Junior Rates Trader — Market Making & Client Business

Position: Junior Rates Options Trader — Market Making & Client Business
Location: New York

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  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, SA
-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,…