Director - Wholesale Counterparty Credit Risk
Wholesale Counterparty Credit Risk (“WCCR”) is part of the Wells Fargo’s Enterprise Counterparty Risk Management (“ECRM”) unit. WCCR underwrites and approves traded product counterparty risk limits for non-bank financial institutions and other select counterparties including Hedge Funds, Private Equity, CCPs, Mortgage REITS, Mortgage Originators, Insurance Companies, select Corporates, Rated Broker/Dealers, GSEs, and Investment Advisors. The portfolio consists of over 3,300 counterparties and will grow over the next five years. As a result, WCCR is considered a key partner in the strategic business growth for Wells Fargo Securities and Wells Fargo’s International division.
ECRM is seeking an energetic leader to manage and direct WCCR which is comprised of a diverse group of Counterparty Credit Analysts, Associates and Officers located in key Wells Fargo domestic and international locations. The head of WCCR is responsible for establishing and implementing a strategic human resource and risk management plan for the portfolio. This includes building and maintaining an industry leading counterparty team, involvement in policy and procedure, and participating in the counterparty infrastructure development Wells Fargo is currently undertaking. The ideal candidate will be expected to work directly with other ECRM leaders, Front Office Management, Compliance, Legal and Operations. In this capacity, the head of WCCR is expected to help Wells Fargo achieve its revenue and growth objectives, while ensuring an appropriate risk and regulatory structure is in place. In addition, the position requires frequent and ongoing contact with other Wells Fargo stakeholders and external Regulators. Some domestic and international travel is expected to meet with internal stakeholders and clients.
This is a highly visible role that requires the ability to challenge, influence and lead a Counterparty Credit Risk team in a top tier organization, within an ever changing and highly regulated industry.
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through our many locations, ATMs, the internet (wellsfargo.com) and mobile banking. To learn more, Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
- 10+ years of capital markets and securities industry experience
- 5+ years of leadership experience
- A BS/BA degree or higher
- Strong attention to detail and accuracy skills
- Ability to execute in a fast paced, high demand, environment while balancing multiple priorities
- Knowledge and understanding of prime brokerage
- A Masters of Business Administration (MBA) or Chartered Financial Analyst (CFA) Designation
Other Desired Qualifications
- Strong working knowledge of Counterparty Credit Policies and Procedures and Master Agreements (e.g. Prime Brokerage, ISDAs, MSFTAs, MRA, etc.)
- Prefer 15+ years of experience of Counterparty and/or Credit underwriting and approval at a GSIFI (Global Systemically Important Financial Institution) or similar sized financial institutions.
- Demonstrated ability to manage a team located in multiple geographic areas, including international.
- Strong understanding of risk management – credit, market and operational risk – with a focus on counterparty risk.
- Significant knowledge of Capital Markets products and markets.
- Significant understanding of how counterparty risk is created, reported, mitigated and managed.
- Experience working with a FCM, CCPs and industry related issues.
- Ability to build effective relationships with key partners throughout Wells Fargo.
- Experience interfacing with Internal Audit teams, Risk Asset Review, and external Regulators.
- Exceptional organization, analytical, and documentation skills
- Ability to communicate effectively and with various levels within the organization.
- Ability to successfully partner with others to achieve duties outlined above
- Execution oriented, professional demeanor, self-starter behavior.
- Ability to actively listen, ask thoughtful questions, and quickly comprehend new and highly complex products/markets/data/risk concepts
- Demonstrated ability to recruit, develop and lead an industry leading Counterparty Credit Risk unit.
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.
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