Equity Delta 1 Trader

Corporate & Investment Bank (CIB) delivers a comprehensive suite of banking, capital markets and advisory solutions, including a full complement of sales, trading and research capabilities, to corporate, government and institutional clients. We focus on our clients' overall financial needs, with consideration and respect for their total relationship with Wells Fargo.

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

About this role:

We are seeking an experienced Equity Swap Trader with to assist in pricing, risk management, and trading of equity swap exposures, with a particular focus on ETF sponsors and related ecosystem counterparties (sponsors, APs/market makers, liquidity providers).

In this role, you will:

The successful candidate will demonstrate strong technical trading acumen across delta-one, a disciplined approach to market and counterparty risk, and the ability to deliver predictable risk outcomes through robust forecasting, hedging, and portfolio optimization. This role requires deep market understanding across single-name, index, and ETF underlyings, expertise in financing/borrowing dynamics, and the ability to partner effectively with Sales, Structuring, Risk, Operations, and Technology to scale a well-controlled, client-centric franchise.

Primary responsibilities of this role will be as follows:

Trading:

• Price, execution, and manage risk for equity swaps (single-name, index, basket, and ETF-linked), including total return swaps, price return swaps, and related delta-one structures.

• Provide real-time pricing and market color across ETFs and underlying constituents, with a strong understanding of primary vs. secondary liquidity, creation/redemption mechanics, and ETF-specific microstructure.

• Develop and maintain pricing frameworks that incorporate:

  • Underlying liquidity / impact costs

  • Financing (funding, balance sheet) and stock borrow dynamics

  • Dividend and corporate action impacts

  • Hedging slippage and basis risks (ETF vs. basket vs. futures)

ETF Sponsor Coverage & Market Structure Expertise

• Serve as a trading point of expertise for ETF sponsor-driven activity, including rebalances, index changes, custom baskets, and flows that can drive predictable market impact.

• Partner with Sales/Structuring to design, model, and price solutions tied to ETF-linked exposures, ensuring clear articulation of embedded risks (tracking error, basket composition drift, liquidity gaps).

• Provide insight on forecasting and hedging risks around ETF events (reconstitutions, corporate actions, dividend seasons, holiday calendars, large flow days).

Risk Management & Forecasting

• Assist in day-to-day trading risk management for the equity swap book, including:

  • delta exposure and hedging efficiency

  • basis risk (ETF vs. futures vs. basket/constituents)

  • gap risk, correlation breakdowns, and event risk

  • Concentration and liquidity risk in stressed markets

  • Develop models to predict ETF trading activity based off prior positioning and market conditions

Portfolio Hedging & Optimization

• Design and execute hedging strategies using:

  • Underlying cash equities and baskets

  • Index futures and ETF hedges

  • Listed & OTC options (where applicable) to manage tail/gap risks

• Optimize hedges for cost, liquidity, and stability, minimizing turnover and market impact while maintaining risk integrity.

• Advise leadership to develop objectives, plans, resources, and long-term goals for highly complex business and technical needs

• Assist clients with financial goals

• Lead the strategy and resolution of high complex in-depth evaluation

• Deliver solutions that are long-term, and require vision, creativity, innovation, advanced analytical, and coordination of highly complex activities and guidance to others

• Provide vision, direction and expertise to leadership on implementing innovative and significant business solutions for client objectives

• Collaborate and consult with internal partners and managers and serve as an expert advisor to clients

Required Qualifications:

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

Desired Qualifications:

• BS/BA or higher 

• An active Chartered Financial Analyst (CFA) designation

• Strong understanding of Equity swaps, SIMM, ISDA, hedge fund strategies, derivatives and financing structures.

• Proficiency in risk analytics, margin methodologies (VaR, PFE, stress testing, scenario analysis) and capital usage metrics.

• Strong ETF sponsor experience, including the ability to price and manage risk for ETF-linked exposures and understand creation/redemption dynamics and flow-driven dislocations.

• Proven capability in risk forecasting (scenario analysis, stress testing, regime shifts) and disciplined hedging under normal and stressed market conditions.

• Strong understanding of market microstructure, liquidity, transaction costs, and slippage in ETFs and underlying baskets.

• Excellent communication skills with the ability to engage both internal stakeholders and external clients.

• Familiarity with prime brokerage / equity finance linkages (stock borrow, funding, balance sheet constraints) impacting swap pricing and profitability.

• Strong analytical skills with the ability to analyze raw data, draw conclusions, and develop actionable recommendations.

• Proactively identifies, assesses, and mitigates client and market risks in a fast-paced environment by anticipating emerging exposures, escalating issues appropriately, and driving timely, practical risk actions aligned with established risk parameters.

• Build strong, trusted partnerships with front office stakeholders and risk counterparts, balancing commercial objectives with disciplined risk management and control expectations to support sustainable business growth.

• Consistently delivers competitive pricing with clear risk-adjusted profitability.

• Demonstrates proficiency in hedging efficiency, forecast accuracy, and reduced drawdowns during volatile periods.

• Builds strong credibility with ETF sponsor stakeholders through market insight, reliability, and controlled risk taking.

• Maintains strong control discipline: minimal operational issues, accurate booking/valuation, and clean audit/regulatory posture.

Job Expectations:

• Registration for FINRA Series 7 must be completed within 180 days of hire date if it is not available for transfer upon hire. FINRA recognized equivalents will be accepted.

• Registration for FINRA Series 24 must be completed within 180 days of hire date if it is not available for transfer upon hire. FINRA recognized equivalents will be accepted.

• Registration for FINRA Series 57 must be completed within 180 days of hire date if it is not available for transfer upon hire. FINRA recognized equivalents will be accepted.

• Registration for FINRA Series 63 must be completed within 180 days of hire date if it is not available for transfer upon hire. FINRA recognized equivalents will be accepted.

• This position is subject to Dodd-Frank Background Screening Requirements, including successful completion and clearing of a background screen. Applicants are subject to a new screen to comply with Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act which states that Associated Persons (AP) cannot be subject to statutory disqualification. Under industry regulations, an AP is defined as a team member who solicits or accepts client orders for swaps. Successful candidates must also meet ongoing regulatory requirements including additional screening and are required to report certain incidents.

• 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 Location:

• 30 Hudson Yards, New York, NY

Pay Range
 

Reflected is the base pay range offered for this position. Pay may vary depending on factors including but not limited to demonstrated examples of prior performance, skills, experience, or work location. Employees may also be eligible for incentive opportunities.

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.