Junior Rates Options Trader — Market Making & Client Business

Wells Fargo Bank•New York, NY

5h•Onsite

About The Position

Wells Fargo is seeking a Junior Trader to join its USD Rates Options Desk. The role focuses 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. The position is based at 500 West 33rd Street in New York, New York, and requires expected in-office presence aligned to market hours, with occasional early coverage for global sessions and up to 10% travel. The trader will quote and execute markets in vanilla and structured rates options, respond to client requests for quotes across voice and electronic venues, help structure client hedges, and hedge and monitor the book’s risk. The role also includes daily P&L analysis and reconciliation, accurate trade booking and lifecycle support, maintaining and improving pricing and analytics tools, operating within supervisory and regulatory controls, and producing U.S. rates market updates and trade ideas. Ongoing employment requires appropriate FINRA licenses and compliance with applicable state registration and licensing requirements. Candidates who do not already hold the required licenses must complete the applicable examinations within 90 or 180 days after starting, depending on the number of licenses needed. The role is subject to FINRA background screening and other stated regulatory, financial fitness, and criminal background requirements. The stated base salary range is $143,000 to $224,000. Employees may also be eligible for incentive opportunities. Wells Fargo offers eligible employees a range of benefits, including health benefits, retirement savings, paid time off, insurance, leave, commuter benefits, tuition reimbursement, scholarships for dependent children, and adoption reimbursement.

Requirements

At least 2 years of securities trading experience, or equivalent demonstrated through work experience, training, military experience, education, or a combination of these.
Obtain and/or maintain appropriate FINRA licenses for ongoing employment; applicable examinations must be completed within 90 or 180 days after commencement if not immediately available to transfer upon hire.
Meet applicable state law registration and licensing requirements and enhanced financial fitness and criminal background standards.
Successfully complete and pass a background check prior to hire.
Meet ongoing regulatory obligations, including periodic screening and mandatory reporting of certain incidents.

Nice To Haves

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, such as SWPM and 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 versus 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 versus 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.
FINRA Series 7, 57, and 63 examinations, or recognized equivalents, as applicable.

Responsibilities

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 volatility 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, volatility-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.
Meet applicable FINRA, state registration, licensing, screening, and ongoing regulatory obligations.