Thread regarding Wells Fargo & Co. layoffs

@180 yes absolutely. He’s going to combine it with compliance so they can do more layoffs.

Scotty P is coming in, Lizard worried?

IT&V used to find real issues but now tone from the top is “nothing to see here” so poor IT&V is stripped of their power just like every other function in the bank. We’re all just figure-heads here folks until the next scandal and by then current leadership hopes to be gone.

@OP the next scandal will be related to abuse and misuse of AI. Why do you think we got that new compliance training pushed so quick?

@dk

I couldn't agree with this more. More regulation is better. Working at Wells was way better when we had regulatory oversight and accountability. Now that it's gone, the positive work environment left with it.

Charlie is going to find that all this “right sizing” of the risk management system and over reliance on RCSA lands them right back in regulators crosshairs within 3 years. Gutting independent challenge was a huge mistake.

@c2 more regulatory scrutiny on the bank is a good thing dude. First because Wells desperately needs more oversight. But secondly because the absolute best years I had working here were the 3-4 years around and immediately following the scandal. Management actually had to put out real effort towards employee retentionto keep key people from leaving. We got shares, extra personal holidays. I had my job family and pay releveled twice during this period. I worked from home (well prior to the pandemic), did everything over conference call, and never had anyone question my productivity based on some arbitrary badge metric. Wells was actually investing capital into building up functions like risk rather than blowing it on stock buybacks. You can believe what Risk was doing had limited actual value (I think most people would agree), but I'd still rather work for a company that's investing in building up functions and opening up new roles and career paths, than work for a company where the C-suite is focused on stripping every team for parts.

The greater the risk that the CEO and board is of getting hauled in front of news cameras and congress to answer questions, the better this company is as a place to work.

Don't buy the deregulation=good hype

Audit doesnt find issues either. Both groups need to shrink to the size of George Costanza's you-know-what in a cold shower. shrinkage.

The wheels have been in motion for almost a year. The plan is to move as many groups to IT&V with the intention of downsizing even further once they get an idea of what to do or who to keep, if any. A lot of the groups the bank once had will be obsolete in a year or so.

IT&V is working to reduce overall staff to 1k, so about 700 to go.

@OP So they hired new execs while laying off hundreds of American workers?

ITV is still the most over bloated function in the bank. They have a time keeping function that you literally sit around and cook the books on to make the execs metrics look good.

IT and V is not qualified to do audit functions both with on shore and off shore teams. They can check that the business checked the boxes but not qualified for a complete review.

@bx+1m2s67jz0

I get the sentiment but most regulators are absolute garbage, the last thing we need is ones with teeth. For years they were he-l bent on punishing WF employees and they kept it up, literally for years, after the actual perpetrators were long gone. Turns out that kicking the working poor in the teeth for the crimes of long gone executives isn't good for us.

Looking forward to the next big nasty issue to pop up at this cr-p bank. Exec leadership and the board deserve nothing but chaos and headaches after decimating staff and now trying to avoid paying severance $$. Can’t wait!!!

Didn't IT&V just have a big layoff? How are they supposed to take on Audit's work, too?

Aren’t there already groups that evaluate the control environment?

This is what the leadership wanted. Since the asset cap was lifted, thinking if something happens, Wells will just throw money at the issue and resolve it that way!