Anyone else get a "temporary assignment" to an RCSA team for 18 months? It's being sold as a great career opportunity, but I see it as advance notice of a layoff. Am I wrong?
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Yes, and I hate it. Some teams with overseas work expect us to start at 5am to make up the time difference or stay working till 8pm. Bring in meetings all day long is not realistic and it’s nothing related to what I was doing. I wish they would just give me a severance package as I have been here 18 years and I am done with this nonsense.
What is capitaliam ?
where did RCSA come from? More regulations by government to take down capitaliam. Once they succeed, where will money cone from? exactly
There are a large amount of employees being used as “asset relocation” to “help” with RCSA, who have zero risk experience and zero working knowledge of the processes undergoing RCSA they are to supposed help.
But yes Regulators, we care so much about our risk and controls, we’ve got all our best people on this. Yes, our actual Process Owners cannot answer questions about their own process and are life support dependent on their front line to answer questions for them because they are just too good of leader to have to know that themselves. Oh and aren’t our pass rates just - - well, almost unbelievable?
man I was part of the layoffs on 3/7. Shame I don’t live in charlotte (twin cities area mn) since I would have jumped at anything to give me more time since everyone knew mortgage was gonna go sideways
just do it if you don’t have other options
RCSA work I know of (per product owners/LOB level and Control) has been brutal. Tossed into a room with a ton of people. You break out into groups and tear the process apart. Long days and I can’t imagine doing it for 18 months. Unless you believe you’re going to be laid off, I wouldn’t do it. If you support or work in lending, you may want to consider it.
Most of them are still failing RCSA, EBCE and IT&V and managers are assigning most of the testing to people who don't have a problem falsifying their work, I'll leave it to you to guess what country they live in. 100% pass rate on every control going through the evaluations. Everyone up to NH knows that's not possible and are committing fraud, hopefully the OCC knows better. I've blown the whistle and it cost me my job.
It's called workforce share. Companies do this instead of laying you off. I wouldn't call it lay off protection but for the time being you still have a job.
The environment is toxic. Retention is bad. Focus on doing the work, but don't let them burn you out. If it is chaos, start looking elsewhere internally or externally. See Silicon Valley Bank, it could happen here a different way.
No way. They are struggling to keep people and have even given out retention bonuses. However, once the work is done, it'll be interesting to see what happens to all those people.
so after the 18 month assignment--are you offically displaced and you receive severance package?
Alot of people got laidoff on 3/7, Better to have an 18 month assignment and keep your job.
It's a trap!
The entire current risk team of incompetent hacks has been an abysmal failure for WF. They need to replace them all. You have nothing to lose , it may be a good career move.
You will have a lot of downtime but I doubt it will lead to layoff.
I’m assigned also. It’s layoff protection if anything. I was told I could apply for other roles at the bank during this assignment.
They absolutely need people to do this work until asset cap is lifted. No idea if they will be more focused on the illusion of ongoing RCSA after that vs. doing real work. I wouldn't be worried about being laid off soon, but I would 110% be worried about being worked into the ground with long nights, weekends, and travel.