EMEA Operations - Tax Specialist

Wells Fargo
London, United Kingdom
07 Jan 2023
11 Jan 2023
Job Function
Industry Sector
Finance - General
Employment Type
Full Time
About this role:

The Lead Institutional Investment Operations Specialist will be responsible to act as the single point of contact for CIB-Tax Operations EMEA touchpoints. In partnership with local and global enterprise and CIB stakeholders, the individual will develop and support processes, procedures, and controls to be in compliance with Customer Tax guidelines/ policies in support of CIB business. In addition, this individual will assist Enterprise Tax Utility in international strategy and governance. Immediate focus for this role will include Financial Transaction Tax enhancements, EMEA withholding/reporting oversight for collateral flows, and establishment of tax reclaim and vouchers process, on a need basis. The team member is also expected to contribute to global efforts including CIB-US tax and FATCA/ CRS reporting. The role requires business analysis, process re-engineering, implementation of control enhancements, working with global stakeholders and participation in daily processes. Ideal candidate should have experience with one or more of these functions and demonstrate familiarity EMEA tax rules, corporate actions, withholding requirements and ability to interpret international Capital Markets tax rules.

In this role, you will:
  • Work with Tax Compliance, Corporate Tax, and Enterprise Tax Utility to understand the Global Tax Information Reporting (GTIR) guidelines and assess existing operational processes against the guidelines; recommend and support implementation of workflows or enhanced processes needed to address identified gaps
  • Review existing Financial Transaction Tax (FTT) framework across applicable markets, identify control gaps, partner with global stakeholders on remediation and develop a well-controlled operational workflow for tax payments and reporting; the lead specialist will establish a reconciliation model to govern FTT collection from clients and remittance to Tax Authorities
  • Review EMEA collateral flows in the light of withholding taxes, work with CIB Markets front office to develop triggers/ alerts to address tax issues during collateral receipt/ return/ substitution
  • Partner with external vendors (on a need basis), Broker Dealer Operations, Middle Office, Collateral Operations, Client Onboarding, and other stakeholders to ensure accurate reporting, withholding, and reclaims
  • Leverage business intelligence capabilities to identify and rectify exceptions detected throughout the year
  • Lead CIB international tax strategic initiatives across technology, process, control, and operational excellence
  • Support leadership in development and implementation of complex processes, industry related regulations, and long-term goals for highly complex tax business needs across organization
  • Support the target operating model for international taxes, in partnership with Enterprise Tax Utility
Required Qualifications:
  • MBA or an advanced degree (or equivalent experience)
  • 8+ years of capital markets industry with a top tier bank and/ or project management experience is preferable
  • Candidates should have strong international tax knowledge specifically (but not limited to) Financial Transaction Taxes, EMEA withholding, EMEA reporting, UK stamp duty and HMRC reporting, tax vouchers and reclaim processes
  • Candidates should be able to effectively connect the dots across a large organization, interpret tax rules and have prior knowledge of establishing operational tax workflows
  • Strong candidates should possess superior verbal and written communication skills, portray great levels of accountability and attention to detail
  • Candidates should be able to work effectively in a demanding, fast-paced, dynamic environment, handling multiple tasks and projects concurrently, while maintaining quality, accuracy, and integrity
  • Candidates should have experience presenting information to persuade, educate, and enhance understanding at all levels
  • Candidates should be able to work in a global team, interact at different levels and handle a wide range of deliverables with varying levels of complexities
Desired Qualifications:
  • Proven experience in capital market industry
  • Understanding of European Tax requirements and processes related to tax processing and reporting activities
  • Working knowledge of Capital Markets flows (Institutional Securities sales and trading and/or investment banking) in operations, risk management, client service, or compliance/regulatory/legal capacity
  • Quick learner and ability to adapt to changing priorities
  • Knowledge or experience with Broadridge/ BPS/ TMS is an added advantage
  • Experience identifying and driving process improvements in complex and institutional banking environment
  • Strong communication, negotiation, and collaboration skills, including the ability to negotiate with numerous parties and across all levels
  • Proven ability and experience in being able to look at the big picture across a risk program and implement successful strategy and solutions
  • Strong organizational skills, attention to detail, and adherence to strict deadlines in a fast-paced environment
  • Ability to effectively multi-task and successfully work on several unrelated projects at the same time
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.
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