Front line control org is about to layoff at least 10%. Second line ITV is about to lay off 10%.
Cutting expenses prior to getting feedback from regulators. Shipping work to I&P.
Audit. A proven circus.
Grab the popcorn. This is about to get fun.
13 replies (most recent on top)
Who was the US Control executive who moved to India to help? That person should be fired.
Agree Audit is a circus! Especially technology audit as our leader is toxic as can be and can’t even spell technology much less audit it.
My business control team has been steadily displacing since February from what I can tell. Granted, a lot of them are more on the centralized function side, e.g., governance, risk measurement, EBCE, etc. but there have been at least 15 or so that were more business aligned and were at least tangentially supporting RCSA.
Fake news. Most of these groups are understaffed for RCSA and other critical needs.
I never expected to see that the consent order topic would turn into the great replacement topic.
The last resort will be to break up the bank. It maybe unprecedented but so was the asset cap.
It’s already operating like a bunch dysfunctional businesses, why not get rid of the complex and unprofitable pieces.
Big banks can't fail. This does not apply to the CEO and cast of characters. The Wells Fargo shitshow will continue and the regulators can't do much more than what has already been done. Fines are just a cost of doing business and being a big bank has little if any real accountability. Charlie understands all of this and will continue to cash his checks and the BOD is in line behind him at the teller window.
India & Philippines
@wys+1ofqljIu what is I & P ?
The I&P Control org has been staffed up immensely over the last 2 years. The writing was on the wall when a US Leader temporarily moved to India to oversee it all. Still there.
The US Control team is bloated. US quality teams are redundant. Risk teams within the actual process are grasping to claim their work as “risk” work. It’s a shame for all of these US employees because there is a lot of work that can be done to help the bank mitigate risk. Executing on the WF risk framework as it’s written and with I&P taking the lead on these roles now - it only causes confusion, chaos, overstep and/or work not getting done. WF is giant mess! The WF execs have done this damage and the average employee is/will suffer for it.
Control groups are the epitome of uselessness around here. I welcome the news of cuts to that bloated ineffective organization
Always was a circus, ran by clowns.
Take heart, 10% a minimal reduction compared to most groups.