Chainsaw Charlie got his bluff called by regulators when he tried to layoff compliance / risk. The entire risk organization is now even more skewed and has decisions made by leaders who HAVE NO IDEA about how we got our name in the news so much! But hey- lets hire more risk executives at 7-8 figure total comp....Wells only has themselves to blame for the risk culture- and it has BEEN SO BAD this far in 2021... I dont know if the asset cap will get lifted if they dont start living up to the words they tell the regulators on this. Things are going to go WAY BAD really fast...got rid of entire second line of RCRM to let first line compliance run the show (which IS HOW WE GOT HERE IN FIRST PLACE)..
8 replies (most recent on top)
Wells' strategy for managing risk is to throw more bodies at it. Now it's more Indian bodies, but the rule still applies. There is no strategy. Any 'strategy' risk has changes every three - six months, depending on what MN learned in her Risk for Dummies book.
Why does any of this surprise you?! Put a tent over this circus.
Compliance jobs galore posted daily! But don’t even think of applying if you’re not in a hub location.
It's especially useless I worked in that area but how can you have compliance when the bosses are uncompliant. I quit! Much better now.
You tell to much, OP. Relax, it's going to be ok.
Start with MN.
@lms what lob are you in?
Corporate Risk is useless.
We could get rid of the whole function and feel no impact, other than efficiency going up across the Firm....