Alumni Profiles Series: Evan Chen

Evan Chen, Ph.D., is vice president of Structured Product Group - Mortgage Finance at Wells Fargo Securities, where he has been working for over eight years. Prior to this, he joined Wells Fargo as a rotational quantitative associateright after graduate school. His expertise lies in applying quantitative and data-driven approaches to finance, where he leverages his strong background in electrical and computer engineering. He received his Ph.D. and master’s degrees in electrical and computer engineering from Duke University in computational sensing and signal processing under David Brady. He holds a B.S. in electrical engineering from UCLA. With a blend of academic excellence and professional experience, Evan is leading initiatives and asset/risk management of the several mortgage asset classes within his group.

Tell me about your time at Duke and your transition after graduation.

Most of the research I was involved with revolved around computational sensing, algorithm development, and signal processing. My advisor was David Brady, although he has since left Duke. The lab focused on computational sensing, specifically around imaging processing and sensing algorithms.

After graduation, I searched for jobs in the Charlotte area, since my wife was already living there. I joined the quantitative rotational program at Wells Fargo and focused on building quantitative models in two different teams. I joined my current team Mortgage Finance Group under Corporate & Investment Banking (CIB) in 2016, which the team provides capital markets solutions and financing in the form of warehouse and term financing to companies and investors that own, originate, or invest in residential real estate, loans, or securities. The rotational program didn’t expect me to know much about financial products, but the model building and data preparation fundamentals are the same as engineering projects, so the transition was well paced and relatively smooth, and I was able to pick up financial business knowledge gradually.

How well did your electrical engineering background, especially in data processing and signal analysis, transfer into your current quantitative role in financial modeling?

At the bank, many people work on statistical and stochastic models. The fundamentals are the same. The models used in finance are actually not that complicated, because the banking industry is heavily regulated. Traditional models such as linear regression, logistic regression, survival analysis, and stochastic models are the primary models generally used, although banks are in the early phase of adapting more advance machine learning and deep learning models in areas like fraud detection and anti-money laundering.

What advice would you give to those interested in transitioning into a similar role?

I think it's important to take interesting classes that align with the financial models you'll be working on, but more crucial is understanding the models themselves—their pros and cons, their limitations, and their applications. It’s also important to adapt quickly. Every new stage in life, such as transitioning from undergrad to grad school or from school to work, requires adaptation. You need to work hard, even if it means putting in extra time outside of regular hours. Lastly, you must understand why you're doing what you're doing. Knowing the purpose of the project is crucial.

What are some highs and lows of your career path so far?

Not exactly lows, but the biggest challenge I have faced in my career was that there were significant team changes in 2019. I had to step up and take over all mortgage models within the group, maintain all models and defend modeling decision in front of internal Wells Fargo validation group and external regulators Fed and OCC. The highs would be winning the Wells Fargo CIB Champion Spotlight Award in 2023, which is a great recognition and very prestigious among the company. We had a well-organized celebration retreat and got to network with other team members and the senior management.

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How is your work-life balance?

My daily working hours are normally long, especially when working on live deals, but overall work-life balance is reasonable. In investment banking, especially for junior bankers, you’re expected to put in long hours, but work-life balance at Wells Fargo is generally better compared to other Wall Street peers. When I am off work, I spend most of my free time with my kids—they both play tennis, and I often join them for games. I also enjoy traveling around the world with my wife and two kids.

What are your favorite memories at Duke?

I had great experience and loved my time at Duke. In 2015, the year I graduated, The Blue Devils won the fifth national championship. That made my Duke experience more than complete. I often return to the campus once or twice a year, and I have fond memories of doing research in the FCIEMAS (Fitzpatrick Center for Interdisciplinary Engineering, Medicine and Applied Sciences) building, attending Duke games, and running in Duke Forest. My son Erik and daughter Emily also enjoy getting shirts and other souvenirs from the Duke store when we visit.

AUTHOR

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Hengming Li

Ph.D. candidate, Electrical & Computer Engineering

Hengming Li is a 5^th-year Ph.D. student in ECE. His research explores plasmonic coupled single-photon sources in diamonds for ultrafast quantum information systems. He currently serves as the vice president of Science Policy, Advocacy, Communication and Ethics (SPACE). He was also the department liaison for the Diversity, Equity, Inclusion and Community (DEIC) committee in Pratt. In his free time, he enjoys oil painting, rock climbing, playing piano, and snowboarding.