U.S. Bank Jobs

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U.S. Bank Interest Rate Derivatives Trader - Chicago Loop (Telecommuting During Pandemic) in Chicago, Illinois

At U.S. Bank, we're passionate about helping customers and the communities where we live and work. The fifth-largest bank in the United States, we’re one of the country's most respected, innovative and successful financial institutions. U.S. Bank is an equal opportunity employer committed to creating a diverse workforce. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, among other factors.

Job Description

U.S. Bank is the 5th largest U.S. commercial bank with over $554bn of assets and is well-positioned relative to peers given its strong A1/AA- credit ratings. Despite extremely difficult conditions the company produced strong earnings of $4.6bn in 2020.

Interest rate derivatives are a key component of U.S. Bank's expanding capital markets platform, and the firm continues to invest and enhance its derivative capabilities. The team is currently comprised of 27 product specialists marketing to and trading derivative products with corporate, commercial, real estate, specialty finance, wealth management and community bank clients.

The Interest Rate Derivatives Trader will report to the Head of Derivatives Trading and will play a critical role on a rapidly growing team and will have the opportunity for significant career and personal development in an energetic and demanding environment.

Job Functions

  • Support the execution of interest rate caps and floors for the CRE business lines as well as other business lines as requested. This role involves fielding RFQs from sales associates and marketers for interest rate caps and floors, taking those RFQs to dealers to find the best price for our customer, executing the transaction under the supervision of the senior traders on the desk and manage the trade booking and trade reporting process.

  • Support the execution of interest rate swaps for the Depository Financial Institutions group. This will involve pricing, hedging and booking interest rate swaps for the DFI business under the supervision of the senior traders on the desk.

  • Support the senior traders in whatever capacity they require with the goal being to maximize productivity while minimizing risk and errors.

Basic Qualifications

  • BA/BS in Economics, Finance, Econometrics or related field, or equivalent experience

  • Minimum five years of prior experience on an interest rate derivatives trading desk or 10+ years in an interest rate derivatives middle office position

Preferred Skills/Experience

  • Advanced knowledge of fixed income mathematics and pricing of derivative applications, including swaps, swaptions, caps, floors, and treasury locks

  • Familiarity with Dodd-Frank regulations as they apply to interest rate derivatives

  • Solid foundation of economics and finance theory; well-versed in current economic conditions and outlook including monetary policy, growth/inflation, and the current interest rate environment

  • Effective interpersonal skills, both oral and written

  • Well-developed analytical skills

  • Acute attention to detail

  • Self-motivated with a keen desire to learn and contribute within a dynamic team environment

  • Ability to work well under pressure and time constraints

  • MBA and/or CFA preferred

Telecommuting / Office Location / Hours

During the pandemic this position will be onboarded and worked remotely/from home. Once it's safe again, employees will be expected to return to the office; therefore, eligible candidates must live within commuting distance to our downtown Chicago office. Hours will generally be Monday-Friday, 7:00am-5:00pm.


Take care of yourself and your family with U.S. Bank employee benefits. We know that healthy employees are happy employees, and we believe that work/life balance should be easy to achieve. That's why we share the cost of benefits and offer a variety of programs, resources and support you need to bring your full self to work and stay present and committed to the people who matter most - your family.

Learn all about U.S. Bank employee benefits, including tuition reimbursement, retirement plans and more, by visiting usbank.com/careers (https://www.usbank.com/careers/index.html) .

EEO is the Law

Applicants can learn more about the company’s status as an equal opportunity employer by viewing the federal EEO is the Law (https://www.dol.gov/sites/dolgov/files/ofccp/regs/compliance/posters/pdf/eeopost.pdf) poster.


U.S. Bank participates in the U.S. Department of Homeland Security E-Verify program in all facilities located in the United States and certain U.S. territories. The E-Verify program is an Internet-based employment eligibility verification system operated by the U.S. Citizenship and Immigration Services. Learn more about the E-Verify program (https://www.usbank.com/careers/verification-of-eligibility-for-employment.html) .

Our 74,000 employees work across departments to help our millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world turn their dreams into reality. Our employees are empowered to create change and drive our future, and we pride ourselves on diligently and ethically upholding U.S. Bank’s best-in-class financial record and legacy of more than 150 years in banking. Most importantly, we put people first, cultivating and treasuring meaningful relationships with the customers we serve, the colleagues we support and the communities where we live and work.