iv) assist Division Manager in special projects, as requested, including providing on-the-job training for junior staff members assigned as backup on certain accounts.
SAD’s primary focus is to minimize losses and maximize recoveries. We are seeking a seasoned banking officer with strong credit skills, cash flow modeling, loan workout and management experience. Qualified candidates should have a background in solving credit problems, as well as working well with both internal and external constituents.
Essential Duties and Responsibilities:
Manage an assigned portfolio of challenged corporate credits (wholesale corporate and project/structured financing, both domestic and international, across a broad range of industries) and manage respective workouts. Assigned accounts may be complex and have inter-creditor issues. MUFG may have exposure across several levels of the capital structure adding to the workout’s complexity. Take a leadership role and represent MUFG where MUFG is the Agent, or may not be the Lead Agent, but has a significant position in terms of credit exposure or position in the capital structure. Represent MUFG on steering committees.
Analyze Borrowers’ and Guarantors’ financial statements (and 13-week cash flows, as applicable) to: (i) measure and monitor customers’ performance; (ii) determine borrower's financial ability to make debt service payments; (iii) analyze the reason(s) for default/financial distress; (iv) determine ability to turn around operations to realize improved financial performance; (v) prepare corporate valuation analysis utilizing various methodologies; (vi) assess repayment ability under various restructuring scenarios; (vii) structure/underwrite waivers, consents, amendments, restructurings and forbearance approvals and agreements.
Use aforementioned analysis to prepare timely borrower rating recommendations and maintain proper accrual status on each managed account.
Develop, document and implement detailed action plans and workout strategies, including enforcement of remedies and legal action, for all challenged credits in your portfolio, and provide periodic status reports to senior management. Provide recommendations on appropriate action plan for each deal: (i) to hold position because of high likelihood for refinancing or repayment; (ii) various strategies for restructuring loans; or (iii) rationale for selling a loan with the overriding goal being to optimize MUFG’s position and maximize loan recoveries.
Prepare and present written quarterly updates, analysis and remediation strategy recommendations to Division Manager, Bank Officers, and Committees.
Provide advice, counsel, direction and guidance to the business line/portfolio management group regarding expedient identification and evaluation of deteriorating loan situations to recognize problem loans early and to minimize losses. This may include significant strategic planning with line officers in negotiations with other lenders and participants across the capital structure (i.e., subordinated debt, 2nd lien debt, mezzanine, equity, etc.).
Work with in-house and outside legal counsel, as appropriate, for waivers, consents, and amendment negotiations and documentation drafting.
Negotiate with debtors and bankers to manage, workout and restructure challenged deals to improve credit quality, restructure or sell loans, in a cost-effective manner, to minimize potential losses while maximizing returns to MUFG (through amendment fees, default rate interest, etc.). In complex credit structures, this will require spending significant time with other lenders, sponsors, and private equity funds to favorably influence outcomes.
Regularly report to immediate supervisor, Division Manager, and others within Credit about actual/forecasted borrower rating changes that could impact capital charges or require the need for a charge-off, as well as on matters that could impact deal/portfolio performance. Prepare and submit on schedule to Division Manager and other Bank management all required reports reflecting your portfolio credits. Maintain proper accrual status and borrower ratings on each managed account.
Keep abreast of business and market trends that may affect your deals and portfolio performance.
Understand and adhere to MUFG’s risk and regulatory standards, policies and controls. Identify risk-related issues needing escalation to management.
Comply with corporate policy especially for capital cost/provision planning and charge-offs. Adhere to applicable compliance/operational risk controls in accordance with MUFG or regulatory standards and policies.
Responsible for working out challenged loans through restructuring debt, negotiating settlement agreements, pursuit of appropriate legal action and/or collateral liquidation or loan sales.
Avoid lender liability issues and contain professional expenses by holding parties accountable.
Provide assistance/guidance/direction to less experienced team members. Responsible for performance management, staffing, training and development of junior Workout Officers.
Complete other related duties and participate in special projects, forecasting, and reporting, as needed.
Work performed is primarily focused on returning principal and interest to MUFG. Performance is measured on a combination of return to MUFG and account administration. Assigned portfolio size will vary based on the size and complexity of MUFG’s respective exposure, MUFG’s role in the deal (lead agent, significant deal exposure, or participant), and where the deal is in the workout/restructuring cycle.
Qualifications (Education, Experience, Skills):
Bachelor’s degree in Business Administration, Finance, Accounting, or related discipline; CFA or MBA preferred
Minimum of 7-10 years of workout experience on complex wholesale credits or 3 years of experience at a turnaround-consulting firm. Top of the professional discipline in terms of knowledge, skills, and abilities. Performs the most complex projects proactively, calmly, thoughtfully, and independently.
Thorough knowledge of financial statements/analysis, accounting principles, wholesale credit underwriting, financial statement analysis, and general bank lending guidelines as evidenced by 7+ years as a wholesale credit analyst in a bank and through completion of a formal bank credit training program.
Strong technical (credit and financial analysis).
Well versed with loan credit documentation.
Detail oriented, demonstrated ability to multi-task and manage team members (internal and external constituents).
Ability to effectively negotiate appropriate exit or remediation strategies with borrowers, their counsel, and any other outside vendors/individuals that play a role in the loan workout process.
Strong written, verbal, presentation, and interpersonal skills.
Highly proficient computer skills including: MS Word, Excel, PowerPoint, Moody’s or comparable financial statement spread technology, Bloomberg and S&P Capital IQ, etc.
Ability to organize, prioritize work and demonstrated ability to work with minimal supervision, interact with all levels of management and work within a team environment, as well as to work effectively under adverse and sometimes hostile conditions is critical.
Experience with wholesale lending, loan documentation and loan workouts is necessary.
CFA or MBA
Bankruptcy Code knowledge and experience
The above statements are intended to describe the general nature and level of work being performed. They are not intended to be construed as an exhaustive list of all responsibilities duties and skills required of personnel so classified.
We are proud to be an Equal Opportunity/Affirmative Action Employer and committed to leveraging the diverse backgrounds, perspectives, and experience of our workforce to create opportunities for our colleagues and our business. We do not discriminate in employment decisions on the basis of any protected category.
Some MUFG roles require that individuals be fully vaccinated against COVID-19, subject to exemptions for medical or religious reasons, as well as any other reason required by applicable law or order. Should you be selected for an interview, your recruiter will provide additional information.
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