Is anyone truly surprised by this? A little sudden and obviously its painful for people to lose their job but this has been a long time coming. We have over 260,000 employees, many of whom have been hired without true direction and purpose in response to the regulatory pile on. This is a business and the bank can’t allow itself to just spend, spend and spend (hire,hire,hire) to resolve these regulatory problems. If I lose my job, I blame previous poor decision making related to how we manage the regulators and structure the bank, as well as a lack of thoughtful investment in technology. Too much focus on appeasing instead of problem solving. Better communication and accountability is key moving forward.
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Amen!!!!
There are so many Sr. Directors and Directors that need to be on the chopping block. They are infinitely worthless.
In Corporate Risk we now have the work, people checking the work, people checking the checkers, and people checking those checkers. It’s become 10% work and 90% oversight.
Control executive and risk hired like it was going out of style and just tried to throw bodies at their problems. They had no real plan for these people. I think they could both lose 10% of their people.
People are drowning in work in SLOD compliance as well. Everyone is up to their eyeballs and can’t even do the day to day work. As a result, something big is going to go off the rails because there is no time to actually read anything and do it right.
My group in risk has a huge amount of work nearly everyone on my team working 6 days a week. Unless you are referring to second line.
I mean risk is bloated, there’s to many people looking at work and not doing actual work. We have way to many layers between the Lob and wfas.