For Risk and Control seems like there are many being moved out of Control in order to flatten that group and going to Business/Operations type groups. No mention of whether or not the work you currently do will be done once you are moved to your new group? Do you believe this means those moving are "safe" and will continue to have jobs or will the cuts happen from their new home?
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“Business risk” - first line of defense and in the businesses
“Risk” (independence) is second line and not associated with the businesses
There is no control effectiveness when the LOB decides the control person’s bonus and raise....
1 day ago by Anonymous | no reactions
Post ID: @2mrx+16GsBknK
There is no control effectiveness when the LOB decides the control person’s bonus and raise....
What’s the difference between business risk and control and risk and control? Which is the regulatory control team?
The strategy is either (1) to move back to the model that created all these problems to begin with where the LOB overpowered Risk and compliance every time or (2) to move risk/control staff to the LOB so they can be cut without looking like risk and control staff is being eliminated, which would cause regulatory personnel to flip over. Either one we know the end result. I have worked in financial services for 20 years (1 year at Wells Fargo) and never in my career have seen anything this f—- up. It’s a complete disaster. I do not think there is a way out of this other than breaking up the bank and starting over.
This is a dumb move by these execs. Going back to the ways the problems manifested. Let's make things decentralized so nothing is performed consistently and effectively. Natey says our culture has changed already .... What a joke. Poor guy is out of his league as he has zero self confidence and is a terrible speaker.how did they even get these jobs?
one reason risk was separate is for the same reason they moved procedure writers and analysts out of the LOBs. You centralize it so that the LOB isn't the judge and jury in regards to oversight and control. We had wachovia updating their own inline procedures and saying it was thorough and clear only to find huge gaps after audits. So, it was moved out and centralized. Same format was set up for risk partners and now we are moving them back in. I can only assume it is to axe non regulatory and non lob risk partners. The other option is move risk into the lob to teach the lob what to do and axe the lob risk partner. Which strategy they pick is anyone’s guess.
Nates rationale does ,icing these “risk” people to the business is interesting. He said “ I always thought it was strange wells called these risk programs “. He said they belong in the business to help the process owner. Part of the problem of the years was this unspoken rule and complete lack of clarity about the risk people not being the business can’t do actionable things. Then the business has no one with these skills. Now they do. We’ll see how many get chopped though.
The move the line activity will be moving from the control groups into LOBs then the LOBs will be chopping heads. If you had a risk and control title and not business risk and control —- that is for a reason!! If you are tenured at Wells - sit back and relax and enjoy the 10 months severance - if you are newer - better start looking now - your severance will be mere weeks. The ax is dropping
Is the OP referring to Enterprise Finance? Managers are the starting point in my team.
Or perhaps the new chief control exec and coo want no accountability when things go bad again. Not to mention, they can now say they cut their workforce and look around the table and say ok it's your turn.
I'm out of here thank goodness. I feel for those that are sticking around for the brutality of what's next. Get out now. Banks don't want to hire from WF any more, the longer you stay the harder to get a job. For those that have been with the bank over 5 years and especially 7-10+ watch your back.
Guess I fail to see how all things are connected here. I work in TPC and am busier than ever. When COVID clears out there’s talk of us getting back out on the road. Not sure where cuts will come from, but they’ll come for sure.
It's a shell game. Riddle me this - Control moves the majority of folks into the LOBs but now will be hiring 850 people - um why not keep an extra 850 from those you cut out? It makes no sense as they are currently cherry picking and splitting teams between CIB CB and Control.
It is just BS. All of the lambs moving to the LOBs have no protection. Buh bye.
IMO, they are moving many of us out of Control so they can technically say they did not displace anyone from Risk. We will get the axe as part of a bloated business group.