COML Product Manager II

Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent company of Sovereign Bank, a financial institution with $85 billion in assets as of December 31, 2007 with principal markets in the Northeast United States. Sovereign Bank has 750 community banking offices, over 2,300 ATMs and approximately 12,000 team members.  Sovereign offers a broad array of financial services and products including retail banking, business and corporate banking, cash management, capital markets, wealth management and insurance. Sovereign is the 19th largest banking institution in the United States.  For more information on Sovereign Bank, visit or call 1-877-SOV-BANK.

 

RESPONSIBILITIES:

 

The Commercial Product Manger II is responsible for managing several designated cash management products. For assigned products, major responsibilities include 1) developing and executing strategic and tactical plans to meet market share and revenue goals, 2) monitoring profit margin targets and managing revenue and expense drivers, including pricing, 3) developing and rolling-out new products and enhancements to existing services, 4) ensuring quality assurance and managing vendor and client contracts, 5) providing ongoing product support and enhancing market visibility and 6) participating in bank-wide conversion projects (eg. bank acquisition and/or system conversion).

 

The Commercial Product Manager II position differs from the Commercial Product Manager I and III position by number of products(s) assigned, complexity of the products, business requirements for the products, product life cycle position, and the amount of industry involvement and project management required of the incumbent.

 

The Commercial Product Manger II is part of Global Solutions Group (GSG) and reports to a Commercial Product Management Team Leader.


- Strategic Direction and Planning: In collaboration with the Commercial Product Management Team Leader and Product Management Director, establishes, executes, evaluates, and monitors the strategic direction of assigned products, creates tactical plans, and develops appropriate funding documents for new products and major enhancements.

 

- Product Profit Margin Management: Monitors product revenue and expense, influences the drivers of

revenue and expense to meet profitability goals of the assigned products. Establishes price points and recommends unit prices. Participates in negotiation with vendors, monitors vendor expenses and establishes accurate revenue capture processes.

 

- Product Development & Rollout: Researches and defines the product and technological requirements of clients, leads the development and testing of new products and enhancements to existing services, and initiates all product launch activities for the products, including the development of marketing collateral, service agreements, product training, client implementation, and internal/external communications, Projects Management tasks may require Commercial Product Management Team Leader involvement.

 

- Quality Assurance & Management of Vendor and Client Contract: Oversees quality assurance for the assigned products to ensure performance to profitability goals and client satisfactions. Establishes quality indicators with Operations partners or product delivery vendors, monitors operational performance against established quality factors and coordinates with Operations/Vendors/Client Services partners resolution of occasional service issues.

 

- Market Visibility and Ongoing Product Support: Supports GSG sales officers when technical expertise is required. Provides ongoing product support for all business partners, conducts product training, participates in product packaging, promotion, and developments of marketing collateral.

 

- Conversion: As required, participates in bank-wide conversion projects (eg. bank acquisition and/or system conversion)

 

REQUIREMENTS:

 

- Undergraduate degree plus 5+ years of relevant experience in banking, product management & development and project management.
- Advanced degree (MBA) can be counted toward experience.

- In depth knowledge of specific Cash Management products.
- Strong project management skills.
- Superior analytical skills
- Ability to pay close attention to details
- Ability to understand complex systems and technology processes.
- Good written and verbal communication skills.
- Ability to interact skillfully with business partners and associates
- Ability to manage multiple, complex projects and work in a fast-paced entrepreneurial environment.

 

To apply to this position:

 

Please go to www.sovereignbank.com, select the “About Sovereign” tab, and then select the “Careers” tab. This will take you to a screen where you will select “Employment Opportunities”. Chose the “Advanced Search” and fill in Job ID# 33660. Select the position for which you are applying and please upload OR copy and paste your resume onto the application.