I recently accepted an offer within the Risk function that will focus on the MRA. Given the recent layoffs news what is the opinion on the future prospects of these roles at Wells? Just a bit concerned reading all the negative posts. Any insight would be appreciated.
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Anybody got a feeling for how expose Reg Reporting is?
Risk and Control is still hiring, especially in the Div. Risk teams. Cannot possibly fire people as they are hiring. There is some serious duplication across the board though. We will have to see where this goes.
Current Wholesale Control numbers are around 3300 employees. On the All Hands call for the COO they said the new CIB Control would be about 300 and the new Commercial would be under 400. Basic math shows about 2600 people that need to find somewhere to go.
A huge chunk is Financial Crimes but it still leaves a ton of people in jobs that may or may not be duplicative and if you are one and do not check one of those diversity boxes or are related to a friend of Chuck or come from JPM - I would get your resume together.
I keep hearing MRA/Remed/Risk/Control folks feeling cozy, no one is safe. Don't fall for it.
I started a few months ago in IRM I’m concerned too! I assume last in first out.
Can someone explain what Wholesale control is responsible for and why it would be targeted as part of a headcount reduction? is it the same as compliance in corporate risk or something else alltogether?
Hearing there will be laying off long term employees...working at the company over 25 years. Also, Roemer said yesterday that Compliance is at 5800, said that is more than was planned for. No one is safe. Charlie said to the Charlotte media that this will happen at the end of the year. Happy Holidays y’all.
Wholesale Control is getting whacked so I would disagree Risk and Control is safe. I think junior level mgmt and people actually doing the work are the safest. We are being told managers and groups with a high manager to team ratio better buckle up.
Hard to say. I was hired for a risk role late last year as part of a huge expansion to meet regulatory requirements. I am cautiously optimistic given the positive feedback and leadership exposure I am getting. There are also objective performance criteria that can be used to drive smarter cuts in terms of performance and still getting the work done. That said, sometimes it has nothing to do with performance. Minimizing risk of a successful lawsuit for discrimination often weighs in. Fortunate I’m over 40 and I have a disability with an accommodation.
No one is safe
Anyone that thinks they are is kidding themselves, you will not know until the ax drops
If your management isn’t speaking candidly about what’s going on, they are either lying or out of the loop
I started a few months ago as part of a GIM team. At this point we are still hiring. Would not want to be displaced since I left a long term role at bac.
News released tens of thousands of jobs will be cut later this year, not likely to be announced yet in July.
we were told in a quarterly meeting for Enterprise Testing that expenses needed to be cut and that "job displacement" would be happening sometime this year. No other info was given, but they said they wanted to be transparent and that's why they shared the info. Haven't really heard anything else about it from Roemher or Norton, so not sure when it's supposed to happen and who it's going to effect.
The MRA and TCP work is the safest place to be at Wells right now, guaranteed, been here for a long time and there is NO talk of reducing staff, we don't fix things, we through more people and broken processes at it. The GIM process for Issue Management is an example, as is the broken or slow more times than not SHRP system. You're safe.
Until they are out of the penalty box I'd assume risk and control functions would be the safest places to be.
I just started a few months back in the control organization and am a bit concerned as well.