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MUFG Union Bank Libor Contract Remediation - Markets Attorney, Vice President (Term Employment) in New York, New York

Do you want your voice heard and your actions to count?

Discover your opportunity with Mitsubishi UFJ Financial Group (MUFG), the 5th largest financial group in the world. Across the globe, we’re 180,000 colleagues, striving to make a difference for every client, organization, and community we serve. We stand for our values, building long-term relationships, serving society, and fostering shared and sustainable growth for a better world.

With a vision to be the world’s most trusted financial group, it’s part of our culture to put people first, listen to new and diverse ideas and collaborate toward greater innovation, speed and agility. This means investing in talent, technologies, and tools that empower you to own your career.

Join MUFG, where being inspired is expected and making a meaningful impact is rewarded.

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.

Background:

As part of its LIBOR transition program in the Americas, MUFG affiliates including MUFG Bank, Ltd. U.S. branches, MUFG Securities Americas Inc. and MUFG Union Bank, N.A., will be working on remediating prior to July 2023 legacy US-law governed contracts, agreements and other documents that use LIBOR as a reference rate (the “Project”). Additionally, the Project may involve and/or take into consideration the transition of and remediation related to other IBOR benchmarks (for purposes of this RFP, all such benchmarks are collectively referred to as “LIBOR”). MUFG has engaged separate counsel (“LIBOR Transition Counsel”) to advise on overall LIBOR transition strategy and document the relevant strategies in contract remediation playbooks (“Playbooks”). The Playbooks will also contain template document forms to be used for amending or otherwise remediating the in-scope contracts.

Term Employment:

This a term employment position. Term employment is an employment status in which the Bank hires an individual for a designated period of time, not exceeding 2 years. The term employee can perform any job function within the Bank, receiving all the benefits of a regular status employee, except separation pay programs, merit increases, job posting capabilities or holding a corporate title. If you are converted to a regular employment status position or are hired in a different regular employment status position within the Bank, the time worked as a term employee will count towards all benefits.

Job Summary:

MUFG is seeking an experienced ISDA contract attorney with a minimum of 5 years’ experience to support contract remediation in relation to the Project. Background and substantive experience to understand the nature of existing and new products related to the ISDA Master Agreements and the ISDA Credit Support documents, as well as loan documentation, together with an ability to prepare and negotiate appropriate draft documentation such as amendments, supplements, rate swap confirmations and similar transaction documents.

Previous experience in large projects, including project management or familiarity with interest rate hedging solutions, loan documentation, financial benchmarks such as LIBOR, and/or bank products would be a significant positive.

Major Responsibilities:

  • Draft and negotiate trading agreements and related documentation, including amendments to ISDA Master Agreements and Credit Support documents and trade confirmations related thereto, between MUFG in the Americas and its customers across all counterparty sectors and jurisdictions;

  • Have familiarity with ancillary documentation related to derivatives including novation agreements, guarantees and any other documentation incidental to the type of products;

  • Review confirmations and related matters with respect to a variety of asset classes, primarily interest rate swaps and risk participation agreements;

  • Execute other project work and research related to these products and as directed by line manager or as otherwise required;

  • Liaise with internal stakeholders in Sales, Credit, Risk Management and Operations

  • Provide general support to other members of the legal team as required;

  • Maintain and track status of contract remediation process on a document tracker and report to central stakeholders;

  • Escalate issues arising from review which require exceptional handling under the Playbooks or other business requirement and maintain tracker of escalations;

  • Support the legal project team with coordinate responses to senior management and regulators with respect to the status of contract remediation.

  • Support the legal project team with oversight of external counsel relationships, including legal spend and costs of external counsel for the Project.

Requirements:

  • Qualified in NY (strong preference) with a minimum of five years of experience in over-the-counter derivatives transactions.

  • Have experience working with a top law firm and/or significant experience working in-house within a bank or investment bank.

  • Knowledge negotiating trading agreements with various client types, e.g., from retail level to large, global financial entities

  • Sufficient general experience to understand the nature of new products related to ISDA Master Agreements and the ISDA Credit Support documents, together with an ability to prepare and negotiate appropriate draft documentation

  • An ability to look at unfamiliar or new product areas and be able to analyze the relevant issues

  • Ability to demonstrate a high degree of commercial awareness and to make sound judgment calls in a fast-moving business environment, together with an ability to identify and manage contractual risk

  • An ability to recognize problematic issues and to plan and execute strategies for addressing

  • Have strong communication skills and relationship building qualities to maintain existing and build new relationships.

  • Expertise working in Microsoft Office applications (WORD, XL, Outlook, PPT, etc.)

  • Strong decision-making skills and the ability to demonstrate sound judgement.

  • A structured and logical approach to work.

  • Ability to thrive in a fast-paced, ever-changing, and hybrid/open-office environment.

  • Willingness to learn new areas of law to cover new businesses and initiatives.

  • Ability to prioritize efficiently and manage a complex time sensitive workload.

  • Excellent attention to detail and accuracy.

  • A calm approach, with the ability to perform well in a pressurized environment.

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.

At MUFG, our colleagues are our greatest assets. Our Culture Principles provide a roadmap for how each of our colleagues must think and act to become more client-obsessed, inclusive and innovative. They reflect who we are, who we want to be and what we expect from one another. We are excited to see you take the next step in exploring a career with us and encourage you to spend more time reviewing them!

Our Culture Principles

  • Client Centric

  • People Focused

  • Listen Up. Speak Up.

  • Innovate & Simplify

  • Own & Execute

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