They are not backfilling positions and are bleeding regulatory staffing down to the bare bones. They are slowing the regulatory work down to a trickle. Nothing is getting done and key talent is fed up and jumping ship, because they didn’t sign up for shoddy workmanship, cutting corners and telling senior leaders only what they want to hear!! Rather than doing the regulatory work the right way, the leaders are telling us to cut corners, because they can’t push back on Charlie or the businesses. The culture has not changed. Charlie breeds fear amongst the ranks with his playbook that he implemented at BNY Mellon. Massive layoffs, no growth, and direct reports who are either terrified of him or swing the hatchet with a smile. There is NO WAY Wells Fargo will be close to getting the consent orders lifted within 2 years. We are looking at a 3-4 year time frame best case scenario, because everything is so manual and broken. We are so behind and backward compared to our peers. The regulatory groups are not independent at all, are not empowered to kick the business lines in place, have no influence or teeth and escalation gets blocked. The businesses have the power and are allowed to run amok. There are still so many team members who don’t even understand the role differences between 1st line and 2nd line. The regulatory infrastructure is just to check boxes with the regulators. This really is about putting lipstick on the pig, so someone can cash out in 2 years. It’s about the Big Pay Day, not about accountability or doing the right thing. Same circus, different clown. Maxine don’t be snookered!
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I would agree with the comment of not knowing the difference of 1st and 2nd line for some ppl. I am in 2nd line and I know the difference. Front line is not Compliance and It is tooo many ppl called controls or ops risk but no one does anything. The other points at the other.
"Why are you reporting the truth on here"........why are YOU trying to police the site?
Just look at all the incompetent execs Dimi brought in and they have done nothing but self promote themselves and increase their pay . Look at some of them who have moved into other roles,Useless.
Second line has issues galore as well. Mandy needs to do a deep cleaning of risk
Why are you reporting the truth on here? This site is probably monitored by Wells Fargo. Senator Warren and Senator Waters have their own website provide this information to them directly.
I can confirm this is all true.
This is probably one of the most honest post I have seen on this board. Nothing hyperbolic about it as I know all these facts to be true. There truly is no teeth in any of the regulatory control positions at Wells Fargo. In name only for so many.
Interesting take. Regulatory infrastructure is just to check the boxes with regulators. I have had similar thoughts. So many layers and that doesn’t necessarily make us more effective in that space. Too many people with oversight and often different opinions and thoughts. Too many cooks in the kitchen just creating more chaos