I was in a team call today and was told Risk and Audit actually need more people to satisfy its obligations to the regulators.
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Risk and Audit, regulators, and infosec are the exact reason why WFC is in the position it is in now. With all of the regulatory red tape, policies, procedures, security, and auditable events, we keep putting more bodies on these items, not solving for the fundamental disconnects, and creating more confusion and misdirection. I spend 3/4 of my week dealing with overlapping regulatory nonsense, talking to an army of compliance officers, unable to make any really progress, and I'm an engineer, basically operating as an uber technical BSC. I would look at risk and audit as the first round of cuts, forcing that operation to get there junk together, and then rest of it will fall into place.
I'm in Risk and trust me there is a TON of fat. I've seen situations where there is Senior Director reporting to Senior Director reporting to Senior Director, plus at least 2 Administrative Assistants and two COOs to support the 3 Sr Director. That's over $1.5MM a year just in compensation on these 3 layers alone. A. The amount of overhead and BS is amazing. Not too recently there was an effort to pause the testing plan due to COVID19 prioritization ("moratorium"). Two months later another effort to find ways to "accelerate" the execution of the work that had been paused as a result of effort #1. Absolutely wasteful.
Risk will definitely be impacted, but I think it’s the project mgmt and IT functions within risk that will be impacted most. I obviously don’t know this for sure though.
Hey, if Risk isn't impacted as much as the rest of the bank do we get to scream "But wait, everyone's a risk manager remember, you're screwing me on my review this year based on it as a criteria, I want the same consideration when it comes to layoffs" (joking of course)
How would you know that far ahead about notices being handed out in Sept in Risk? I don't think anyone would just share that info at this time.
I’m in risk and that is completely untrue. Risk is impacted, perhaps to a lesser extent, but still impacted by up to 10% reduction in certain functions across IRM and Front line business control. Notices are being given to impact team members in early September.
Don’t believe everything you hear.
Did they specifically say no layoffs?
I saw where someone received a package today? What dept was dissolved?
It says a lot that 4 years and 11,000 employees can’t get a job done. The consent orders aren’t that complicated. So obviously the Risk organization is just a disaster from top to bottom.
WF Risk failed as recently as today with the Home Loans group falsifying forbearance requests for people in bankruptcy.
Seriously, what do you all do all day?