Thread regarding Wells Fargo & Co. layoffs

What do you guys think of the new appointments?

Any more news on the upcoming layoffs? I hear travel bans are coming soon too. I see a lot of people going to Des Moines. Will that stop ?

Yes, that is correct. Generally speaking, auditors are the last ones to be fired . However, the circumstances are a bit different here. First, auditors did not catch the fraud that went on. Second, WFT is stuck with regulatory issues for which the investment is in the first line. I think the strategy is to grow the first and second lines in areas such as third party risk and shrink WFAS through organic reduction aided by attrition.

Because dozens, sometimes a hundred, open positions tells me they are exempt.

They have gotten kicked in the pants. Head of WFAS shown the door and most recently the head of ETAG. Likely others as well? Idk I don’t keep count.

They are adding to the headcount not only to start doing a better job and perform more audits, but also for optics. Wouldn’t look great to the regulators if we started decreasing headcount in the Audit space now would it? Nobody in Audit is getting laid off. Fired and then replaced? Yep, totally possible. Laid off for budget cuts? Not a chance.

There you go, my flightless friend! Why would you think audit is exempt from the tsunami about to hit the company? The audit department needs a kick in the behind for a lousy performance and needs a new way of operating. It is quite obvious to the rest of us where the problem is within WFAS.

Clearly you are pulling numbers out of your a– and have no clue what you are talking about. Next to none of the open WFAS positions have a single thing to do with agile. Yes, a portion have to do with cloud and data analytics. That explains some of the ETAG openings and the DI&A openings. But as I mentioned, there are dozens of openings across all WFAS departments that have nothing to do with any of the reasons you are claiming. Keep trying.

Clearly you are another ostrich in the sand WFAS member who refuses to see the obvious. WFAS has 100 openings for coverage of new things like agile, cloud and to improve data analytics. This is the standard operating procedures for audit groups when they trim down. A 20% reduced in audit (240 down) coupled with 100 adds is the plan. Net reduction is about 10%. Thank you .

What “workforce” of 48k people are you speaking of? Obviously not the entire company, which is closer to 248k.

Audit isn’t going to be touched. There were about 100 open requisitions in Audit just 2 weeks ago across every department.