Now that Mandy is done it’s time to go after the most useless and bloated org of Wells that has been protected for far too long
Deadweight is everywhere in risk and compliance and the value for what they get paid and what they provide is just not there
Hopefully the next leader will recognize this quick and swing the big axe
You are an id--t. Leadership is the problem here. These people including the one going out came in because the old wells leadership supposedly didn’t know what they were doing etc but this set is much worse and cannot deliver. Why they don’t know either and are politicians who are hiding stuff and this why tools aren’t great. IT IS INTENTIONAL BY THIS NEW LEADERSHIP TO NOT TELL ON ITS SELF. Thus why you have no value add. It is t the lower people it is the leadership playing d-mb like a fox.
And more political and this no value added. Go ahead and get rid of the lower people who have the wisdom and knowledge they will survive but wells will not this why I left. This new leadership is much worse and the regulators are either d-mb
Or turn a blind eye because this set of leadership is well connected in New York City and DC.
Tough to talk for "Risk" in an organization the size of WFB. Are you talking about the Community Banking? Investments? Auto? Can't imagine you understand the risk structure/benefits company-wide.
I was in that org. All the leadership that has not left is toxicity in action. The few people that are taking risk off the table are rarely recognized and overshadowed by administrators pushing paper and tools that are not needed, IRMM JFC, "the regulators made us do it", no they did not. TMs can't easily move within the Bank because of a no poaching agreements and stuck because of location strategies that are no relevant to our times. Non techies asserting themselves on the business come across as cavemen marveling at a stone wheel. Personally I have already resigned. I just felt motivated to vent here. Best of luck to you all.
Because spans and layers affects managers mostly. Why would they embrace it?
Why did Risk embrace the location strategy but not spans and layers?
I am also in Risk and feel the need to piggyback with a "ditto" to the other Risk posts and OP. There is a lot of land grab and overlap and with the CROs there is yet another layer of approvals needed. I have 4 managers above me that need to get onboard with changes (for the better) and inevitably one of them has a different idea. It's a terrible game of telephone and time is wasted. I firmly believe we still have way too many manager layers in Risk. (Among other concerns) but we don't get nearly as much accomplished because we need the "big wigs" to make a decision, collectively, which takes too much time and is rare.
This is spot on; and @niv+1eESAwwv I know this as I worked in that inept department for longer than I care to admit. Remember, that area didn't catch the fraudulent account openings. It only got address after we were sued.
Bloated, redundant processes and spoiled upper management with way too many direct reports along with some of those direct reports still with 3 or 4 direct reports under them. Corporate Risk indeed needs to be overhauled!
"and you know this how?"
He used the Palantir. It's a dangerous tool, however, as you never know who else may be watching.
Leadership and decision-making skills are needed. They start down one path and then change everything. They need to get a plan in place and stick to it.
OP is 100% correct. The problem is in the process/approach rather than the headcount. My experience is that over 50% of compliance related processes seem to exist solely so that certain teams and executives can justify their own salary/job security/political capital without actually taking any “risk” of the table.
It leads to much wasted time and inefficiency across the entire org as every business line has to deal with all of the red tape and smoke and mirrors. Identifying these redundant and worthless processes would go a long way towards reducing headcount and making the entire organization more efficient.
Unfortunately, this has only become worse as risk and compliance teams have been emboldened by the regulatory scrutiny the company is facing. With the state that things are in now, hard to see that turning around anytime soon as it seems like it would be nearly impossible for anyone in charge to figure out exactly what the he-l all of these teams are doing and why.
I work in Risk and I can tell you OP is not wrong.
Every one of the new CROs are fighting for as much as the pie as possible and the resultant political battles are suffocating.
You can’t hit a letter on your keyboard without having to bring in 3 teams to discuss it first and deliberate over it for 5 days.
The current org is not the solution to the consent order, it is the number 1 obstacle.
What a great solution to a problem - right in the middle of getting out from under our consent orders and your suggestion is to gut the risk organization. Oi vey.
and you know this how?