Capital Markets Institutional Operations Support Manager 3 - CIB Tax Operations Leader at Wells Fargo in Charlotte, North Carolina

Posted in Other 12 days ago.

Job Description:

Job Description

Important Note: During the application process, ensure your contact information (email and phone number) is up to date and upload your current resume when submitting your application for consideration. To participate in some selection activities you will need to respond to an invitation. The invitation can be sent by both email and text message. In order to receive text message invitations, your profile must include a mobile phone number designated as "Personal Cell" or "Cellular" in the contact information of your application.

At Wells Fargo, we are looking for talented people who will put our customers at the center of everything we do. We are seeking candidates who embrace diversity, equity and inclusion in a workplace where everyone feels valued and inspired.

Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.

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.

Tax Operations Leader
CIB Shared Services Operations (Shared Services) is a cross-functional group of teams which support the Corporate Investment Bank (CIB). The seven primary teams within Shared Services are:
  • Agreement Management
  • Approval to Transact
  • Client Onboarding and Data
  • Client Services
  • Data Integrity and Strategy
  • Product Data & Configuration
  • Tax Operations.

Tax Operations leads global CIB first-line customer tax activities. Main responsibilities of the team include:
  • Operational support of Markets business (including Prime Brokerage, FCM, FX, Swap Dealer, and Broker Dealers in US and EMEA) across documentation, witholding, 1099 and 1042-S reporting, cost basis, and financial transaction tax
  • Support, governance, and oversight of customer tax touchpoints across CIB Businesses (Markets, Banking, and Corporate Real Estate) to ensure and maintain compliant, efficient, and well controlled framework with excellent client service and risk management
  • Stewardship of internal and external touchpoints with payments, corporate actions, collateral, claims, onboarding, reference data, new products, and vendor solutions
  • Implementation and oversight of new and complex IRS regulations (such as 1446(f), 871(m), and 305(c), policies, strategies, technology solutions and automation, procedures, and vendors
  • Serving as the liaison between the businesses and enterprise stakeholders (including Corporate Tax, Enterprise Customer Tax Utility, Payment Teams, etc).

Reporting directly to the Shared Services Operations Head, the Tax Operations Leader will manage a highly capable 15 ppl onshore Tax Operations team, and oversee various offshore/enterprise support functions and services. This leader is expected to also take on leading roles in cross-functional and enterprise strategic efforts in addition to immediate front to back responsibility of all CIB customer tax touch points and operational activites. Specific responsibilities include:
  • Act as the thought leader for all customer Tax touchpoints with respect to Markets businesses
  • Drive interpretation, implementation, and execution of new and existing regulations, policies, requirements, and business initiatives across CIB
  • Partner with leaders and subject matter experts from Broker Dealer, Prime Brokerage, Collateral Operations, and businesses to lead and/or support regulatory, business, control, technology, and operational initiatives
  • Take a hands-on approach with respect to issue resolution, operational execution, and the oversight of reporting season activities.
  • Actively serve in various committees and groups within CIB, enterprise, and the industry.
  • Partner with Enterprise Tax Utility leaders to create synergies and optimize process/control/technical touchpoints for CIB and the enterprise.
  • Steer CIB tax governance framework for effective oversight, communication, and execution
  • Engage senior business leaders and key stakeholders to foster strong relationships and gain commitment to accomplish business goals
  • Support client inquiries with respect to customer tax.
  • Maintain a high performing team through effective hiring, coaching and rigorous performance/talent management processes; foster a collaborative, success-oriented team environment where resources are empowered and accountable.

As an Employee Manager, you are expected to achieve success by leading yourself, your team, and the business. Specifically, you will:
  • Lead your team with integrity and create an environment where your employees feel included, valued, and supported to do work that energizes them.
  • Accomplish management responsibilities which include sourcing and hiring talented employees, providing ongoing coaching and feedback, recognizing and developing employees, identifying and managing risks, and completing daily management tasks.

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.

Required Qualifications

  • 10+ years of capital markets industry experience
  • 5+ years of management experience

Desired Qualifications

  • Strong analytical skills with high attention to detail and accuracy
  • Extensive math skills
  • Ability to work cohesively and collaborate with analytic functions throughout the organization
  • Experience monitoring industry, technology and regulatory trends to determine business impacts
  • Leadership skills including the ability to influence effectively in a matrix environment
  • Excellent communication skills and ability to articulate complex material to a diverse audience
  • Ability to motivate a team and lead strategic initiatives, collaborating across a large organization and multi-tasking as required

Other Desired Qualifications
  • 7 years-experience in Tax Operations or in a role with significant touchpoint to Tax Operations in one or many of the following: processing, risk management, change, control, consulting, audit, vendor, technology
  • Knowledge of Chapter 3,4, and 61, 871(m), 305(c), FATCA, CRS, cost basis and other relevant tax regulation; experience with implementation of one or many of these rules into day to day operational and technical deliverables
  • History of leading and delivering complex strategic change across process, people, offshoring, vendor utilization and/or business initiatives
  • 2+ years of experience in supporting customer tax for Prime Brokerage
  • Experience with filing IRS Tax returns including Form 945 and 1042
  • Knowledge of asset servicing including corporate actions and their impact to tax reporting
  • Working knowledge of one or more of the following Tax solutions: Broadridge Tax Managed Service, Sovos, Silver Cost Basis, Scivantage Maxit, IHS Markit IPS/CTI
  • Experience with one or more of the following product vendors: Broadridge BPS/Gloss, BaNCS, Calypso, GMI, Opics.
  • Existing network across industry forums
  • Baseline understanding of international tax withholding & reporting (IGAs, Common Reporting Standards, Tax reclaim, Financial Transaction Tax)
  • Hands on experience with off-shore and/or near-shore model
  • MBA, JD, LLM in Tax, or Masters in Tax degree

Job Expectations

  • Ability to travel up to 10% of the time

Street Address

NC-Charlotte: 301 S College St - Charlotte, NC


    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.

Benefits Summary


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