2021 is the last year of DMI’s initial 3 year funding. Look for them to be integrated into the LOBs. DMI is a complete disaster.
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Is the company nuts? I guess i would recommend they go to the cloud and use the data tools in there . This is probably the only financial institution still operating like they are in 1910, with fintech companies growing fast, not sure how this bank will survive even based on this.
They need someone with a tech background to drive the tech strategy and the company, not wall street employees. When companies lean away from the future, the future wins every time.
Another team with no purpose.
Data science is nothing more than the rebranding of a data analyst role with buzzwords to justify their inflated salaries. Like the quants in 2000s, their jobs will be automated and then they will go to the next "s-xy" career rebrand. On and on the cycle goes, then you see colleges and universities create Master programs and PHDs around "s-xy" new career, again and again. Their pitch, "s-xy new high paying career! Enroll now!"
Stick to the fundamentals: have good critical thinking skills, add value and be continually learning, and you'll have a job anywhere you go.
To be fair, we should acknowledge that DMI's billion dollar budget is mostly funneled to Saul's army.
Sounds familiar shining words☺️.
DMI seems to have a whopping $billion level annual budget. The enterprise data lake started 5 years ago, with multiple billions wasted.
AI CoE within DMI has claimed territory of AI related projects (image, text, chatbot etc.), Bank need this function even DMI would be torn apart.
"The second type - the people with no technical skills, will have an extremely hard time."
I work with a two-faced lifer over in DMI who has zero technical skills but wanted to get assigned to a data lake project. The person acts as nothing more than a useless go-between/PM even though, guess what... There is already a PM in the project.
people like this person have no marketable skills. it's combination of working at WF for too long and not staying current with anything other than politics and double dealing..
people like this are obsolete at anywhere other than Wells Fargo. They are in DMI and ICS like an army of ants.
It's no wonder they are so toxic. They have to be in order to protect themselves and their jobs.
There are 2 types in DMI, those with technical skills, and those who don't have any technical skills.
Those with technical skills don't care if it's defunded, in fact they might wish it was defunded and they were handed a package, they'll have a higher paying job lined up in 0-8 weeks no problem. They need the bank far less than the bank needs them.
The second type - the people with no technical skills, will have an extremely hard time.
WF only funded for one more year.
Good riddance.
If anything DMI's budget will grow and it will morph to be more effective. The reality is finding good headcount in this area is hard to come by. Every company out there is hunting for the same people, however, those with decent skills have lots of options at tech firms etc.. paying way more, like in the area of 2-4X more. All these systems and the amount of data the bank has is ridiculous. It's maybe the most critical and valuable resource the bank has. Regulators also want it cleaned up. DMI has a number of issues. They've hired way too many contractors, some are good, many are clueless. They have a ton of dead weight agile headcount who's only skill is setting up meetings and creating planning disasters because of the lack of technical knowledge. 3rd party consulting firms who are often good but more often than not when they fear their contract ending create massive complexity, noise, and threats on their way out the door. Management who thinks they're getting a deal moving offshore. I've been forwarded emails where some of these offshore staff are sending out emails to 500 people for a routine task..
It's not all disaster. The governance is needed to ensure Tech doesn't create another silo'd mess of applications.
It this climate with all the leadership changes DMI will be cut and/or pieces absorbed back into the business where some of them came from to begin with.
Talk about a huge drain of money. In pretty much all my experience with them they were more of an impediment than any help. There is at least one good group there that originally came from one of the business units.
Has most of that group even delivered much? There's a bunch of stuff where they seem to have gotten nowhere or what was implemented is next to useless. They hired a bunch of people who didn't have much of a clue on how to get things done in that space.
DMI? What a joke, including all the BofA toxic waste they hired... Thank god they dumped JO and her arrogant, abrasive management style. Hopefully they dump more.
Where will those “data scientists” go? lol it’s funny to see those QACs as consulting roles in DMI serve internal clients by using those buzz words eg data science/ machine learning /AI. Question would be how much is the lift ? Does it worth the money ? Doesn’t lob already have their own resources? Moreover open source data science platform AKA OSDS s—s