The Role of a Business Development Officer in Middle Market Banking & Specialized Industries
Being a Business Development Officer (BDO) in the financial sector, especially within the Middle Market Banking team, comes with many responsibilities and exciting opportunities. A BDO is customer-focused, dedicated to forging relationships, and providing financial advice to clients. This role is particularly suitable for individuals who enjoy engaging prospective clients in meaningful dialogue about their banking needs and identifying opportunities to create mutually beneficial relationships.
Responsibilities and Duties of the Business Development Officer
The BDO is responsible for leading national business development initiatives for the Aerospace, Defense, and Government Services sectors under the guidance of the National Head for Business Development. The primary role of the BDO involves generating high-quality sales leads for middle market bankers. This is achieved by engaging prospective clients in meaningful dialogues about their banking needs and identifying opportunities to create mutually beneficial relationships.
As a BDO, you will work closely with local market teams to foster a persistent, productive relationship that supports regional business development needs. Your disciplined, creative, and persistent approach will be crucial in gaining access to Middle Market decision makers, enabling potential revenue opportunities through in-person meetings and connections to the banking team.
Key Job Responsibilities
Some of the key responsibilities of the BDO include researching prospects to determine optimal points of contact, staying abreast of key events influencing banking needs, and formulating a strategic approach to win new relationships for the Commercial Bank. BDOs employ a myriad of tactics such as cold-calls, emails, event invitations, and targeted marketing campaigns to establish and maintain contact quarterly with a portfolio of 800-1,000 prospects.
They develop relationships with qualified prospects with $20MM – $100MM in sales in assigned markets and identify opportunities to introduce bankers as appropriate. BDOs also pursue broad and ongoing Commercial Bank product education to remain conversant in the features and benefits of our full suite of offerings including treasury, credit, retirement planning, investment banking, and more. They align closely with partners across the firm to appropriately prioritize prospects, share best practices, leverage competitive intelligence, and evolve strategy as needed.
Required Qualifications, Capabilities, and Skills
For this role, a minimum of 5 years in sales or business development within the financial services industry is required. Additionally, business-to-business sales experience, strong interpersonal and communication skills, particularly over the phone and in writing, are necessary. Comfort establishing relationships via phone and email, being highly proactive, persistent, tenacious, nimble, and creative, and the ability to travel to markets and sales meetings, as appropriate, are also crucial for this position.
About JPMorgan Chase
JPMorganChase, one of the oldest financial institutions, offers innovative financial solutions to millions of consumers, small businesses and many of the world’s most prominent corporate, institutional, and government clients under the J.P. Morgan and Chase brands. The institution’s history spans over 200 years and today it is a leader in investment banking, consumer and small business banking, commercial banking, financial transaction processing, and asset management.
Compensation and Benefits
JPMorganChase offers a competitive total rewards package including base salary determined based on the role, experience, skill set, and location. Those in eligible roles may receive commission-based pay and/or discretionary incentive compensation, paid in the form of cash and/or forfeitable equity, awarded in recognition of individual achievements and contributions. The institution also offers a range of benefits and programs to meet employee needs, based on eligibility. These benefits include comprehensive health care coverage, on-site health and wellness centers, a retirement savings plan, backup childcare, tuition reimbursement, mental health support, financial coaching, and more.
Commitment to Diversity and Inclusion
JPMorgan Chase recognizes that their people are their strength and the diverse talents they bring to their global workforce are directly linked to their success. They are an equal opportunity employer and place a high value on diversity and inclusion at the company. They do not discriminate on the basis of any protected attribute, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. They also make reasonable accommodations for applicants’ and employees’ religious practices and beliefs, as well as mental health or physical disability needs.
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