Bank Holiday
The news this week continues to focus on global markets, which remain in a state of near-chaos as investors worry that the banking system will be tested to its limits should Greece default on its debts. Other markets such as Italy, Portugal, and Spain also teeter on the financial brink, while the major French banks are taking the hardest drubbing in Europe, closer to home, Bank of America--whose shares have fallen 35% over the past few weeks--announced yesterday that it is going to prune 30,000 jobs and $5 billion of annual costs to begin addressing a series of missteps that have put the banking giant on its back. Most of BofA’s axe will fall on the retail banking side of the house, which of course will translate to a significant restructure of its portfolio of real estate leases. It is a reasonable bet that the latest turmoil in the financial markets will have a significant, and negative, impact on real estate, especially in money center markets such as New York, San Francisco, London, and Hong Kong. Perhaps all of those bright red Bank of America retail location signs will be repurposed for the Bank of China.

Tony LoPinto is the Global Sector Leader of Korn/Ferry International's Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.

WATERSTONE ASSET MANAGEMENT
Commercial Real Estate Analyst
(CHARLOTTE, NC) The analyst will be responsible for modeling and analyzing cash flows to determine metrics including DSCR, Debt Yield and LTV through any position in the capital stack; reviewing select legal documents such as promissory notes, loan agreements and participation agreements; and reviewing third party documents such as appraisals and engineering reports; among other duties.

USAA REAL ESTATE CO.
Associate Asset Manager
(SAN ANTONIO) The manager will review, analyze and prepare detailed financial analyses and reporting. Develop market based discounted cash flow models; research market information, conduct credit underwriting, and assist Portfolio Managers, as needed; execute leasing and marketing strategy at the property level; approve and manage capital projects expenses at the property level; and attend and participate in negotiation meetings; among other duties.

Ross Stores
Director, Real Estate
(PLEASANTON, CA) The director will negotiate the business points for sites approved by the company as well as lease renewals, store expansions, modifications and surplus store space available for sublease; train Real Estate Manager and staff in their negotiation skills; travel to required market areas to visually inspect and evaluate proposed sites, existing stores and competitors within the trade area; and find, evaluate and investigate multi market store site locations; among other duties.