Institutional Investment Operations Specialist

Market : Responsible for high priority initiatives of one or more processes within Wells Fargo India and Philippines (WFIP). Individual contributor role to formulate organization wide operational strategy and policy and may serve on LOB/ Organization wide tasks or project teams. Independently manage execution and end to end delivery of key operational themes across a 300+ global organization. Actively participate in global budgeting conversations, device offshoring strategy, projects/ process enhancements and encourage creative thinking amongst the team.

Key Responsibilities: The Well Fargo CIB Securities Tax Operations area is looking for an Analyst to support cost basis, federal reporting and withholding requirements. This role will help the team handle the changing regulatory environment and the complexities on capital market products within the Internal Revenue Service ('IRS') Chapter 3, Chapter 4 and Chapter 61 reporting and withholding regimes along with applicable state and international tax regulations.

Specific responsibilities will include the following:

• Handling cost basis reporting inquiries raised by business partners

• Daily maintenance of cost basis reconciliation for client holdings

• Research and resolution of cost basis reporting exceptions

• Assesses corporate actions and determines the resulting cost basis implications

• 1099 and 1042-S reporting tasks such as mock form reviews, trial runs and processing of tax reporting adjustments

Additional responsibilities include:

• Identifying and formulating procedural changes which will enhance operational efficiency and data integrity

• Providing leadership on issues raised by the areas we support while communicating ways to improve data quality and client service

• Partnering with upstream processing teams such as corporate actions and middle office to identify the root cause of issues and mitigate operational risk

Qualifications & Skills required:

• 4+ years of capital markets industry experience; or 4+ years of military experience

• Extensive knowledge and understanding of loan, securities, and derivative products

• Intermediate Microsoft Office skills

• Strong analytical skills with high attention to detail and accuracy

• Excellent verbal, written, and interpersonal communication skills

• Effective organizational, multi tasking, and prioritizing skills

• Ability to work in a fast-paced deadline driven environment

• Knowledge and understanding of technical tax withholding and reporting compliance (1099 INT, 1099 MISC, 1099-B, 1042-S, IMY Reporting to Beneficiary Owners)

• Knowledge and understanding of equity and fixed income trading

• Strong project management skills including the ability to handle multiple projects concurrently

• Experience or basic understanding of IRS Forms W-9s and W-8s (exemption codes, country treaty rates and IMY withholding statements)

• 2 - 4 years of experience in Tax Operations with a basic understanding of Chapter 3 (NRA), Chapter 4 (FATCA), and Chapter 61 (TEFRA) withholding and reporting requirements

• 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

Role Category: Shared Services Tax Analyst (P4) - Tax Withholding and Reporting

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, withholding, 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).

Lead Specialist will be responsible for tax withholding and tax reporting functions. Ideal candidate would have past experience with one or both of these functions and demonstrate familiarity with corporate actions and Equities settlement/payment processes. Immediate focus for this role will include process re-engineering, control enhancements, and participation in daily processes. The lead specialist is also expected to contribute to broader team focus areas including year-end reporting, withholding, documentation, cost basis, remediation, and strategic initiatives.

About this role:

Wells Fargo is seeking a Lead Institutional Investment Operations Specialist. In this role, you will:

• Lead all activities across tax withholding and reporting functions, including approval of processes completed by other team members

• Partner with vendors, Broker Dealer Operations, Middle Offices, and other stakeholders to ensure accurate reporting, withholding, and re-imbursements

• Leverage business intelligence capabilities to identify and rectify exceptions detected throughout the year

• Lead several strategic initiatives across technology, process, control, operational excellence

• Work closely with Corporate Tax and Compliance to analyze complex matters and implement solutions

• Support year-end reporting readiness, including trial runs, quality assurance, and finalization of reporting.

• Advise leadership to develop or influence complex objectives, processes, industry related regulations, and long-term goals for highly complex business needs across organization

• Strategically engage with all levels of professionals and managers companywide

• Provide vision, direction, and expertise to leadership

Role Category: Shared Services Tax Analyst (P4) - Cost Basis and FTT

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, withholding, 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

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• 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).

Lead Specialist will be responsible for cost basis and foreign transaction tax functions. Ideal candidate would have past experience with one or both of these functions and demonstrate familiarity with corporate actions and Equities settlement/payment processes. Immediate focus for this role will include implementation of a new vendor, process re-engineering, control enhancements, and participation in daily processes. The specialist is also expected to contribute to broader team focus areas including year-end reporting, withholding, remediation, and strategic initiatives.

About this role:

Wells Fargo is seeking a Lead Institutional Investment Operations Specialist. In this role, you will:

• Lead all activities across cost basis and foreign transaction tax functions, including approval of processes completed by other team members

• Partner with vendors, Broker Dealer Operations, Middle Offices, and other stakeholders to ensure accurate reporting, withholding, and re-imbursements

• Leverage business intelligence capabilities to identify and rectify exceptions detected throughout the year

• Lead several strategic initiatives across technology, process, control, operational excellence

• Work closely with Corporate Tax and Compliance to analyze complex matters and implement solutions

• Support year-end reporting readiness, including trial runs, quality assurance, and finalization of reporting.

• Advise leadership to develop or influence complex objectives, processes, industry related regulations, and long-term goals for highly complex business needs across organization

• Strategically engage with all levels of professionals and managers companywide

• Provide vision, direction, and expertise to leadership

Required Qualifications, US:

• 5+ years of Institutional Investment Operations experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education

• A BS/BA degree or higher

Desired Qualifications:

• Cost Basis and/or Foreign Transaction Tax experience including reconciliation and research and resolution of exceptions

• Understanding of asset servicing events including across equities and fixed income securities

• Familiarity with options and swaps

• 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

• Ability to interpret technical requirement documents and system flows to translate into reporting requirements

• Strong analytical skills with high attention to detail and accuracy

• Experience developing partnerships and collaborating with other business and functional areas

• Strong organizational, multi-tasking, and prioritizing skills

• Experience delivering results in a fast-paced, deadline driven environment

• Highly refined and professional verbal and written communications

• Track record of leading strategic complex deliverables

We Value Diversity

At Wells Fargo, we believe in diversity, equity and inclusion in the workplace; accordingly, we welcome applications for employment from all qualified candidates, regardless of race, color, gender, national origin, religion, age, sexual orientation, gender identity, gender expression, genetic information, individuals with disabilities, pregnancy, marital status, status as a protected veteran or any other status protected by applicable law.

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.

Candidates applying to job openings posted in US: All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.

Candidates applying to job openings posted in Canada: Applications for employment are encouraged from all qualified candidates, including women, persons with disabilities, aboriginal peoples and visible minorities. Accommodation for applicants with disabilities is available upon request in connection with the recruitment process.