At Wells Fargo, we want to satisfy our customers’ financial needs and help them succeed financially. We’re looking for talented people who will put our customers at the center of everything we do. Join our diverse and inclusive team where you’ll feel valued and inspired to contribute your unique skills and experience.
Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.
Wholesale Banking provides financial solutions to businesses across the United States and globally. Our nine major business lines include Business Banking, Middle Market Banking, Government and Institutional Banking, Corporate Banking, Commercial Real Estate, Financial Institutions Group, Wells Fargo Commercial Capital, Wells Fargo Securities, and the Investment Portfolio. We also have groups in credit risk, group risk, finance, marketing, human relations, and the Wholesale Chief Operating Office that support our businesses.
The Wells Fargo Investment Portfolio (“IP”) comprises public and private investments for the Credit Investment Portfolio (“CIP”) and public investments for the Macro Investment Portfolio (“MIP”). With dual reporting to Wholesale (CIP) and Treasury (MIP), IP manages the portfolio of AFS and HTM investments.
The Credit Investment Portfolio (CIP), a division of Wholesale Banking, is responsible for the evaluation of credit-driven investment opportunities across a broad spectrum of corporate bonds, notes, loans, Municipal bonds, CLOs and other asset backed securities. With a view towards long term holds, CIP focuses on relative risk/reward by purchasing (and selling) at prices that enhance shareholder value and improve Wells Fargo’s risk adjusted return on capital. As an extension of Wholesale’s lending platform, CIP applies the same depth of credit due diligence that other Wholesale lending divisions have historically applied to loan products. Accordingly, each investment is underwritten from the bottom up with thorough credit, structural, and legal analysis then monitored continuously until final repayment of principal.
The Macro Investment Portfolio (MIP), a division of Corporate Finance, is responsible for maintaining a portfolio of fixed income investments to achieve liquidity, interest rate risk management, and capital management objectives on behalf of Corporate ALCO. MIP invests in high quality, highly liquid and readily marketable securities that are primarily U.S. Treasury and government agency securities. Other investment asset classes include corporate bonds, municipal bonds, asset-backed and commercial mortgage-backed securities. With a view towards longer term investing, MIP’s asset appetite is discretionary at the direction of ALCO to deploy a portion of the Company’s excess deposits in a safe and sound manner. MIP relies on the Credit Investment Portfolio (CIP) to analyze and monitor most credit sensitive individual investments.
The IP Portfolio Strategy & Analytics team binds a collection of groups whose core functions are associated with investment analysis or reporting on WFC’s Investment Portfolios (AFS and HTM). The team focuses on process integration, analytics, and reporting on key areas pertinent to the Investment Portfolio. We are hiring a Portfolio Analytics Consultant 1 in either Charlotte or San Francisco.
Job Description / Responsibilities:
- Assist with complex investment portfolio modeling, reporting and analytics on the Wells Fargo Investment Securities, derivatives and loan portfolios, ensuring accurate portfolio modeling for interest rate risk, income/strategy analysis, stress testing and capital planning along with ad-hoc scenario analysis.
- Develop reporting to provide insight concerning changes in the securities portfolio risk profile and contributes to the evaluation of risk management strategies. Contributes to broader Corporate Asset Liability Management simulations for short-term (Earnings-At-Risk) and long-term interest rate risk measures (EVE, Duration Gap, OCI Sensitivity) and reporting.
- Interface with second and third line of defense teams including Corporate Model Risk, Enterprise Risk and Audit, along with lines of business and portfolio managers in addressing model issues impacting performance.
- Support projects and analysis of the investment portfolio that involves working with multiple functions and teams across the Portfolio Strategy and Analytics group, Asset Liability Management, Investment Portfolio as well other groups across Treasury and the Bank. Acts as a subject matter expert on the Bank’s fixed income securities for various stress test exercises including CCAR / DFAST.
- Partner with other model experts across the Bank, including Mortgage Center of Excellence, to evaluate and analyze modeling of residential prepayment behavior for Agency and Non-Agency Mortgage Backed Securities, structured products and instruments with embedded optionality under various interest rate and economic scenarios and providing insight into portfolio prepayment behavior to guide portfolio strategy and impact on the Bank’s interest rate sensitivity metrics.
Other roles and responsibilities:
- Regulatory / audit interactions: participate in monthly and quarterly meetings in addition to other examinations and audits.
- The ideal candidate has sharp analytical skills, demonstrated attention to detail, sound critical thinking, and solid problem-solving capabilities. We are looking for a self-motivated person who learns quickly and thrives in a challenging environment. Ability to work independently, prioritize multiple tasks, and take on new challenges is crucial.
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
- 1+ year of experience in portfolio analysis, finance, or have participated in a Wells Fargo analyst or intern training program
- Ability to work effectively in a team environment and across all organizational levels, where flexibility, collaboration, and adaptability are important
- Advanced Microsoft Office (Word, Excel, and Outlook) skills
- Excellent verbal, written, and interpersonal communication skills
- Good analytical skills with high attention to detail and accuracy
- An active Chartered Financial Analyst (CFA) designation
- Knowledge and understanding of database querying and creating ad hoc reporting results using SQL or similar querying methods
- A degree in a quantitative field such as finance, mathematics, statistics, or economics
- Understanding of fixed income models and products at a level that allows the individual to propose and defend model choices in communications with regulators and internal controls such as model validation and audit.
- Experience with model risk governance and/or model validation in the financial services sector.
- Proven experience of successful interaction with regulatory agencies (OCC, FED, FDIC, or similar).
- Experience with third party fixed income models (e.g. QRM, PolyPaths, ADCo LDM, Bloomberg, Calypso, Blackrock)
- Experience working with prepayment models
- Prior experience analyzing and modeling fixed income securities across multiple asset classes
- 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.