Manager Management
Resume:
Daniel M. Pallone, MBA, CPA
Morristown, NJ
Finance and Accounting Executive
Financial Analysis/Reporting...Controllership...Operations...Risk
Management/Trading...Transformation
Expertise includes leadership, managing across an organization to
accomplish tasks, people management and motivation, project management,
problem solving, and vendor/client negotiations. Exposure reflects fixed
income trading, market & credit risk, GAAP accounting & analysis, P&L
reporting, information delivery system implementations, operations control
& procedures, and SEC/Sarbanes Oxley compliance.
PROFESSIONAL EXPERIENCE
MetLife 2008 to 2010
VP - Investments Finance and Operations - Global Reporting and Analysis,
Morristown, NJ
Reported to the SVP (CFO/COO) of an investment portfolio consisting of $325
billion fixed income, equity, and real estate
. Line responsibility for the global analysis and reporting of
positions, P&L, risk and operational metrics
. Business lead for two most significant projects within MetLife
Investments: implementation of a daily asset and liability risk
management system (Murex), and deployment of new business intelligence
tools including a new Investments Workstation (SharePoint) to 1,000
users globally
. Business lead for the implementation of trade captures application
(Charles River Trading System) and accounting system (CAMRA) in Hong
Kong, Chile, and Brazil Investment offices
. Managed a team of 25 professionals with discretion over a $30 million
IT discretionary budget
Freddie Mac 2006 to 2008
Controller Director - Investments and Capital Markets - Business Area
Controller, McLean, VA and New York
Reported to the CFO of the retained portfolio consisting of $800 billion of
mortgage backed securities.
. Hired and trained 15 Finance professionals in New York office to
create a finance analytics and accounting team to support Investments
and Capital Markets business
. Line responsibility for the operational accounting and financial
analysis of an $800 billion MBS available-for-sale portfolio funded by
$800 billion of debt and hedged with $1 trillion in derivatives in
FAS133 and non FAS133 relationships
. Business lead for the implementation of a new asset portfolio
accounting system (Eagle) and a new debt and derivatives accounting
system (Summit)
. Reduced the ICM month end close process from 22 to 9 days through
coordinated efforts with front, middle and back office
. Managed a team of 40 professionals in two locations with an $8 million
budget
JP Morgan Chase & Co. 1986 to 2006
VP - Management Reporting Operations and Strategy, New York (2002-2006)
Implemented financial systems that eliminated redundant costs, improved
controls, upgraded systems, and maximized end user functionality. All
projects were based on business cases with payback periods of less than 2
years. Created business cases for $15 million in investments and managed
an overall budget of $35 million to enhance and maintain global management
reporting systems.
Global Operations Initiatives:
. Implemented firm wide expense allocation system (SAP) in 4 months post
merger with Bank One and reduced the total cost of ownership by $4
million annually
. Designed, built, and implemented global expense driver system (Oracle)
for JPMC's $30 billion expense base which enabled 2,000 users to
research, analyze and report in a web based tool
. Reviewed top tier software vendors which led to a senior management
approved recommendation to consolidate all management reporting
applications onto Hyperion saving $10 million annually
. Managed global team of 20 strategists and directed 50 technologists
and 30 operations professionals
Finance Transformation Initiatives:
. Re-engineered internal expense allocations to simplify the policies to
improve the demand and supply transparency between service providers
and internal customers
. Successfully transitioned 15 FTEs from US and UK operations to Mumbai,
India
CFO/Controller - Investment Bank, Sao Paulo and London, (1997- 2002)
As the European Investment Bank product controller, enhanced the
profitability and risk reporting to enable the global head of business to
allocate resources effectively to maximize total economic value for the
business.
As the Brazil Chief Financial Officer and Controller, analyzed, controlled,
and reported $300 million FX P&L event during January 1999 Brazilian Real
devaluation and protected $500 million of local capital with innovative
trading strategy.
Fixed Income Product Controller - London:
. Automated and re-engineered daily P&L and risk reporting process to
calculate sales person profitability, trader Shareholder Value Add
(SVA), and client SVA
. Responsible for P&L, balance sheet, and risk analysis of the Credit
Markets and Structured Products
. Managed and centralized EMEA management reporting process which
reduced staff by 25% from 40 to 30
Country CFO/Controller - Brazil:
. Member of the Brazil Executive Committee reporting locally to the
Country Manager and globally to the Latin America Regional Controller
in Buenos Aires
. Successfully defended the appropriateness of the risk position and
subsequent P&L to Brazilian regulators from the central bank, futures
exchange, and federal and state investigative committees
. Implemented the PeopleSoft general ledger on time and within budget
. Managed a Finance team of 25. Learned to read and write Portuguese
Risk Manager - Custody and Proprietary Positioning New York and London,
(1993-1997)
Global Securities Lending trading desk manager, significantly enhanced
investment portfolio returns, profitability, and client service that
resulted in a premium payment to JPM from Bank of New York upon the sale of
JPM's custody business. For eight months after the sale announcement,
maintained 90% of the clients and 80% of the employees until it sale.
Global proprietary risk manager, recommended changes in global proprietary
risk trading strategies resulting in reduced hedge costs by $5 million.
The most significant change was the consolidation of risk taking by risk
type. This eliminated the decentralized situation with traders taking
risks in the same risk category and offsetting each other.
Trading Desk Manager:
. Directed the daily risk strategy of a $30 billion securities lending
portfolio with $100 million in gross revenues and restructured the
portfolio to eliminate duration, foreign exchange, and derivative
risks
. Visited with clients to explain new total return investment philosophy
. Managed 15 traders on two trading desks in NY and London and oversaw
50 operations staff
Global Risk Manager:
. Analyzed and reviewed simple and complex trading strategies involving
all risk classes including fixed income, FX, and equities
. Traded interest rate swaps, US treasuries, futures, and interest rate
options to hedge JPM's USD interest rate risk to within a target of $6
billion 2 year equivalents
. Taught Value at Risk (VaR) and P&L controls to more than 500
individuals in 13 worldwide locations
. Established and managed team which created the first firm wide same
day daily risk and P&L report
Prior JPMC positions (1986 to 1993)
Manager, Market Risk Reporting Group and Analyst, Global Profitability
Reporting
EDUCATION/CERTIFICATION/AFFILIATIONS
MBA - New York University, Finance and International Business, 1991
BA - University of Notre Dame, Accounting 1986
CPA - Certified Public Accountant 1990
Board of Trustee Member and Chair of the Finance Committee for the Oratory
Prep High School, Summit NJ
Assistant Leader, Boy Scouts Pack 43 in Harding Township NJ
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