https://www.bankingdive.com/news/wells-fargo-to-make-580-job-offers-to-settle-dol-discrimination-claims/584686/
Here you go. 580 of your 820.
20 replies (most recent on top)
They are building out a 850 central control program org. So unless they are planning on hiring 850 new people I’m assuming most of the displaced control execs will move to that team.
Compliance layoffs are 9/16/20
Testers will move to front line later this month. Control “risk program “ to business. SAA to Control. Then after that bakes in, duplication and unnecessary roles will be sorted out. How long that will take who knows. Many groups still need to stand up SAA testing so those testers from risk might survive
I’m curious, from someone in the Risk Compliance world how many people are needed to run that support function? My experience is they are just shadows of existing roles within LoBs. So you’d think there would be a 1:50 ratio (1 risk person for every 30-50 managers). But I have no idea
Just saying that if you knew at the time what was being done is illegal and didn’t say a word makes you as guilty as them.
They broke the ada rules and violated my rights. I didn’t break any laws. They did
@nnz+16KZmcRN if you knew that they broke the law and stayed silent, that makes you as guilty as them. Be careful what you wish for.
Bring my lay-off on - just waiting for the adverse action! Then, I am going to hit them so hard with an eeoc complaint and a lawsuit with the best lawyers That money can buy. Several WFC executives careers will be ruined (b/es for all), because I can prove they all broke the law multiple times, lied, etc. and have rock solid documentation to prove it. I have enough on these clowns, like a book as thick as a bible, documented in a way that the snakes are not going to be able to slither away. Looking forward to my bosses look on his face when he finds out what I have on him and the folks up the chain. Also, civil lawsuits show up on background checks. These clowns will need to explain that next time they go looking for a job.
I heard October, everyone in T&V sees their changes/cuts coming.
Front line doesn’t test for $hit. SAAs are a joke and so is 99% of the QA functions. Having said that most of ET will move to frontline to become that testing component in that space
if all that is left of Testing is done for Compliance, then I'd think that they're either merged or something gotta go. Also the new head of ET is an oldtimer, rather import from JPM or wherever Charlie is getting them from. So with that, I don't think he's here to stay.
Chief Compliance Officer left because he doesn't think Compliance will be effective after the Chainsaw.
Agreed with most. layoffs with effect risk more than compliance. which also includes Testing.. and groups like 2nd line independant testers are highest at risk. front line already tests and audit reviews it.. so
I’m aware of several open postings for my level of position (not gonna say what for obvious reasons) and I specifically remember on the new compliance head’s call last week that he said “any layoffs will not impact our main goals in compliance” so I don’t think the consent orders are going to affect the layoffs.
I haven’t gotten any clear indication from my manager about anything aside from what appears to be concern as well, so I wouldn’t be shocked if its soon. Too much writing on the wall stuff.
There won't be any layoffs in Compliance until the MRA's are satisfied with the regulators which is 2-3 years minimum.
Not soon enough; I am in Control and want my package so I can get out of this swirl.
It'll be interesting to see how they deal with consent order, MRA and other risk issues when they start getting rid of people. Maybe better since it could force quicker decisions?
Ive heard there was some let go end of August and next wave is Week on 9/21
FYI-most compliance postings are rejecting applicants immediately. So I think this month.