Recently, risk management has been preparing paperwork to let a ton of people go. Get ready End of Jan/Feb/March 2021
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The problem is we have way to many people in Risk consulting and not doing the actual work. Testing is where most of the problems are uncovered but yet we have all these consultants that sit on calls and add no value except to bat the same issues back
And forth and keep them gummed up in red tape.
From what I heard you should be getting your notice next week
Also in risk and agree with previous posters. My experience is also even if the lower ranks are lifting weight by identifying root causes or doing the monitoring required, any identification of issues gets lost in the shuffle of middle management trying to politically manoeuvre themselves into better positions and often creates even more work for the lower rank employees who are suddenly having to defend the facts that they found of are told it will be someone else’s problem to solve without a clear path as to who that will be. So motivated employees eventually burn out under these leaders or lose any sense of purpose. If you read our policies and procedures, they are actually pretty clear and comprehensive - what’s not mentioned is the headache of having senior leaders who are generally ignorant of what it takes to get them in place
@2jdz+18Vxzhqh I'm also in risk. My experience has been when a problem is identified, root cause is not performed correctly, particularly if it identifies a poorly executed or poorly drafted plan. Management refuses to acknowledge the failure and change course. Proof in point - the third party program use to be entirely in-house. The program had issues around meeting deadlines are creating quality reports. Instead of investing in the right type of qualified people, management outsourced the majority of the information gathering to another third party. In addition, they could have automated the integration of the data with tools used by ISCs and eliminate most of the third party program under Pa Po (I won't spell out her name here). Instead, they kept the whole team in place, added on costs (millions per year) for using the third party to to third party audits, and the reports are still late and lack any meaningful information. Double your costs, decrease value. That is the Wells Fargo way.
Enterprise Testing is reorging. We had a meeting two weeks ago and was told groups are merging and they are determining staffing but no layoffs. Speaking out of both sides of their mouthes!
WF can merge the service manager and service advisor rolls into the branch manager role driven by reduced foot traffic at banking locations.
I also would be sure to get rid of all management that hired all these people when they were not needed. I agree with the other poster IT and ICS can be outsourced to a company with more experience or sent over seas where they work for cents on the dollar
long time Risk employee here. I agree that we're way over staffed. Risk dramatically increased the head count after the last financial crash. They should have started to reduced the work force 5-6 years ago. We spend most of our time on useless reporting and auditing (and auditing the audits) - keeping busy but not adding value. It's a perfect example of Parkinson's law. They could cut 30% and still be overstaffed.
Risk- Control. They started layoffs in early August.
What’s risk management in this case? Compliance, control? Agree that it’s bloated
In IT mostly just paper pushers and ICS has tech secretaries
Yup, reorganization happening within first quarter. Employees are being pressured and micromanaged hoping people will leave on their own. The purge will be BRUTAL!
@elm+18Vxzhqh, yea that is what i did all of last years here; i even pick up an masters in my spare time. Then did all types of tech trainings in parallel. Only way i could even pass an interview and get job offers in current times.
yea most of these are fake jobs with fake work; that was like that here in security
If your skills are '2 centuries behind' (do you even know how people worked in 1821?), the question becomes 'what have you don't to fix it?' WF offers tuition reimbursement and supports certification efforts in many cases. Have you been taking full advantage? Or have you been sitting around putting in zero effort to better yourself?
Regardless of LOB, the layoffs are needed. Wells pays too many people too much money to do not a lot of work.
The only people worried about layoffs are those that know that their sub-par job skills won't command the same compensation elsewhere.
There is so much dead weight in risk. It is sorely needed.
about time! We all have been waiting for the 'blood bath'!!
I got another job but feel I also deserve a package too for having to spend so much money and time to get my skills back to the level every other company on earth operates at. I was about 2 centuries behind after working here.
OP- what details about risk roles impacted can you share? types of functions or based on what?
Tell us something we don’t know
OP how do you know and what groups specifically?
That's how it's working for me. Displaced beginning of December but compensation and benefits until the end of March.
I'd have to be late March, 60 day notices are a thing. Unless you're going to make them non-working notices, which isn't a horrible deal...kind of like giving people another 2 months of severance.