Junior Rates Options Trader — Market Making & Client Business

Wells Fargo Corporate & Investment Banking delivers a comprehensive suite of capital markets, banking, and financial products and services. A trusted partner to our clients, we provide corporate and transactional banking, commercial real estate lending and servicing, investment banking, equity and fixed income solutions including sales, trading, and research capabilities to corporate, commercial real estate, government, and institutional clients across the globe. Learn more about the career areas and business divisions at wellsfargojobs.com. 

Markets provides solutions to clients with the means to manage their exposure through various derivatives, lending and cash products across Structured Products Group, Macro, Equities, Municipal Products Group, Credit Sales & Trading.

About this role:

Wells Fargo is seeking a Junior Trader to join our USD Rates Options Desk. The role will focus on making markets in swaptions, caps/floors, and Treasury options, pricing and executing client hedging business alongside sales, and managing the book’s day-to-day risk.

In this role, you will:

• Quote and execute two-way markets in vanilla and structured rates options, including swaptions, caps/floors/collars/seagulls, cancellable swaps, and Treasury options, within assigned risk, size, and product limits
• Respond to client RFQs across voice and electronic venues with accurate, timely pricing; maintain axes, runs, and current vol marks
• Partner with rates sales to structure client hedges, prepare scenario and P&L analysis, and manage expiries, exercises, and resets through maturity
• Hedge and monitor delta, gamma, vega, and theta across the grid using swaps, futures, and cash Treasuries
• Own daily P&L explain and attribution, reconcile risk to P&L, resolve breaks with Product Control, and support IPV and month-end mark reviews
• Book and validate trades accurately in front-office systems and ensure clean confirmation, clearing, and settlement
• Build and maintain pricing and analytics tooling; work with quants and technology on curve, vol-surface, and workflow improvements
• Operate within the desk’s supervisory and control framework, including risk limits, communications policy, best execution, and regulatory reporting obligations
• Produce and distribute U.S. rates market updates and trade ideas

Required Qualifications:

• 2+ years of Securities Trading experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education

Desired Qualifications:

• Master’s degree in Financial Engineering, Mathematics, Statistics, Physics, Economics, or a related quantitative discipline (or equivalent quantitative experience)
• Demonstrated experience pricing and executing interest rate derivatives, including interest rate swaps, swaptions, caps/floors, bond options, and structured rates products
• Proficiency in Python and advanced Excel for pricing, analysis, and tool building, with experience developing pricing tools or analytics used by a trading desk
• Working knowledge of Bloomberg for rates pricing and execution (e.g., SWPM, VCON) and exposure to front-office booking, risk, and lifecycle platforms such as Murex, Calypso, Summit, or an equivalent OMS/trading system
• Experience managing institutional client RFQ flow, including quoting, follow-up on option expiries, and post-trade client communication
• Understanding of volatility modeling, including implied vs. realized volatility, volatility smile/skew, SABR-type and Black/Bachelier frameworks, and swaption cube construction
• Experience collaborating across repo, cash Treasury, flow rates, and structured rates desks, including across regions
• Familiarity with the capital and funding implications of a rates options book, including clearing vs. bilateral, initial margin, SA-CCR, FRTB, and XVA
• Experience producing written market commentary or trade ideas and conducting relative value, macro, or systematic strategy research, including scenario and P&L analysis

Job Expectations:

• Up to 10% travel
• Expected in-office presence, aligned to market hours, with occasional early coverage for global sessions
• Obtaining and/or maintaining appropriate Financial Industry Regulatory Authority (FINRA) license(s) is required for ongoing employment in this position. FINRA Series 7, 57, and 63 examinations, or equivalent must be completed within either a 90 or 180-day time period following commencement of employment, depending upon the number of license(s) needed if not immediately available to transfer upon hire. FINRA recognized equivalents will be accepted. This will be communicated at time of offer acceptance. Compliance with state law registration and licensing requirements is mandatory. In addition to state registration and licensing requirements, specific product licenses or SAFE licensing may apply. Additional requirements include meeting enhanced financial fitness and criminal background standards. Wells Fargo will initiate the FINRA licensing review process at the time of offer acceptance. For specific FINRA qualification exams obtained after 9/30/2018, the Securities Industry Essentials (SIE) exam co-requisite is required. 
• This position is subject to FINRA background screening requirements. Candidates must successfully complete and pass a background check prior to hire. In accordance with FINRA rules, individuals who are subject to statutory disqualification are not eligible to be associated with a FINRA-registered broker-dealer. Successful candidates must also meet and comply with ongoing regulatory obligations, which include periodic screening and mandatory reporting of certain incidents.
• Specific compliance policies may apply regarding outside activities or personal investing; affected employees will be expected to provide information to the Wells Fargo Personal Account Dealing Team and abide by applicable policy requirements if hired. Information will be shared about expectations during the recruitment process.

Posting Locations:

• 500 West 33rd St. - New York, New York 10001

Pay Range
 

Benefits

Wells Fargo provides eligible employees with a comprehensive set of benefits, many of which are listed below. Visit Benefits - Wells Fargo Jobs for an overview of the following benefit plans and programs offered to employees.

• Health benefits
• 401(k) Plan
• Paid time off
• Disability benefits
• Life insurance, critical illness insurance, and accident insurance
• Parental leave
• Critical caregiving leave
• Discounts and savings
• Commuter benefits
• Tuition reimbursement
• Scholarships for dependent children
• Adoption reimbursement

Posting End Date:

*Job posting may come down early due to volume of applicants.

We Value Equal Opportunity

Wells Fargo is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, status as a protected veteran, or any other legally protected characteristic.

Employees 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.

Applicants with Disabilities

To request a medical accommodation during the application or interview process, visit Disability Inclusion at Wells Fargo.

Drug and Alcohol Policy

Wells Fargo maintains a drug free workplace.  Please see our Drug and Alcohol Policy to learn more.

Wells Fargo Recruitment and Hiring Requirements:

a. Third-Party recordings are prohibited unless authorized by Wells Fargo.

b. Wells Fargo requires you to directly represent your own experiences during the recruiting and hiring process.