Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified financial services company with $1.5 trillion in assets. Founded in 1852, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, more than 12,500 ATMs, online (wellsfargo.com), and mobile devices. With more than 270,000 team members, Wells Fargo serves one in three households in the United States.
Wholesale Banking provides financial solutions to businesses across the United States and globally with annual sales generally in excess of $5 million. Products and businesses include Business Banking, Commercial Real Estate, Corporate Banking, Financial Institutions Group, Government and Institutional Banking, Middle Market Banking, Principal Investments, Treasury Management, Wells Fargo Commercial Capital, and Wells Fargo Securities. Wholesale Banking’s 2018 nine-month net income was over $8 billion, with average loans in excess of $460 billion.
The Wells Fargo Controllership Organization is seeking a Senior Leader who will be the primary interface between the Controllership organization and the Wholesale Banking commercial lending businesses (“Senior Leader”). These businesses include Corporate & Institutional Banking, Commercial Real Estate, Wells Fargo Commercial Capital (including leasing, asset based lending, commercial distribution finance and others) and all related operations areas. These businesses offer a full complement of commercial lending, credit products directed to the needs of our customers including loans, commitments, credit facilities, syndications, participations, guarantees, deposits and many more.
The position will be responsible for managing and leading certain accounting, reporting, and internal control activities for the commercial lending businesses, and will also be responsible for bringing the comprehensive capabilities of the Controllers Organization to the businesses. Furthermore, this position will be responsible for continuous improvement of the accounting and reporting environment as well as supporting the transformation of the commercial loan and credit products environment within Wholesale to satisfy ever increasing business and Bank Regulator requirements. The expectation will be that this role will provide significant input into transformation efforts from the controllership lens, including working with Six Sigma and other project management methodologies, Agile systems implementation approach, and also be able to manage dynamic change requirements within the IT and data environment as Wells Fargo moves to broader digitization, automation and similar efforts.
The Financial Accounting Senior Leader’s core responsibilities include:
Business Unit Partnership: The Senior Leader is responsible for developing and maintaining strong relationships with business leadership to, among other things, understand key business activities, monitor changes in the business and industry, and ensure that the businesses are being served well by the Controllers Organization.
Accounting and Reporting: The Senior Leader is responsible for leading a team of professionals to ensure all transactions and business activity in the assigned area are accounted for in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and company policy, appropriately captured and recorded in our general ledger, and appropriately reported and disclosed in a) our publicly issued corporate financial statements, b) in various required subsidiary financial statements, and c) in the various regulatory reports issued to the Federal Reserve Bank, the OCC, and other principal regulators, as necessary.
Technical Accounting Knowledge: The Senior Leader is responsible for understanding and applying the requirements of US GAAP, as well as other SEC and bank regulatory reporting requirements. In this role, the Senior Leader will collaborate with the Wholesale and Corporate Accounting Policy teams, the Wholesale Chief Accounting Officer, other corporate groups, our external auditors and bank regulators as necessary to understand, apply and provide advice on the complex accounting and reporting issues that arise in these businesses.
Internal Control Environment: The Senior Leader is responsible for ensuring an adequate internal controls over financial and regulatory reporting environment is established and maintained. In this role, working together with the business and other divisions within the Controllers Organization, the team ensures that internal controls are well designed and operating effectively through the execution of our quarterly and annual internal control assessment processes performed for both SEC reporting (SARBOX) and bank regulatory reporting.
Process Effectiveness and Efficiency: The Senior Leader will ensure we have a detailed understanding of the accounting, reporting and internal control processes under their supervision, and for ensuring that these processes are both operating effectively and efficiently. The Senior Leader will be expected to think strategically and tactically, balancing long-term objectives with short-term goals. The Senior Leader will be expected to understand and execute process improvement (e.g. six sigma, Agile), digital alternatives and off-shoring capabilities.
Strategic Leadership and Communication: The Senior Leader is responsible for providing business-wide strategic leadership on all matters related to accounting, reporting and internal controls. In addition to effectively managing their team, the team will need to partner with business leadership and other appropriate groups (finance, risk, credit, IT, etc.) to understand the business priorities and initiatives, and determine how best to integrate the accounting, reporting and control requirement within the direction of the business.Required Qualifications
- 12+ years of experience in one or a combination of the following: finance, accounting, analytics, financial reporting, accounting reporting or risk reporting
- 8+ years of management experience
- A BS/BA degree or higher in one or a combination of the following: Finance, Accounting, Analytics, or Reporting
- Demonstrated success and mastery managing in a matrixed environment
- An active Certified Public Accountant (CPA) designation
- A solid understanding of the accounting, reporting and internal controls issues facing a large, diversified U.S. financial services institution
- Demonstrated experience with project management methodologies (e.g., Six Sigma) and change management/transformation programs
- Continuous process improvement and extensive change management experience, including work with location strategies and off shoring activities
- A good understanding of products and services offered in our commercial lending businesses
- Demonstrated experience working with complex IT environments well as lending system and data management process understanding
- Detailed understanding of the complex technical accounting requirement governing lending products including loans, commitments, guarantees, syndications, participations, leasing, etc.
- Understanding of bank regulatory reporting requirements, including regulatory capital
- Knowledge and experience in building and assessing internal control activities
- Proven ability to manage large and diverse teams
- Excellent communication skills
- Track record of successfully partnering with others to drive change
- Large bank accounting policy or Big 4 National Office experience
- Large bank SEC and regulatory reporting experience
- Detailed bank regulatory reporting knowledge, including regulatory capital
- Experience executing a COSO-based Sarbanes Oxley internal control assessment
- Demonstrated ability to manage across geographical diversity
- 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.