The Deputy Compliance Officer and compliance management below that level is completely useless and incompetent. These people should be fired as they were all contributors over the years to existing problems, and they completely lack the leadership, vision to get anything fixed or to lead people through change. They are full of excuses, change direction constantly. No one underneath them knows what is going on - are we are coming or going? Nothing is getting done. Sh** Sh**!!!
16 replies (most recent on top)
WF is too cheap to hire risk and compliance professionals. See how many job listings require a law degree (juris doctorate).
@dni+16LblN4k Your comment is spot on. There was a post here recently about a person who was in Risk and transferred to WFT. He has less qualifications than required for a senior director role, no college degree, less than 10 years of financial services experience, and if I’m not mistaken was a salesman or a facilities manager before. Somehow he was the most qualified candidate in the pool for a highly competitive post.
Risk leadership is the most incompetent team I have seen in my +25y careers (and mostly outside of WF). Managers scared of people more competent and knowledgeable. Senior Managers and Directors promoted to these roles within 2 years from individual contributor roles. Look up teamworks and go figure.
I can't understand how Mandy got her job in the first place, and that she still holds it, despite having brought no results. With her recent lack of presence other than D&I and window dressing 'update' calls and blogs and corp communication submitted by the communication teams, she might be out and gone already. She must be giving Charlie a run for his money, making it difficult to formally get her out. I secretly wish she was gone already. But maybe this is why they're dragging it out and why risk staff is still on the payroll.
I think the worst part in all this is that Risk/Compliance staff are educated people, smart, with qualifications and skills to see it through. Despite all this, we are treated like kindergarteners with cognitive disabilities. Ongoing insult to intelligence.
In my time here I have seen no transparency whatsoever. Ever changing plans, tools, 'strategies', quality of which left me in disbelief. I have seen how rigged the recruitment process is, and knowledge of opportunities is limited to small groups with 'insider knowledge' as to when and how to apply. When most of the time decisions were made already as to who gets the job. I hope that these practices come to light and there are real changes as a result.
I imagine if the CO plan is rejected again there will be another WF flush and fresh installation of more JPM/BofA/BNY people.
I would say that senior no-nothing leaders raking in the cash and surrounding themselves with a herd of micromanaging yes men isn’t just WFAM compliance. It exists in every compliance org that I have worked with across the enterprise.
JKC - high five to you - you are so right - now she sits in the business but s—s up but is still clueless and useless. Wfam business - time to get the broom and sweep the losers out the door
The head of our compliance group’s new nickname is Pinocchio. We all know manager layoffs are coming. There are not enough individual contributors per manager to get a 7:1 ratio, and they want the managers (making half of what a useless SVP makes) to take the financial hit. We all know compliance leadership is lying to us about spans and layers. How about putting your big boy pants on, being transparent and telling the truth, Pinocchio? Wells needs leaders who are transparent and honest, not liars. Btw, layoffs in compliance are 9/16. Also, they have people running around demanding that they get SHRP work wrapped up by 9/15, so they can show them the door on 9/16. These so called leaders are self- centered and evil - funny part is they will be restructured out and replaced by New Yorkers in a few months. Payback is a b****
The shuffling people around is all compliance management from the director level up knows how to do. That and engage in turf wars all day. It takes a huge toll on the people under them who are actually already tasked with the difficult tasks of getting businesses on board with compliance, dealing with the broken control organization and now have to perform fire drills to pull together reporting and PowerPoints and cheat sheets so the senior leaders can go into meetings to continue to squabble and shuffle and redraw boundaries. I’m actually changing career direction to head into business away from these losers
The head of WFAM compliance and his henchmen are a really shady group. They lie and misrepresent information to the MF Board and SEC all the time. M.N. Needs to get the Hoover out and get rid of those bunch of bad apples.
UEG, hilarious-yes, she’s a real loser too and why we are in this mess. Another overpaid clown from the Wells Fargo circus!
BCG, you are right on. Couldn’t agree with you more.
The former CCO of WellsCap had ZERO compliance experience and then got the job. She did not even know what SEC complaints were but hey, the WFAM business chose her as their puppet. Homegirl raked in the bucks for a few years rooting out staff who knew she had no compliance knowledge, integrity or who she was intimidated of.
Here’s the problem from what I have witnessed. The Compliance people are under pressure to play nice with the profit centers at the bank. Yes- still happening as we speak. If you come down on any activities that are bringing in the money, you are not considered a team player and they will find a way to sideline you. Career stalled. If you look the other way, you will climb the corporate ladder. Act clueless and point the finger elsewhere if it comes to light.
Another problem is that many are not knowledgeable enough to understand that part of the business they are responsible for overseeing. They don’t know what they don’t know. Wells has tons of people reviewing and signing off on all kinds of routine harmless bs, giving the impression that there is all kinds of monitoring and oversight, keeping attention off the true activities that need to be changed.
It’s funny, what actual change has been made in compliance since 2016 other than shuffling people around. The method for managing laws and regs , their risk and controls and the system for it have not changed. No progress at all. Truly pathetic. More progress on ops risk side albeit by not much. Incompetent leadership all around.
The head of asset management compliance is a real clown! Has no clue what his people even do all day. Super poor communicator. Doesn’t have a clue what a second line compliance team is supposed to do. Lacks leadership and vision- adds no value to the business. Expect he will be replaced by a JPM New Yorker soon anyway. No love lost there people.
The head of WIM Compliance is a real loser. He was in charge in 2016 and now Wells just got fined by FINRA for switching annuities. He needs to go. Below Expectations!