How many millions has this place spent on new hot shots from JPM, BNY, BoA, etc. etc. in the last 2 to 4 years? I thought since they apparently knew so much and were so "smart" they would right the ship and get all these issues remediated and closed out that you read about so often?!
I think the chickens have come home to roost and they can't get it done. Simply cannot bring home the bacon and get all the risk and control issues turned around. Bummer. But I'm not surprised at all.
The problem is WF has always been reactive rather than proactive. I've been in several departments throughout WF and anytime you raise a potential risk, the attitude seems to be, "well there's not currently an audit finding around that, so we'll just keep doing things this way until we get a negative audit". WF seems to ultimately rather write a check to the regulators than hire/train/change in order to mitigate risks.
Too many "Talkers" and not enough "Doers" here.
Yep, this was known by the rest of us.. the current OC thought any legacy hire was an id--t so they brought in new blood only to see the problem remains because issue is roadblocks with senior leadership not with those doing the actual work
It's the law of diminishing returns. They keep throwing bodies at the problems, only to have more and more layers of people that don't make firm decisions.