I noticed that there are 2 Audit Manager jobs posted on the Wells Fargo career site. Why are they hiring these people when they are about to let go of a gazillion managers across the entire company? Also, has anyone thought about this? The majority of managers are over 40 years of age and IBM is getting sued for age discrimination. Wells is opening itself to a class action lawsuit by firing managers, because they are more expensive, a euphorism for “old” and BLATANT AGE DISCRIMINATION!!!
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That’s my concern as well. They made big title and pay changes just last year, and now here we are again with a need to change. Principals and AMs are both in an awkward spot, waiting on details that we thought we’d get months ago.
@2hw
The real question is what is the path for advancement for principals? For all intents and purposes Principals are doing the same work as managers now but getting paid 20% less. Why would Wells promote any principal to do the same thing making 20% more? I think they have finally realized this, and by forcing managers to now AIC jobs, they will get some legacy managers to quit who were on auto pilot, and can replace with the cheaper principal.
What they need to do is eliminate the principal role and promote/demote based on skill. People won’t be happy, but having principals and managers do the same thing with different titles and pay make no sense.
If principals realize they will never be promoted they will leave in droves once Covid clears.
@2rs
I don’t think Audit Managers will be demoted or lose their AM title. The majority of AM’s at our peer banks do not have direct reports. WF Audit was misaligned with many of our peers. The AM role at WF was closer aligned to the Sr. Audit Manager role at our peers. The Sr. Audit Manager role was closer aligned with the director level role at our peers and the WF Audit Director Role seem more aligned with our peers’ Executive Audit Director role.
I only know this because prior to joining WF, I spent time at a couple of our peers either being directly employed or working as a consultant.
So I think the alignment the CAE did in July makes sense and does get us better aligned with our peers.
What you will see is AM’s will lose direct reports but maintain their title. Their function within each audit will be pushed down a level so SAMs and AMs will be more in the details than in the past. Frankly it’s needed. In the old model, there were audit managers who were managing 5-6 audit projects at the same time. It wasn’t sustainable (and frankly possible with the new audit methodology being rolled out).
The bigger question to me is going to be around the pay band. Audit Managers are also paid in line with Sr. Audit Managers at our peer banks. In the old model, while misaligned, WF was paying for that additional responsibility. Now that everything is functionally being pushed down a level, it seems AMs would be making more money than our peers to do less.
These appear to be just ploys to get people from outside . These are openings for the offers have already been made . They are just making you interview so they can claim later that a lot of candidates were interviewed but their last resort was the candidate from Citi to JP. Who do they they are fooling ?
when do do you think Audit Manager are going to be demoted?
I interviewed for a role with WF and, on the day they were supposed to get back to me, the role was eliminated. Those roles are posted but no guarantee they will be filled.
@1buz+172Yr9sV Summed it up well.
Also, the one Audit Manager position that’s currently posted is actually for three openings in one group. Then there are two other Senior Manager positions open.
Audit was starting to run pretty lean going into COVID because the culture within Audit has become pretty toxic under the new CAE.
Audit is heavily involved in the regulatory remediation processes and at this point does not have the resources to complete both the Audit Plan and the regulatory remediation efforts.
The org structure in Audit got realigned effective July 1 (something which was a surprise and blindsided pretty much everyone) and they ultimately made the Audit Manager role a non manager role.
When that happened, some really high performing Managers and Sr. Managers left Audit (most left WF).
The layoffs are likely not going to impact Audit because they are already operating 10-15% under the needed FTE headcount.
Good luck with proving age discrimination. it's nearly impossible when a company is slashing ~50,000 total jobs.
I'm not saying that it's not happening but proving it is an uphill battle.
are you surprised? things don't make sense around here. If they did, that would mean that hell froze over and pigs started flying
that cap is NOT going to be lifted. i keep seeing this on so many threads. get it through your heads!! there is a ton of research and work behind a million matters that have to be resolved. we r not done and will have to provide an update and ask for more time. if corona didnt help us get sympathy for a removal before today, it dang sure isnt gonna happen in the next few months. If we are lucky, they will say next year when you amend your response, we will consider it. right now....NOT GONNA HAPPEN! There is no lifeline that will save us
No kidding, the stupidity on here is frightening.
Folks, this questions comes up all the time, why are we hiring when they are letting people go.
It's most likely becuase there is a need that needs to be filled in some position or location that will still be needed after "right sizing".
Pondering the wisdom of hiring during layoffs is a waste, all. You can fire all the janitors and shut down a location in one state and still need to hire another janitor in another state.
I'm starting to realize why Wells if having issues.
we need to do something to lift the cap, if this does it then lets keep moving, but we expect big results very soon from them.
Because audit managers are now individual contributors...AICs