Credit Risk Associate Jobs in Chicago, IL (NOW HIRING)

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.
Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates' physical, emotional, and financial wellness through affordable, competitive and flexible benefits.
We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.
Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs.
At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Job Description:
The Special Assets Group (SAG) Sr Portfolio Officer is responsible for managing a portfolio of problem commercial credit exposures, with an emphasis on the most complex and high-risk credits. The role is central to protecting the bank's interests by developing and executing effective workout and resolution strategies focused on reducing the volatility and severity of losses and, when possible and appropriate, to maximize revenue and growth opportunities through rehabilitation and retention of existing client relationships

Responsibilities:

• Manage a portfolio of criticized or distressed commercial leasing relationships from strategy development through resolution
• Develop and execute remediation, workout, restructuring, or exit strategies that reflect lessee performance, lease structure, collateral value, and contractual terms
• Serve as the primary point of contact for lessees and coordinate engagement with internal partners, legal counsel, asset management teams, and external stakeholders
• Evaluate ongoing lessee financial performance and its impact on lease economics, collateral recovery prospects, and credit risk exposure
• Prepare credit approval documents, justify recommended strategies, and present to senior leadership for decisioning.
• Lead negotiations related to lease modifications, restructurings, asset disposition strategies, or enforcement actions
• Support asset quality forecasting and reporting efforts.
• Ensure compliance with internal credit policies and applicable regulatory requirements.
• Collaborate with LOB partners, legal teams, and external bank groups to drive resolution outcomes.
• Coach and mentor junior associates on the team to help develop credit and corporate workout skills.

Minimum Qualifications:

• Minimum of 7+ years of experience in commercial credit, leasing, structured finance, credit restructuring, or related risk management experience.
• Demonstrated experience managing criticized or distressed leasing relationships
• Strong understanding of lease structures, collateral considerations, and credit risk implications
• Proven ability to apply sound judgment in ambiguous or judgmentintensive credit situations
• Credit analysis and underwriting skills, including risk rating, structuring, and covenant assessment.
• Strong communication skills; ability to communicate vertically, horizontally, and externally

Desired Qualifications:

• Knowledge of Business Law, a legal aptitude, strong knowledge of contracts, and knowledge of bankruptcy law
• Ability to work independently on complex transactions while exercising sound credit judgment
• Knowledge of ancillary banking products such as credit products, treasury services, derivatives, commercial cards, and deposits
• Knowledge of Commercial Credit Structure
• Ability for problem solving / critical / creative thinking / mental flexibility
• Strong Negotiation Skills
• Ability to think strategically, with an eye for detail
• Bachelors Degree

Skills:

• Adaptability
• Collection Management
• Critical Thinking
• Problem Solving
• Risk Management
• Credit and Risk Assessment
• Decision Making
• Financial Analysis
• Legal Structures and Legal Forms
• Underwriting
• Client Management
• Loan Structuring
• Negotiation
• Oral Communications
• Written Communications

Shift:

1st shift (United States of America)

Hours Per Week:

40

Pay Transparency details

US - IL - Chicago - 110 N Wacker Dr - Bank Of America Tower Chicago (IL4110), US - MA - Boston - 100 Federal St - 100 Federal St Lp (MA5100), US - NY - New York - ONE BRYANT PARK - BANK OF AMERICA TOWER (NY1100), US - RI - Providence - 1 Financial Plz - 1 Financial Plaza (RI1537)Pay and benefits informationPay range$109,500.00 - $205,900.00 annualized salary, offers to be determined based on experience, education and skill set.Discretionary incentive eligibleThis role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.BenefitsThis role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.