Any news any update?
It has been so quiet. Did anyone get the notice?
31 replies (most recent on top)
Retail has some branch closures slotted for October
@2udn- wish I could take you out for a couple cold beers. Your frustration really comes out in your post. Also wish someone upstairs could read it because it’s so on point. I can relate in my area though not as bad as yours. These problems are systemic and, truth be told: no matter what WFC does, no matter how many they hire or lay-off, no matter how they organize and reorganize- I have 100% confidence they will F it up. The place is too big and there are too many problems and communication is only one way, from the top down. And they’re all a bunch of overpaid pompous scoundrels that think they know better than the people who are doing the work. I just mostly wanted to wish you good luck. And don’t give your soul to this place.
I work in corporate risk (compliance) and even after two years here I have no idea what control people do. All I know is I'm still doing the work control said they were taking on plus my own work now and when I have to deal with issues or concerns that used to be resolved by filing an issue or picking up the phone or talking with business leaders directly, I now have control in the room shouting about how it's THEIR role and THEY'LL handle it, but then they find a million reasons to not do any of it. I've literally been given excuses ranging from legal having to look at letterhead, to needing to fill out a form (that they say they'll provide but never do because I doubt the form exists) before they are "ready to take on" massive tasks like "sending a report once a month that takes 10 minutes to pull from SHRP." or getting upset over a policy (not control's jurisdiction) instead of working with us to come up with procedures and controls to implement that policy. Stuff like this, lots of moaning and handholding. They second guess our past decisions and offer zero suggestions for improvement. The lack of self-awareness is mind-boggling and really impacts everything.
I used to love my job and the problem solving. Control has inserted a layer of drama, waste and incompetence, and to the poster's point below, I've yet to see any real movement on controls actually being implemented more effectively or designed better. 95% of my daily stress and work is now going toward staunching the vacuum of these people who claim they're performing tasks but really doing nothing but creating more presentations about some future state that is far away with zero motivation to roll up their sleeves and bridge the gap of the current mess. The less of these time wasters around who don't already have some clear role in the regulatory work (because there are some at the business level who do understand their responsibilities and perform), the better. I'm not sure shipping them off to new roles in the org will do anything more than burn down whatever progress they've made there though.
There are a whole host of individual commitments that WF has made to the regulators that are indirectly tied to the consent order. Throwing bodies at the problem is certainly not the answer, but removing significant amounts of people would certainly put those deadlines in doubt.
I think it’s weird that a lot of people seem to associate having huge numbers of people in risk related or risk tangent jobs is a regulatory commitment.
The FRB consent order is to place the right people into risk roles, not just hire gobs of people to do... well, what do these people do anyway? And how is it different from the gobs of people in CRO?
It seems to me that WF morphed the so-called first line of defense... which is the business managing its everyday risks with proper controls, into some kind of monstrosity, while never actually improving control design or effectiveness, maybe not even putting in needed controls at all.
Wholesale Banking Control is 3300 people, ridiculous, not sure of other group control offices, Corp. and Inv. Banking only a few hundred
Re the control organizations - I believe most of the people that are going to get cut are the project manager type positions rather than the actual risk/ controls positions themselves. Regulatory commitments are a big reason for that.
How do you know the control teams will be affected?
The executive suite is not safe. They just canned the Chief Marketing Officer.
You are only safe if you are one of Charlie’s hires.
Is there any group or department that is safe from the downsizing? Besides the executive sweet?
https://apps.occ.gov/CAAS_CATS/
Using this website it looks like they have already started closing branches steadily. Which is anywhere from 8-14 people in a branch. This will account for a good majority of the layoffs. Phased in a manner as to not scare the public or warrant any media attention. Numbers don’t lie.
So who really is in wave 1? And when the person below indicates their dept received notices jul 2 and more to come july 14, be more specific. Where. What department and what line of businees
The control organizations are being downsized significantly. Many people moving into the business so that the business has more accountability for owning our risks. Unfortunately, this is coming at the expense of 200+ jobs across the WF control teams in each business. Business cases and packages are being drawn up now for a November notice date.
@1pne They are on hold until the business situation is cleared up. The department is dragging through this year with the hopes that reinforcements are on the way
1rwc where are you in t&v? I haven’t heard that from my manager
We were told in Enterprise Testing & Validation to expect job displacements sometime this year. No time frame was given, but they said expenses need to be cut. I’m looking around and applying elsewhere just to be prepared.
I thought there are many openings in audit yet to be filled . Are they on hold until the situation is clear ? I am confused by your response to be honest.
Audit has hemmoraged people the last 2 years with people leaving because the environment and culture is awful. Bullying, pressure tactics, and politics. I doubt they need to layoff due to atrittion.
Audit is untouched thus far and no indication of layoffs coming. They have stopped hiring for the most part but are not laying off right now. They have actually been adding leaders as part of some business alignment changes.
Some are saying the first wave are in mortgage and auto. Any truth to that?
You start cutting auditors when you’re already in trouble with regulators and that’s definitely raising eyebrows. There’s already been a hiring freeze within audit as they try to better align with the business
What is the division below that already received notices? I haven’t seen a WARN notice yet for the state I’m in...
Why wouldn't WFAS have cuts? They are a massive cost center and if there are less WFC linea of businesses to cut, they would have less work.
It’s sad that it doesn’t matter how hard you work or how hard you try to make customers happy. Your fate is out of your hands.
It is very sad that you cannot count on the company you work for to keep you employed.
I know auditors are normally not cut. But sometimes audit goes along to offer support . Does anyone know which way it is this time ?
My team got notices 7/2. More going out 7/16 and again in August.
I’m still adding staff. It depends on what division of the company you work for.
which groups are part of wave 1?
Is this a guess like the person who said July 1st? I would say nobody knows....
July 16 = wave 1