Audit finally pulled the trigger on their conflict of interest stuff they were talking about months ago. Now we are losing some really good auditors - some of the only competent people in audit, actually. Does the rest of the bank have to deal with this? Apparently you’re allowed to have family spread throughout WF, but not in the same department. Wouldn’t it be higher risk to be auditing a family member vs working alongside a family member in the same department? I don’t understand why Julie is hellbent on destroying this department. Yes, audit needs change, but it feels like she’s throwing away the only strong parts of the department. If I believed in conspiracies, I’d say she’s working for another bank and is working to lower our already low value so another bank can buy us out extra cheap.
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Is audit in play for the upcoming layoff run number 1 this coming Tuesday?
Part of the conflict of interest decision had to deal with regulatory comments and concerns. The way Julie rolled it out was embarrassing (blindsiding the individuals and their managers) but eliminating perceived conflicts of interest is a hot button topic with the OCC and they have asked about it/made commentary about it in other forums.
I don’t agree with it and I think at times we cave to everything the regulators say/ask/do (correction by overcorrection) when we could easily push back a little. This seems to be one of those instances.
Audit has been gutted this year. So many high performers are heading for the exits. Both newer hires and perceived ‘lifers’. The culture in audit can only be perceived as toxic. That solely lies on Julie.
I wonder how many exceeds rated and recognized (I.e. golden spoke) auditors have left recently? I think added up those numbers would make me puke
There are a lot of people in Audit who don’t have an audit background- they haven’t even taken an accounting class. It’s embarrassing and they’re the only ones who will be left.
I feel your pain. They wasted a lot of our time trying to test a simple thing.
funny.... there is someone sitting in audit who was terminated for cause from their last bank where they worked as a sr auditor.. For what you ask?? Wait for it... fudging the numbers for one of their friends who was in a leadership role in a group being audited...
How did they get a job here? One of their friends here advocated for them.. Dont even think the hiring manager checked employment history..
Julie the destroyer. Her and her citi hires are there to cause high turnover. Audit under julie will no longer be a place where you can make a career. She’s completely gutted the strategy and opps group so there’s no credible challenge to the new bogus policies.
For those of you outside of audit this means you’re going to have people with little to no experience telling you how to run your business and imposing nonsensical policies that they can’t even explain the purpose behind.
If the conflict project doesn’t get the headcount to where it needs to go they’re looking at reducing locations as well. Just a giant mess
My guess is that it is to lower headcount, these new leaders from Wall Street banks are here for their payday and that's it. When generating revenue is a struggle, squeeze the expense side to maybe show some profit.
"Discouraged" is such a telling choice of words.
You should check out the proxy report. There is a section where they post family members of board members. The best part is where it says something to the effect of “this practice has been discouraged after ”. However, most of the board family member hires are AFTER this date! Way to discourage the practice!
I know an individual who wasn't hired as an FTE in marketing, because their spouse was in a leadership position – even though the candidate would not have been in the spouse's group. That felt reasonable to me, the bank already has so much cronyism. It doesn't need nepotism too.
Unfortunately, it's not consistent. For example, a new intern pipeline/hiring program was championed and rammed through in RECORD TIME by a high-level person in Finance... Come to find out, their kid was one of the interns looking to get hired full time through that very program. It was astounding that nobody in Hope H's organization spoke up to say that was not OK. Or maybe they did, and they got shut down.
A few other leaders have kids who quietly joined the company. WF is a huge employer, so it seems harsh to say they can't take a job here at all. But there has to be guardrails.
Then there's our CEO hiring Jamie's son-in-law. Not nepotism, but definitely creepy optics.
Do you work in WFAS?
@OP I raised my hand to a former manager regarding a process we were implementing. There were serious issues around it and it was critical to our oversight of third-parties. I was told I wasn't a team player and that I should probably look for employment somewhere else.
Be good out there...and if you can't be good, be careful...