Assistant General Counsel - Securities Services/Global Custody

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Job description

At U.S. Bank, we're passionate about helping customers and the communities where we live and work. The fifth-largest bank in the United States, we're one of the country's most respected, innovative and successful financial institutions. U.S. Bank is an equal opportunity employer committed to creating a diverse workforce. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, among other factors.

Job Description

U.S. Bank is seeking an attorney to join the Law Division's Wealth Management & Investment Services legal team to support U.S. Bank's Trust Technology and Support Services business. U.S. Bank offers its trust and custody clients (1) a global custody network which facilitates holding account assets in approximately 120 markets around the world, (2) foreign-securities trading services through U.S. Bank's and its sub-custodians' membership in central securities depositories, as well as related services such as FX transactions, cash sweep, proxy-voting, and tax-processing, and (3) a platform of non-proprietary offshore funds, and U.S. Bank is developing (4) cryptocurrency-custody services. U.S. Bank also offers (5) U.S. sub-custodial services for its foreign affiliates that serve as depositary to Irish and Luxembourg funds. Customer types include domestic and foreign operating businesses, financial institutions, governments, consumers, mutual funds, and private funds, as well as a UCITS fund-depositary and an AIFMD fund-depositary.

In connection with those products and services, this position supports and advises on: (1) U.S. Bank's selection, engagement, and monitoring of U.S. and foreign sub-custodians, including negotiation of sub-custody agreements; (2) U.S. Bank's membership in central securities depositories, foreign-securities trading activities, and related services; (3) fund-trading operations with offshore funds and shareholder-services agreements; (4) U.S. Bank's cryptocurrency-custody development efforts; and (5) U.S. sub-custody services for Irish and Luxembourg fund-depositaries. This position also assists in supporting domestic securities operations.

In terms of roles and responsibilities, this position (1) interacts with sales, relationship, administration, operations, risk, and compliance staff; external customers; and external customers' legal counsel; (2) negotiates complicated service contracts; (3) supports account on-boarding and administration; (4) monitors the evolving regulatory and litigation environment and advises on complying with regulatory expectations and minimizing litigation risk; (5) advises on risk-control procedures and template service contracts; (6) contributes legal expertise to product-development and novel account-investment transactions; (7) supports responses to internal and external audits and administrative reviews, regulators' exams and actions, demands, litigation, and customer bankruptcy; (8) educates bank personnel about relevant legal topics; and (9) manages outside legal counsel.

This position offers candidates a career with exposure to a variety of legal issues, while working with various departments at U.S. Bank to serve as a trusted legal and business advisor. This position will be located in St. Paul, Minnesota (although other locations will be considered), is a hybrid position (3 workdays per week in the office and 2 workdays remote), and reports to the chief counsel of U.S. Bank's Institutional Trust & Custody Division.

Qualifications and Preferred Skills:

* Law degree with strong academic credentials.

* Licensed to practice law and in good standing.

* 8+ years of in-house legal department or law firm experience advising financial institutions.

* Experience advising trustees, custodial banks, investment advisers, brokers, or insurance companies is preferred.

* Expertise in one or more of the following areas of law is preferred: (1) U.S. banking and securities laws (including the OCC's Reg. 9, the SEC's Regulation R, and the Investment Company Act of 1940), (2) the SEC's offshore-funds regulation (Regulation S), (3) foreign banking and securities laws in the jurisdictions where U.S. Bank's sub-custodians operate and where customers that purchase offshore funds are domiciled, and (4) foreign regulations that impact U.S. Bank's securities and custodial activities.

* Experience or interest in advising global custodians is preferred.

* Strong analytical skills.

* The ability to work independently.

* Comfort with and interest in working on a variety of legal matters.

* Excellent written, oral and interpersonal communication skills.

* Strong commitment to client service.

We are proud that U.S. Bank has been recognized as a World's Most Ethical Company® by the Ethisphere Institute and has been named the #1 Most Admired Superregional Bank by Fortune magazine.

In the U.S. Bank Law Division, we honor those values through our mission: "we guide our clients to remarkable results with expert legal counsel." Our commitment is evident in the work we do, not only for the Bank, but for our communities. The Law Division has received several awards for its pro bono contributions, including the Minnesota Corporate Pro Bono Council's "Excellence in Pro Bono Award," and we encourage our legal professionals to contribute time and expertise to pro bono work as part of their role.

Benefits:

Take care of yourself and your family with U.S. Bank employee benefits. We know that healthy employees are happy employees, and we believe that work/life balance should be easy to achieve. That's why we share the cost of benefits and offer a variety of programs, resources and support you need to bring your full self to work and stay present and committed to the people who matter most - your family.

Learn all about U.S. Bank employee benefits, including tuition reimbursement, retirement plans and more, by visiting usbank.com/careers.

EEO is the Law

Applicants can learn more about the company's status as an equal opportunity employer by viewing the federal EEO is the Law poster.

E-Verify

U.S. Bank participates in the U.S. Department of Homeland Security E-Verify program in all facilities located in the United States and certain U.S. territories. The E-Verify program is an Internet-based employment eligibility verification system operated by the U.S. Citizenship and Immigration Services. Learn more about the E-Verify program.