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Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.
Corporate Risk helps all Wells Fargo businesses identify and manage risk. We focus on three key risk areas: credit risk, operational risk and market risk. We help our management and Board of Directors identify and monitor risks that may affect multiple lines of business, and take appropriate action when business activities exceed the risk tolerance of the company.
The Corporate Market & Institutional Risk group (CMIR) is responsible for independently overseeing the management of market and counterparty risk (inclusive of price risk) exposures (including monitoring and reporting on aggregate market and counterparty risk exposures across groups, legal entities, geographies, and jurisdictions), and the quality of market risk management practices across the company.
More specifically, CMIR facilitates the consistent management of individual and aggregate market risk exposures within Board-approved risk tolerances and limit structures. CMIR is also responsible for stress testing and capital calculations for trading risk.
In addition, the Corporate Model Risk (CMoR) group, an organizational unit housed within CMIR, is responsible for independently overseeing the management of model risk exposures and the quality of model risk management practices across the company.
Mission Statement: CMIR will set the standard for global risk management
Wells Fargo’s Model Risk Management team, a part of Market and Institutional Risk, is seeking a Quantitative Associate. This technical position is a part of a highly skilled center of excellence team for developing modeling methodology and practice to advance the Bank’s practice in the area of model development, validation, benchmarking and monitoring.
As a Quantitative Associate, you will work as a full time team member and gain comprehensive professional and industry experience. Associates may be responsible for developing, implementing, calibrating or validating models; for educating business leaders in the strengths and weaknesses of models; and for providing risk leaders with an analysis to successfully use the models to manage their risk. A Quantitative Associate also has the opportunity to interact with Wells Fargo senior leaders and learn about various risk management areas including in depth strategy development, validation and performance analysis.
Responsibilities for this role will include, but not be limited to the following:
- Perform core mathematical model development or validation under the direction of more experienced team members using programming languages and statistical packages such as R, MatLab, SAS, SQL, SPSS, and Mathematica.
- Produce required documentation to substantiate model development and/or validation.
- Perform historical and analytical research in response to requests or assignments.
- Understand credit processes, work flows and issues related to modeling activities to sufficiently reflect them in work output or to make recommendations for process improvements.
- Understand business needs and provide possible solutions by explaining in a clear verbal and/or written communication to management and fellow team members.
- Lead and participate in projects or support activities, which are moderate in size and organization span.
- Read and understand technical papers and their application to Wells Fargo modeling techniques.
- Stay up to speed on industry challenges and new and innovative modeling techniques to ensure Wells Fargo maintains “best in class” modeling approaches.
- Stay current with bank regulatory framework and developments.
- Bring closure to issues, questions and requests.
- Solve problems independently or as a member of a team.
- Communicate model issues and limitations to key stakeholders
This individual will interact with Model Validation, Model Monitoring, and Model Development teams. Effective written and oral communication skills are important. In addition to very strong quantitative development skills, a “can-do” personal style/attitude and the ability to work collaboratively with a variety of individuals will be a key success factor for this position.
- Masters degree or higher in a quantitative field such as statistics, mathematics, physics, engineering, computer science, or economics upon start date of the program
- A PhD in a quantitative discipline
- 2+ years of practical statistical programming experience with SAS, SQL, Python, R. H2O, Keras with Tensorflow, and large data files
- Strong programming skills with experience using statistical packages, particularly R, Python and SAS
- Strong analytical and quantitative skills
- Familiarity with traditional statistical applications and knowledge of machine learning methodologies.
- Excellent verbal, written, and interpersonal communication skills
- Track record of development and applications of quantitative methodologies
- Quick learner who can accommodate rapid changes in analytical focus
- Ability to prioritize work, meet deadlines, achieve goals, and work under pressure in a dynamic and complex environment
- Team player with capacity for independent judgment, and a desire to share knowledge and work with colleagues
- 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.