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Equity, Chief Operations Officer, Markets Division

Job Description

The Company:

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial financial services through more than 8,600 locations, 13,000 ATMs, online (, and mobile devices.

We’re headquartered in San Francisco, but we’re decentralized so every local Wells Fargo location is a headquarters for satisfying our customers’ financial needs and helping them succeed financially. We do business with 70 million customers and one in three U.S. households. Wells Fargo has approximately 268,000 team members in 36 countries and territories across our more than 90 businesses.

At the end of second quarter 2016, Wells Fargo ranked third in assets among U.S. banks.

Our vision: “We want to satisfy our customers’ financial needs and help them succeed financially.”

Markets Division:

The Markets Division is responsible for the sales, trading, clearing and client-focused risk management services across the commodity, credit, and equity asset classes.

  • Distribution and trading of securities to support our issuing clients who are raising debt or equity in the capital markets.
  • Helping our investing clients source bonds and alternative investment vehicles for their investment needs.
  • Providing risk management product to commercial, corporate, and institutional clients.
  • Delivering prime brokerage, clearing, and electronic trading services to institutional, corporate and alternative investment industry clients.

The Position:

This position is to be the business manager for Equity Cash and Derivatives businesses as well as the Investment Solutions business. This position will cover trading and distribution aspects of these businesses and will be located in New York, NY. This position will report directly to the COOs of Markets Division (Trading & Distribution) with a dotted line to the heads of the businesses.

1. Chief of Staff Functions

  • Act as trusted advisor to senior management.
  • Assist the business heads with creating business strategy including managing to Operating Expense Ratio (OER) and Return on Equity (ROE) measures.
  • Assist business unit in following existing expense policies and create processes to drive expense efficiencies.
  • Manage internal communications, senior level presentations, off sites, etc.
  • Manage administrative functions on behalf of business units.
  • Represents the business with external regulators, including the SEC, CFTC, OCC, Fed, FINRA, Rating Agencies, as well as serving on industry dealer forums/committees.
  • Find efficiencies in the business by understanding cross business needs and creating more strategic solutions.
  • Plan for and evaluate impact to the business of industry mandates, then design and implement solutions to meet industry requirements.
  • Ensure Disaster Recovery Needs of the business are met and tested.

2. Serve as the primary liaison between the business unit and the various support partners; driving accountability across all internal functions supporting the businesses

  • Drive infrastructure strategy on behalf of the business.
  • Partner with Operations, Technology, Compliance, Risk, etc. to ensure the business needs of the group are being met, in coordination with the larger Fixed Income Sales and Trading division.
  • Deliver the business vision and objectives to the various support groups and provide direction and leadership as needed.
  • Work with the Technology and Operations leaders to develop and deliver on a short and long term technology and operations strategy.
  • Work with Compliance and Legal to ensure the businesses remains compliant with regulatory standards of conduct.
  • Work with Finance to track and regularly report on financial performance.
  • Work with Legal counsel on the many legal inquires, including legal hold objectives, lawsuit dispensation.

3. New Product Development/Business Development/Regulatory Compliance; the business manager team leads initiatives for the business vs. discrete project management. Initiative leadership involves not only tracking of project deliverables and tasks, but also:

  • Act as the key contact for decision making within the initiative.
  • Evaluate the impact of decisions and initiatives on the profitability of the business, the regulatory and operational framework, resourcing, and impact to external participants such as clearing companies, self-regulated organizations, exchanges etc.
  • Provide product knowledge for extremely complex and integrated products such as pricing, trade inputs, analytics, risk metrics.
  • Deep knowledge of the capital markets including trends in new products, market functions, regulatory changes, market data providers, and clearing and exchange changes.

The complexity of our initiatives requires a team who can implement complex initiatives that differ from typical project management. Projects require: High system complexity and integration between systems (Over 70 systems combine to provide multiple offerings to capital markets customers), High degree of regulatory oversight and overlapping regulatory agencies, Extensive use of multiple legal entities that support various products, geographies, customer bases, and regulatory authorities.

Team members support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company. They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following and adhering to applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions. There is emphasis on proactive monitoring, governance, risk identification and escalation, as well as making sound risk decisions commensurate with the business unit’s risk appetite and all risk and compliance program requirements.

Required Qualifications

  • 10+ years of financial services industry experience
  • 7+ years of leadership experience

Other Desired Qualifications
  • 10+ years of Capital Markets, trading floor experience
  • Detailed knowledge of Equity Cash and Equity Derivatives businesses, systems, modeling, and operational processing
  • Must have the ability to understand the broad set of capital markets businesses, market dynamics and issues impacting a complex set of business activities and personnel
  • Understanding of derivative products and equity markets
  • Must have sound business judgment
  • Nature of capital markets activities requires business managers to have in-depth knowledge of complex technology and operational platforms and processes, as well as an understanding of compliance/regulatory rules and accounting rules governing marketing and trading
  • Integration and merger experience and have ability to manage many competing projects effectively for on-time deliver
  • Financial accounting and analysis, including project budgeting and forecasting
  • Ability to communicate effectively and with various levels within the organization, both verbally and written
  • Ability to partner with others to achieve duties outlined above
  • Strong work ethic, position frequently requires extended hours and flexible work schedule
  • Excellent organizational and prioritization skills, strong analytical, problem-solving
  • Execution oriented
  • Professional demeanor
  • Self-starter behavior and able to recognize opportunities for improvement in the business and to act on those opportunities
  • Series 7, series 24

    All offers for employment with Wells Fargo are contingent upon the candidate having successfully completed a criminal background check. Wells Fargo will consider qualified candidates with criminal histories in a manner consistent with the requirements of applicable local, state and Federal law, including Section 19 of the Federal Deposit Insurance Act.

    Relevant military experience is considered for veterans and transitioning service men and women.

    Wells Fargo is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran/Gender Identity/Sexual Orientation.