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
Institutional Trust & Custody business. U.S. Bank offers (1) trust
accounts and custody accounts for insurers, to support their reinsurance
arrangements or hold their statutory deposits or general assets, (2)
corporate custody accounts, to hold companies’ operating funds, (3)
custody accounts for hedge funds and private-equity funds, to hold their
underlying investments, (4) omnibus custody accounts for banks and
trust companies, to provide a back-office for their securities
operations, (5) environmental trust accounts for property owners, to
fund their environmental monitoring and remediation, (6)
investment-management services, for customers who delegate investment
discretion to the bank, (7) securities-intermediary services, for
customers who pledge their custody accounts as loan-collateral, and (8)
customer-segregated accounts for brokers, to hold their required cash
In connection with those products and services, 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, demands,
litigation, regulatory action, and customer bankruptcy, (8) educates
bank personnel about relevant legal topics, and (9) manages outside
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.Basic Qualifications:
- Law degree
Licensed by and in good standing with the appropriate state bar
association or other appropriate state attorney licensing authority
- 5 or more years of in-house legal department or law firm experience advising financial institutions.
advising trustees, custodial banks, investment advisers, brokers, or
insurance companies on investment ownership, registration, and
administration is preferred.
- Expertise preferred in one or more
of the following areas of law: (1) fiduciary (OCC Reg. 9 and state trust
law), (2) insurance (state reinsurance and statutory-deposits
regulation), (3) securities (investment types, trading, settlement, ’40
Act exemptions, Exchange Act Rule 15c3-3), and (4) Uniform Commercial
Code (Article 9).
- 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.