As if Wells never learned their lesson about compliance, removing people from roles without anyone to fill the work is going to lead to major issues with compliance infrastructure. They are moving highly skilled individuals from these roles and merging them into a data entry level "librarian" roles. Hiring consultants who charge millions of dollars to fill internal audit requests....Cant say we never told them of the gaps..sr leadership just wants stuff "THEIR WAY" or "NO WAY". Wells is treating valuable employees now like externa consultants...
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@1fsq+19H99SA8 either an admirer or an RSO. Or both
@1fsq+19H99SA8 it’s nice to have an admirer, bubba.
I still feel like there are just a few salty RSOs/DCOs who drum this topic up every month in hopes some regulator sees it and gives them a further reprieve than they already got.
Knowing a regulation inside and out (and that’s a leap for many in these roles) adds little to no value if you don’t understand the actual products and services. Without some understanding of both there is zero ability to apply the knowledge. These are hyper-specialized roles, of course they were either going to change or be eliminated at some point.
@qti that thinking lead to the asset cap.
@pvj exactly. I spent 7 years with Wells and remain absolutely shocked at how detached the C-suite is from the business. They issue proclamations that either don't get executed or executed in the worse possible way but they sit around the conference room for mutual bjs, cake and bonuses for the great job they're doing.
Lipstick on a pig. Those who think real credible change is occurring here do not have a clue. They do not know the business, they do not understand what is happening (or not happening) beneath the surface, they do not understand all the many ways facts and data are manipulated and spun, they believe what they are told and have been snowed by doublespeak, they are self-serving, they are short-term, they are comfortable with mediocrity, they are participating in lowering the standard for ethics and accountability, they don’t know what they don’t know.
Paying the fines for non-compliance is cheaper than retaining people to keep everything legal. It is just good business sense.